Firstsource Solutions Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2019
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2019
1. The audited standalone financial statements for the quarter and year ended March 31, 2019 have been taken on record by the Board of Directors at its meeting held on May 6, 2019. The statutory auditors have expressed an unmodified audit opinion. The information presented above is extracted from the audited standalone financial statements. These financial statements are prepared in accordance with the Indian Accounting Standard (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.
2. During the year ended March 31, 2019, 4,542,211 equity shares were issued pursuant to exercise of stock options under the Employee Stock Option Scheme of the Company.
3. During the quarter ended March 31, 2019, the Company has divested its investment in its wholly owned subsidiary Firstsource BPO Ireland Limited to its wholly owned subsidiary Firstsource Solutions UK Limited at fair value. Gain on the transaction of Rs 286.03 million is included in Other Income in the Standalone Financial Statements.
4. The Board of directors at its meeting held on May 6, 2019 have recommended a dividend of Rs 2.00 per equity share for the financial year ended March 31, 2019.
5. As per Ind AS 108 - Operating Segment, if a financial report contains both consolidated financial statements of a parent that is within the scope of this Ind AS as well as the parent's separate financial statements, segment information is required only in the consolidated financial statements. Accordingly, information required to be presented under Ind AS 108 - Operating Segment has been given in the consolidated financial results.
6. Pursuant to a composite scheme of arrangement ('Scheme'), approved by National Company Law Tribunal on 5 October 2018, amongst CESC Infrastructure Limited, Spen Liq Private Limited (erstwhile Holding Company) and other entities, Spen Liq Private Limited has been amalgamated with CESC Ventures Limited (formerly known as RP-SG Business Process Services Limited) with effect from 1 October 2017. Consequently, as a result of this approved composite scheme, the Shares of the Company held by Spen Liq Private Limited have devolved on CESC Ventures Limited on 12 October 2018 and thereby CESC Ventures Limited has become the immediate Parent of the Company.