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Twenty Ninth Annual Report 2014-15 Contents

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Twenty Ninth Annual Report 2014-15 Contents Tata Communications Limited TWENTY NINTH ANNUAL REPORT 2014-15 CONTENTS Corporate Details ................................................................................................................................................................................... 2 Notice ......................................................................................................................................................................................................... 3 Directors’ Report ..................................................................................................................................................................................... 12 Management Discussion and Analysis ........................................................................................................................................... 38 Report on Corporate Governance .................................................................................................................................................... 52 Declaration regarding Company’s Code of Conduct ................................................................................................................ 69 Auditors’ Certificate on Corporate Governanvce ........................................................................................................................ 69 Secretarial Audit Report ....................................................................................................................................................................... 70 Business Responsibility Statement .................................................................................................................................................. 72 Corporate Structure as at 31 March 2015 ...................................................................................................................................... 80 Standalone Financial Statements Auditors’ Report ...................................................................................................................................................................................... 82 Balance Sheet .......................................................................................................................................................................................... 86 Statement of Profit and Loss .............................................................................................................................................................. 87 Cash Flow Statement ............................................................................................................................................................................ 88 Notes to the Financial Statements ................................................................................................................................................... 89 Consolidated Financial Statements Auditors’ Report on Consolidated Financial Statements ......................................................................................................... 132 Consolidated Balance Sheet ............................................................................................................................................................... 138 Consolidated Profit & Loss Account ................................................................................................................................................. 139 Consolidated Cash Flow Statement ................................................................................................................................................. 140 Notes to the Consolidated Financial Statements ....................................................................................................................... 141 Statement pursuant to Section 129(3) of the Companies Act, 2013 ................................................................................... 191 Board of Directors .................................................................................................................................................................................. 192 1 COMMUNICATIONS Twenty Ninth Annual Report 2014-2015 Tata Communications Limited CORPORATE DETAILS BOARD OF DIRECTORS Mr. Subodh Bhargava (Chairman) (Independent) Mr. Vinod Kumar (Managing Director and Group CEO) Mr. N. Srinath Mr. Kishor A. Chaukar Dr. Ashok Jhunjhunwala Dr. Uday B. Desai (Independent) Mr. Ajay Kumar Mittal Mr. Saurabh Kumar Tiwari Mr. Bharat Vasani Ms. Renuka Ramnath(Independent) Dr. Gopichand Katragadda Mr. Satish Ranade Company Secretary & Legal Advisor Ms. Pratibha K Advani Chief Financial Officer REGISTERED OFFICE VSB, Mahatma Gandhi Road, Fort,Mumbai – 400 001, Tel : +91 22 6657 8765, Fax : +9122 6639 5162, Email : [email protected], Website : www.tatacommunications.com. CORPORATE OFFICE Plot No. C21& C36, ‘G’ Block, Bandra Kurla Complex, Mumbai – 400 098. BANKERS Abu Dhabi Commercial Bank Hongkong & Shanghai Banking Corporation (HSBC) ANZ Bank ICICI Bank Ltd. Axis Bank Indian Bank Bank of America Indian Overseas Bank Bank of Baroda Indusind Bank Ltd. Bank of India ING Kotak Mahindra Bank Ltd. Bank of Nova Scotia, BBVA Societe Generale Bank Citibank Inc. Standard Chartered Bank Deustche Bank State Bank of India Development Bank of Singapore (DBS) Syndicate Bank Federal Bank Yes Bank Ltd HDFC Bank Ltd. LEGAL ADVISORS Khaitan & Co., Mumbai STATUTORY AUDITORS S.B. Billimoria & Co., Chartered Accountants REGISTRARS & Sharepro Services (India) Pvt. Ltd. TRANSFER AGENTS 13 AB, Samhita Warehousing Complex, 2nd Floor, Near Sakinaka Telephone Exchange, Andheri Kurla Road Andheri (East), Mumbai - 400 072. Tel : (022) 67720300/400. Fax : (022) 26591586, 28508927. E-mail : [email protected] 2 NOTICE NOTICE is hereby given that the 29th Annual General Meeting of Tata Communications Limited (the “Company”) will be held at 1100 hours on Tuesday, 29 September 2015, at NSE Auditorium, Ground Floor, The National Stock Exchange of India Ltd., Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051 to transact the following business: Ordinary Business 1. To receive, consider and adopt: a) the audited Standalone Financial Statements of the Company for the financial year ended 31 March 2015, the Report of the Board of Directors and the Auditors’ Report thereon; and b) the audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2015 and the Auditors’ Report thereon 2. To declare dividend for the financial year 2014-15. 3. To appoint a Director in place of Dr. Ashok Jhunjhunwala who retires by rotation at this Annual General Meeting and being eligible offers himself for re-appointment. 4. To appoint a Director in place of Mr. N. Srinath who retires by rotation at this Annual General Meeting and being eligible offers himself for re-appointment. 5. To consider and, if thought fit, to pass with or without modifications the following Resolution as anOrdinary Resolution: “RESOLVED THAT pursuant to the provisions of Sections 139,142 and other applicable provisions, if any, of the Companies Act, 2013 and the Rules framed thereunder as amended from time to time (including any statutory modification(s) or re-enactment thereof for the time being in force) and the resolution passed by the Shareholders at the 28th Annual General Meeting held on 4 August 2014, the Company hereby ratifies the appointment of M/s. S.B. Billimoria & Co., Chartered Accountants (Firm’s Registration No. 101496W) as Statutory Auditors of the Company to hold office from the conclusion of this Annual General Meeting (AGM) till the conclusion of the next and Thirtieth AGM of the Company on such remuneration as may be mutually agreed upon between the Board of Directors and the Auditors, plus reimbursement of service tax, travelling and out of pocket expenses.” Special Business 6. To consider and, if thought fit, to pass with or without modifications the following Resolution as an Ordinary Resolution: “RESOLVED THAT Ms. Renuka Ramnath (DIN 00147182), who was appointed by the Board of Directors as an Additional Director of the Company with effect from 8 December 2014 and who holds office up to the date of this Annual General Meeting of the Company in terms of Section 161 of the Companies Act 2013 (“Act”) but who is eligible for appointment and has consented to act as a director of the Company and in respect of whom the Company has received a notice in writing from a member under Section 160 of the Act proposing her candidature for the office of Director of the Company, be and is hereby appointed a Director of the Company.” “RESOLVED FURTHER THAT pursuant to the provisions of Section 149, 152 and other applicable provisions, if any, of the Act, as amended from time to time, appointment of Ms. Renuka Ramnath (who meets the criteria of independence) as provided in Section 149(6) of the Act as an Independent Director of the Company, not liable to retire by rotation, for a term commencing with effect from 8 December 2014 till 7 December 2019 be and is hereby approved.” 7. To consider and, if thought fit, to pass with or without modifications the following Resolution as an Ordinary Resolution: 3 COMMUNICATIONS Twenty Ninth Annual Report 2014-2015 Tata Communications Limited “RESOLVED THAT Dr. Gopichand Katragadda (DIN 02475721) who was appointed by the Board of Directors as an Additional Director of the Company with effect
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