DLF Ar +2009 10

Contents
Board of Directors 2
Message from the Chairman 3
Milestones 5
Management 6
Notice 7
Directors’ Report 14
Management Discussion & Analysis Report 26
Corporate Governance Report 42
Financial Statements 62
Auditors’ Report 63
Balance Sheet 66
Profit & Loss Account 67
Cash Flow Statement 68
Schedules 70
Consolidated Accounts 116
Details of Subsidiary Companies 176
Chairmans' Message (F) Final_260810.indd 1 8/26/2010 9:37:26 PM

Board of Directors Reference Information
Executive Directors Registered Office
Dr. K.P. Singh Shopping Mall, 3rd floor, Arjun Marg
Chairman Phase-I, DLF City, Gurgaon-122 002
Mr. Rajiv Singh (Haryana)
Vice Chairman
Mr. T.C. Goyal Corporate Office

Managing Director DLF Centre, Sansad Marg
New Delhi-110 001
Ms. Pia Singh
Whole-time Director
Mr. Kameshwar Swarup Statutory Auditors

Group Executive Director - Legal M/s. Walker, Chandiok & Co
Non-Executive Directors
Registrar & Share Transfer Agent
Mr. G.S. Talwar M/s Karvy Computershare Private Ltd.
Dr. D.V. Kapur
Mr. K.N. Memani Listed at
Mr. M.M. Sabharwal Bombay Stock Exchange
National Stock Exchange
Mr. Ravinder Narain
Mr. B. Bhushan
Company Secretary
Brig. (Retd.) N.P. Singh Mr. Subhash Setia

Message from the Chairman
Hon’ble President of India conferring the ‘Padma Bhushan’ Award to Dr. K. P. Singh
Dear Shareholders,
In anticipation of a gradual recovery in the global economy during 2009-10, after the very challenging
conditions in the previous year, I had assured you in my last Message about your Company’s determination
to not just face the challenges resolutely but also to strive to convert them into strategic opportunities to
maintain our leadership position in the real estate business in India.
I am happy to report to you that, as envisaged, the domestic economy staged a positive turnaround,
especially during the second half of the year under review, thanks to the targeted stimulus packages and
other timely initiatives taken by the Government, thereby justifying the faith in the inherent strengths and
resilience of the Indian economy, even though the improved growth trajectory has been accompanied by
higher levels of inflationary outlook.
Reflecting the overall trends towards economic revival, the real estate sector, too, after tiding over the
severe slowdown of the previous year, witnessed an uptrend in residential sales and stabilisation of office
lease rentals from the beginning of the current calendar year.
Adhering to the strategy of consolidation, your Company remained focused on servicing its obligations to
all stakeholders, exiting from non-core assets and placing strong emphasis on execution.

You will be happy to know that in order to leverage the emerging opportunities in the evolving scenario
of revival and renewed growth, and also to reinforce accountability, your Management has devised and
implemented a dynamic organisational structure responsible for all real estate development in specific
geographies with the rental business being in a separate BU. The new structure puts greater emphasis on
robust systems, processes and risk management.
I have every confidence that with the support of all stakeholders, your Company will be able to sustain
the momentum of growth with consolidation, even in the face of any new challenges that may arise in the
months ahead. It would be prudent in this context to bear in mind that the current milieu of inflationary
trends, liquidity constraints and potentially enhanced interest rates, could impact demand and margins in
the near term.
As you are aware, your Company accords high priority to its CSR agenda, in keeping with its conviction that
fulfilling social outreach commitments is an integral aspect of business growth aspirations and strategies.
During the year gone by DLF Foundation, with a dedicated professional team, has been entrusted with
the proactive role of a nodal agency to further accelerate your Company’s ongoing thrust in the areas of
education, healthcare, training and rural development.
I would like to share with all of you a few salient points of my “Vision of India 2020”, which I was called
upon to outline at an ASSOCHAM function to felicitate me on being conferred the ‘Padma Bhushan’.
In essence, my vision is that every citizen of India should have a Home to call his own within the next
ten years. I believe that a nation of homeowners is a nation of responsible and law abiding citizens. It is
my considered view that providing a home to every citizen and family, will lead to immense benefits for
individuals, communities and the society as a whole. It is well documented that stable housing boosts
the educational performance of children, induces higher participation in civic and volunteer activities,
improves healthcare outcomes, lowers crime, reduces migration of populations and leads to inclusive
and stable growth.
The moments we cherish the most are those when we see the satisfied faces of our customers. I would like
to assure all of you that your Company, DLF, will continue to build India by according over-riding priority to
promote trust and ensure customer satisfaction while upholding our values and serving the best interests
of all our stakeholders.
In this we are forever guided and inspired by the visionary precepts and business practices laid down by
our Founder, the Late Chaudhary Raghvendra Singh, whose birth centenary is being celebrated this year
and who continues to remain an icon and role model for the entire DLF Family.
With best wishes,

Sincerely,
New Delhi (Dr. K.P. Singh)

July 28, 2010 Chairman

Milestones

Management

Notice
Notice is hereby given that the Forty-fifth Annual Company computed in the manner referred
General Meeting of DLF Limited will be held to in Section 198, 349 and 350 of the Act, in
on Tuesday, the 28th September, 2010 at addition to the fees for attending the meetings
10.30 A.M. at Epicentre, Apparel House, of the Board of Directors or Committees
Sector-44, Gurgaon-122 003 (Haryana) to thereof, in respect of each financial year of
transact the following business: the Company, or part thereof, over a period
of five years commencing from 1st April, 2010,
Ordinary Business to the Director(s) of the Company (other than
1. To receive, consider and adopt the Audited Managing and Whole-time Directors) or some/
Balance Sheet as at 31st March, 2010, the any of them including Non-resident Director(s),
Profit & Loss Account for the year ended on if any, in such amount(s) or proportions and
that date together with the Reports of Directors in such manner as may be decided by the
and Auditors thereon. Board of Directors (hereinafter referred to as
“the Board”, which term shall include any duly
2. To declare dividend. constituted Committee thereof) in its absolute
3. To appoint a Director in place of Mr. Rajiv discretion, which each such Director may be
Singh, who retires by rotation and being entitled to receive, be and is hereby approved.
eligible, offers himself for re-appointment.
RESOLVED FURTHER THAT the Board be
4. To appoint a Director in place of Brig. (Retd.) and is hereby authorised to modify, amend,
N.P. Singh, who retires by rotation and being revise, alter, substitute in any manner in its
eligible, offers himself for re-appointment. absolute discretion including the liberty and
5. To appoint a Director in place of Mr. B. authority to decide the mode, manner and
Bhushan, who retires by rotation and being time of payment whether in Indian or foreign
eligible, offers himself for re-appointment. currency (subject to such restriction on
6. To appoint Auditors of the Company to hold remittances of foreign currency as may be
office from the conclusion of this meeting until applicable and for the time being in force) of
the conclusion of the next Annual General such commission including the authority to do
Meeting and to fix their remuneration. M/s. all such acts, deeds and things, in its absolute
Walker, Chandiok & Co, the retiring Auditors discretion, as it may consider necessary,
are eligible for re-appointment. expedient or desirable, for giving effect to
the resolution or otherwise considered by the
Special Business Board in the best interest of the Company.”
7. To consider and if thought fit, to pass with 8. To consider and if thought fit, to pass with
or without modification(s), the following or without modification(s), the following
resolution as a Special Resolution: resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to the provisions “RESOLVED THAT pursuant to the provisions
of Section 198, 309, 310 and other applicable of Section 293(1)(e) and other applicable
provisions, if any, of the Companies Act, 1956 provisions, if any, of the Companies Act, 1956
(hereinafter referred to as “the Act”, which term (hereinafter referred to as “the Act”, which
shall include any statutory modification or re- term shall include any statutory modification
enactment thereof, for the time being in force) or re-enactment thereof, for the time being in
and subject to requisite consents, approvals, force), the Board of Directors of the Company
permissions, if any, from the Government including any duly constituted Committee
or statutory authority(ies), the payment of thereof (hereinafter referred to as “the Board”)
commission of a sum not exceeding one be and is hereby authorised to contribute,
percent per annum of the net profits of the from time to time, to charitable and other
Notice - (F) Final_260810.indd 7 8/26/2010 11:24:15 PM

funds not directly related to the business of Singh as ‘Business Head (Retail Business)’,
the Company or the welfare of its employees, DLF Commercial Developers Limited (DCDL),
such amount(s), as the Board may in its a wholly-owned subsidiary of the Company
absolute discretion deem fit, provided that the w.e.f. 1st April, 2010 at a remuneration and
aggregate of which shall not exceed in any terms & conditions as set out in the Explanatory
financial year by Rs.100 Crores or five percent Statement annexed to this Notice.
(5%) of the Company’s average net profit as
RESOLVED FURTHER THAT the Board
determined in accordance with the provisions
of Directors of the Company (including any
of Section 349 and 350 of the Act, during
duly constituted Committee thereof) be and
three financial years immediately preceding,
is hereby authorised to take all such steps as
whichever is greater.
may be necessary, proper or expedient to give
RESOLVED FURTHER THAT the Board be effect to this Resolution.”
and is hereby authorised to take all such steps 11. To consider and if thought fit, to pass with
as may be necessary, proper or expedient to or without modification(s), the following
give effect to this Resolution and to settle any resolution as a Special Resolution:
question, difficulty or doubt that may arise in
this regard, on behalf of the Company.” “RESOLVED THAT pursuant to the provisions
of Section 314(1) and other applicable
9. To consider and if thought fit, to pass with provisions, if any, of the Companies Act,
or without modification(s), the following 1956 (including any statutory modification or
resolution as an Ordinary Resolution: re-enactment thereof, for the time being in
“RESOLVED THAT issue and allotment of force), the consent of the Company, be and
9,20,00,000 equity shares of Rs. 10 each at par is hereby accorded to the appointment of
aggregating to Rs. 92 Crores on preferential and remuneration payable to Ms. Anushka
basis in accordance with Unlisted Public Singh as ‘Sr. Management Trainee’, DLF
Companies (Preferential Allotment) Rules, Home Developers Limited (DHDL), a wholly-
2003 by DLF Brands Limited, a wholly-owned owned subsidiary of the Company, w.e.f.
subsidiary, to M/s. Ishtar Retail Private Limited 1st October, 2009 and to her elevation
be and is hereby approved. as ‘General Manager—Development’, DHDL,
w.e.f. 1st April, 2010 at a remuneration and
RESOLVED FURTHER THAT the Board terms & conditions as set out in the Explanatory
of Directors of the Company (including any Statement attached to this Notice.
duly constituted Committee thereof) be and
is hereby authorised to take all such steps RESOLVED FURTHER THAT the Board
as may be necessary, proper or expedient to of Directors of the Company (including any
give effect to this Resolution and to settle any duly constituted Committee thereof) be and
question, difficulty or doubt that may arise in is hereby authorised to take all such steps as
this regard, on behalf of the Company.” may be necessary, proper or expedient to give
effect to this Resolution.”
10. To consider and if thought fit, to pass with
or without modification(s), the following
resolution as a Special Resolution:
“RESOLVED THAT pursuant to the provisions
of Section 314(1) and other applicable By Order of the Board
provisions, if any, of the Companies Act, 1956 for DLF LIMITED
(including any statutory modification or re-
enactment thereof, for the time being in force),
the consent of the Company, be and is hereby New Delhi Subhash Setia
accorded to the appointment of Ms. Savitri Devi July 28, 2010 Company Secretary

Notes Members or their mandates:
(a) whose names appear as Beneficial Owners
1. A Member entitled to attend and vote at the
at the end of the business hours on Monday,
Meeting is entitled to appoint a Proxy to
20th September, 2010 in the list of Beneficial
attend and vote on a poll instead of himself
Owners to be furnished by Depositories
and the Proxy need not be a Member of the
(NSDL and CDSL) in respect of the shares
Company. The Proxies to be effective should
held in dematerialised form; and
be deposited at the Registered Office of the
Company not later than 48 hours before the (b) whose names appear as Members on the
commencement of the Meeting. Blank Proxy Company’s Register of Members after giving
Form is attached. effect to valid transfer requests in physical
form lodged with the Company or its RTA on
2. The Explanatory Statement pursuant to Section
or before Monday, 20th September, 2010.
173(2) of the Companies Act, 1956 in respect
of Special Business as set out above to be 8. Relevant documents referred to in the
transacted at the meeting is annexed hereto and accompanying Notice and Explanatory Statement
forms part of this Notice. are open for inspection by the Members at the
Registered Office of the Company on all working
3. The details of Directors seeking re-appointment,
days, between 1400-1600 hrs. up to the date of
in terms of Clause 49 of the Listing Agreement,
the meeting.
are annexed hereto and form part of this Notice.
9. The Auditors’ Certificate as required under
4. M/s. Karvy Computershare Private Limited, Clause 14 of the SEBI (Employees Stock Options
Plot No. 17–24, Vittalrao Nagar, Madhapur, Scheme and Employees Stock Purchase
Hyderabad-500081, Phone No. 040-44655000 Scheme) Guidelines, 1999 shall be placed at the
Fax No. 040-23420814; E-mail: einward.ris@ Annual General Meeting.
karvy.com; Website: www.karvy.com, is the
10. In order to provide protection against fraudulent
Registrar and Share Transfer Agent (RTA) for
encashment of dividend warrants, Members
Physical Shares. Karvy is also the depository
holding shares in physical form are requested
interface of the Company for both NSDL and
to provide their Bank Account No., name and
CDSL. However, keeping in view the convenience
address of the Bank/Branch and MICR Code
of the shareholders, documents relating to
to the RTA under the signature of First/joint
shares will continue to be accepted at Karvy
holder(s).
Computershare Private Limited, at 105-108, 1st
Floor, Arunachal Building, 19, Barakhamba Road, 11. Members who hold shares in dematerialised
Connaught Place, New Delhi – 110 001, Phone form may kindly note that their address and Bank
No. 011-43509200 and at the Registered Office Account details, as furnished by their depositories
of the Company as well as at its Corporate Affairs to the Company, shall be printed on the dividend
Department at 1-E, Jhandewalan Extension, warrants as per the applicable regulations of the
Naaz Cinema Complex, New Delhi – 110 055. depositories. The Company will not entertain any
direct request from such members for deletion of
5. Corporate Members intending to send their
or change in address or Bank account details.
authorised representatives to attend the meeting
Members who wish to change their address
are requested to send a certified copy of Board
and Bank Account details are requested
Resolution authorising their representative(s) to
to advise their Depository Participants
attend and vote on their behalf at the meeting.
about such change with complete details of
6. The Register of Members and Share Transfer address/Bank Account.
Books of the Company will remain closed from 12. To avoid loss of dividend warrants in transit and
Tuesday, 21st September, 2010 to Tuesday, undue delay in respect of delivery of dividend
28th September, 2010 (both days inclusive) for warrants, the Company has provided a facility to
determining eligibility for payment of dividend, if the Members for remittance of dividend through
declared at the meeting. the Electronic Clearing System (ECS). The ECS
7. The dividend, if declared at the meeting, will be facility is available at locations specified by RBI
paid on or before 27th October, 2010 to those and covers most of the major cities and towns.

Members holding shares in physical form and a period of 7 years from the date it became
desirous of availing this facility are requested to due for payment will be transferred by the
approach RTA. Company to the Fund. Members who have not
13. Members desirous of obtaining any information/ encashed dividend warrants may approach to
clarification(s) concerning the accounts and the RTA for obtaining payment thereof.
operations of the Company or intending to raise Please note that no claim shall lie in respect
any query, are requested to forward the same at of unpaid or unclaimed dividend after its
least 10 days prior to the date of meeting to the transfer to the Fund.
Company Secretary at the Registered Office of 15. Members are requested:
the Company, so that the same may be attended
(a) To bring their copies of Annual Report, Notice
appropriately.
and Attendance Slip duly completed and
14. Pursuant to provisions of Section 205A(5) and signed at the meeting. Not to carry briefcase
205C of the Companies Act, 1956, the Company or bag inside the meeting venue for security
has transferred unpaid/unclaimed dividend reasons;
for the financial year 2001-02 to the Investor
(b) To quote their Folio No./DP Id - Client Id in all
Education and Protection Fund (the Fund) of the
correspondence; and
Central Government. The un-paid/un-claimed
dividends for the financial year 2002-03 and (c) To note that no gift or gift coupons will be
thereafter, remaining unpaid or unclaimed for distributed at the meeting.
EXPLANATORY STATEMENT
[Pursuant to Section 173(2) of the Companies Act, 1956]
ITEM NO. 7 All the Non-executive Directors and Dr. K. P. Singh,
th
At the 40 Annual General Meeting held on 29 th Mr. Rajiv Singh and Ms. Pia Singh being related to
September, 2005, the Members had approved Mr. G. S. Talwar are deemed to be concerned or
payment of commission to Non-executive Directors interested in the passing of the said Resolution.
of the Company as determined by the Board of ITEM NO. 8
Directors from time to time not exceeding 1% of Pursuant to the provisions of Section 293(1)(e) of
the net profits of the Company, in aggregate, for all the Companies Act, 1956 (the Act), the Board of
the Non-executive Directors in a financial year as Directors of the Company can contribute or make
provided under Section 309(4) of the Companies Act, donation for charitable or other purposes, not relating
1956 for a period of 5 years commencing from the to the business of the Company or the welfare of its
financial year 2005-06. employees, upto Rs.50,000 or 5% of its average net
In this era of Corporate Governance, role of Non- profits for preceding three years, as determined in
executive Directors has increased manifold and has accordance with the provisions of Section 349 and
become very vital for the consistent growth of the 350 of the Act, whichever is greater. Beyond this
Company. Accordingly, the Non-executive Directors limit, the approval of shareholders is required.
are contributing more in terms of time and efforts and As a part of its Corporate Social Responsibilities, the
the Company is benefiting from their rich, diverse and Company makes contributions/donations for charitable,
vast experience. social and philanthropic objects. Accordingly, it is
It is proposed to authorise the Board of Directors or any proposed to seek authorisation from the shareholders
Committee thereof to determine and pay commission to make such contributions/donations in a financial
to the Non-executive Directors of the Company, from year upto an amount not exceeding Rs.100 Crores
time to time, not exceeding 1% of the net profits of or 5% of Company’s average net profits for preceding
the Company, in aggregate, or for some/any of them three years, calculated as per Section 349 and 350 of
including Non-resident Director(s), if any, in a financial the Act, whichever is greater.
year for a further period of 5 financial years of the Your Board commends the Resolution for approval.
Company commencing from 1st April, 2010. None of the Directors of the Company is concerned
Your Board commends the Resolution for approval. or interested in the passing of the said Resolution.
10

ITEM NO. 9 of the listed Company, therefore, such transaction
DLF Brands Limited (DBL) was incorporated as a should be fair, equitable, transparent, bonafide and at
wholly-owned subsidiary to carry on the business arms length and in the interest of the listed Company
of retailing various lifestyle and luxury brands. DBL, and in any case, should not be prejudicial to the listed
since its inception, is running into losses and as on Company, its minority shareholders and public at large
31st March, 2010, its accumulated losses were to the and must not militate against the public interest.
tune of Rs.42.41 Crores. In the opinion of the Board, the said transaction is
not prejudicial to the interest of your Company and
As a matter of strategic decision, the Company is
its minority shareholders or public interest. Your
divesting its non-core business to give more focus on
Company is recouping major portion of loans granted
its core business of real estate development. DBL
to DBL, while retaining its existing investments in the
has been identified as non-core business having long
enhanced capital in order to avail strategic advantage
gestation period and requiring huge investments.
for its Malls business.
Since the Company is focusing on its core business,
hence it does not wish to invest more funds in its Considering the above factors, the Board has accepted
non-core business. Therefore, to meet the future the recommendations of the Audit Committee, subject
investment requirements of DBL, it was looking for a however to your approval, hence, the proposed
strategic partner. resolution.
However, the agreements executed with various Your Board commends the Resolution for approval.
renowned global brand owners by DBL contains None of the Directors of the Company, except Ms. Pia
restrictive covenants and in view thereof, passing of Singh, being a shareholder in Ishtar and Dr. K.P. Singh,
controlling interest to a third party would not be in the Mr. Rajiv Singh and Mr. G.S. Talwar being her relatives,
interest of the Company as it may not only reduce is concerned or interested in the said Resolution.
the enterprise value of the business, but will also
ITEM NO. 10
lead to destruction of business of DBL. Therefore, it
was considered in the interest of DBL that its majority Ms. Savitri Devi Singh, Vice President, DLF
stake through preferential allotment be issued to a Commercial Developers Limited (DCDL), a wholly-
promoter entity. owned subsidiary of the Company, has been elevated
as ‘Business Head (Retail Business)’ with effect from
Being the preferential allotment to a promoter entity, 1st April, 2010. The Board of Directors on the
it would tantamount to a related party transaction, recommendation of the Remuneration Committee, in
therefore, to keep the said transaction above board its meeting held on 28th July, 2010, subject to your
and at arms length, the matter was comprehensively approval, has approved her elevation on the following
examined and reviewed by the Audit Committee terms and conditions:
which consists of majority of independent Directors.
The Audit Committee upon examining various Particulars (Rs./month)
strategic options and on the basis of legal opinions 1. Basic Salary : 1,05,000
and valuation reports received from two independent 2. House Rent Allowance : 70% of Basic Salary
valuers, recommended the issue of majority stake in 3. Personal Allowance : 75,000
favour of M/s. Ishtar Retail Private Limited (Ishtar), 4. Conveyance Allowance : 83,333
a promoter entity, through 9.2 Crore equity shares 5. SAF Allowance : 15% of Basic Salary
of Rs.10 each amounting to Rs.92 Crores, at par. 6. Hard Furnishing/Hard : 8,333
Furnishing Allowance
Further, the corporate guarantee already provided by
7. Contribution to Provident : As per rules of the Company
the Company and collaterals provided by a subsidiary, Fund and Gratuity
DLF Utilities Limited, in connection with credit facilities 8. Annual Performance : Ranging between Rs.30 lacs
availed by DBL, shall continue for a further period of Award (minimum guaranteed) and
2 years against lien of shares to be allotted to Ishtar Rs.80 lacs (maximum achiev-
and/or counter guarantee/indemnity by a promoter able) as per the policy of the
Company.
company, subject to regulatory compliances.
Since, the above transaction involves a business deal Ms. Savitri Devi Singh shall be entitled like any other
between a listed Company and its subsidiary and a employee annual increments/increase as per policy
private entity owned and controlled by the promoters of the Company.
11

Ms. Savitri Devi Singh, being related to Dr. K.P. Singh Your Board commends the Resolution for approval.
and Mr. Rajiv Singh, approval of the Members is being None of the Directors, except Dr. K.P. Singh and Mr.
sought by way of Special Resolution for the above Rajiv Singh, being relatives of Ms. Savitri Devi Singh,
appointment and increase in remuneration pursuant is concerned or interested in the passing of the said
to the provisions of Section 314(1) of the Companies resolution.
Act, 1956.
ITEM NO. 11
The Board of Directors in its meeting held on 29th October, 2009, on the recommendation of Remuneration
Committee, had approved the appointment of Ms. Anushka Singh as the ‘Senior Management Trainee’, DLF
Home Developers Limited (DHDL), a wholly-owned subsidiary, w.e.f. 1st October, 2009, on the terms and
conditions mentioned hereinbelow. The Board, on the recommendations of Remuneration Committee, has also
approved in its meeting held on 28th July, 2010 her elevation as ‘General Manager - Development’, DHDL, with
effect from 1st April, 2010, subject to your approval, on the following terms and conditions:
Particulars Sr. Management Trainee General Manager–Development

(w.e.f. 01/10/2009 ) (w.e.f. 01/04/2010)
(Rs./month) (Rs./month)
1. Basic Salary : 17,000 44,000
2. House Rent Allowance : 70% of Basic Salary 70% of Basic Salary
3. Personal Allowance : 7,500 25,000
4. Conveyance Allowance : 10,000 52,500
5. SAF Allowance : -- 15% of Basic Salary
6. Hard Furnishing/Hard Furnishing Allowance : -- 4,167
7. Contribution to Provident Fund and Gratuity : As per rules of the Company As per rules of the Company
8. Annual Performance Award : -- Ranging between Rs.5 lacs (minimum guaranteed) and Rs.15
lacs (maximum achievable) as per the policy of the Company.
9. Medical Reimbursement : Not exceeding one month’s --
salary per year.
Ms. Anushka Singh shall be entitled like any other employee annual increments/increase as per policy of the
Company.
Ms. Anushka Singh, being related to Dr. K.P. Singh and Mr. Rajiv Singh, approval of the Members is being
sought by way of Special Resolution for the above appointment(s) and increase pursuant to the provisions of
Section 314(1) of the Companies Act, 1956.
Your Board commends the Resolution for approval.
None of the Directors of the Company, except Dr. K.P. Singh and Mr. Rajiv Singh, being relatives of Ms. Anushka
Singh, is concerned or interested in the passing of the said resolution.
Registered Office By Order of the Board

Shopping Mall, 3rd Floor for DLF LIMITED
Arjun Marg, Phase-I, DLF City
Gurgaon (Haryana) – 122 002
New Delhi Subhash Setia
July 28, 2010 Company Secretary
The Ministry of Corporate Affairs, Government of India, vide its letter No. 47/609/2010-CL-III dated 20th August, 2010 has granted
exemption u/s 212(8) of the Companies Act, 1956 from attaching the Balance Sheet, Profit & Loss Account and other documents of the
subsidiary companies with the Balance Sheet of the Company. The annual accounts of the subsidiary companies and the related detailed
information will be made available upon request by the investors of the Company and of its subsidiary companies. These documents will
be available for inspection by any investors at the Registered/Corporate Office/Corporate Affairs Department of the Company and also
at the Registered Offices of the subsidiary companies concerned.
12

Details of Directors seeking Re-appointment at the Annual General Meeting
(In pursuance of Clause 49 of the Listing Agreement)
Name of Director Mr. Rajiv Singh Brig. (Retd.) N.P. Singh Mr. B. Bhushan
Date of Birth/ Age 08.05.1959/ 51 years 27.07.1937/ 73 years 24.01.1933 / 77 years
Date of Appointment 16.11.1988 14.01.1993 16.11.1988
Qualifications Degree in Mechanical Graduate from Army Staff Fellow Member of the
Engineering and Graduate College of Camberley Institute of Chartered
from the Massachusetts (U.K.) and National Accountants of India and
Institute of Technology, Defence College of India. Associate Member of the
U.S.A. Master Degree in Arts Institute of Cost & Works
& Science; Associate Accountants of India.
Member of British Institute
of Management. Trained as
Personnel Selection Officer
from Psychological Reserch
Wing, Ministry of Defence,
Government of India.
Expertise in specific Presently holding the Has served the Indian Army Experience of over 33 years
functional areas position of Vice Chairman over 34 years and has in Capital Market, Finance,
of the Company. Has enriched and multifarious Taxation, Corporate Affairs
over 28 years of enriched experience of about 17 and General Management.
and diverse management years in managing the affairs
experience. of the bodies corporate.
Directorships held in DLF India Limited Dhanvantri Laboratories Integrated Capital Services
other Public Companies Limited Limited
(excluding foreign Eros Retail Private Limited
companies) DLF Wind Power Private
Enki Retail Private Limited Limited
Bhoruka Financial Services
Limited
DLF Wind Power Private
Limited
Committee Positions* Nil Shareholders’/Investors’ Audit Committee–Member

in DLF Limited Grievance Committee–
Member
Committee Positions* Nil Nil Nil

in other Public Companies
Relationships between Related to Dr. K.P. Singh, Nil Nil

Directors inter-se Ms. Pia Singh and
Mr. G.S. Talwar.
Number of Shares held 164,56,320 Nil Nil

* Committee positions of only Audit and Shareholders’/Investors’ Grievance Committee included.
13

Directors’ Report
Your Directors have pleasure in presenting their your Company would continue to target reducing
45th Annual Report on the business and operations its overall debt by unlocking cash in non-core
of the Company together with the audited results assets, cost-optimisation, process improvements
for the financial year ended 31st March, 2010. and efficient management of working capital
while focusing on various segments of real estate
development and growth in rental business.
Financial Results
(Rs. in Crores)
Review of Operations
Consolidated
The global financial crisis and the resultant credit
2009-10 2008-09
crunch in 2008-09 led to subdued demand for
Gross Operating Profit 3,939.60 5,985.98 real estate products across all categories. The
Less: Finance Charges 1,110.04 554.84 trend continued in the first half of FY’10. However,
Less: Depreciation 324.93 238.96 during the second half, the industry showed
Profit before Tax 2,504.63 5,192.18 signs of reversing the downward spiral as the
Less: Provision for Tax 702.25 675.36 country’s economy continued to show signs of
Profit before minority interest 1,802.38 4516.83 recovery. This led to revival of demand in the
Share of Profit/(loss) in associates 0.82 (21.10) residential developments, whereas the commercial
Minority interest 10.78 (27.54)
developments for sale and leasing did not show
any significant signs of improvement.
Profit after Tax and minority interest 1,813.98 4,468.19
Your Company, in order to weather the tremors
Your Company recorded consolidated revenues of slowdown, repositioned its product mix and
of Rs. 7,851 Crores in FY’10 as compared to changed its business strategies as per the changing
Rs. 10,431 Crores in FY’09, a decrease of 24.73%. macro environment. Your Company focused on
Consequently, the gross operating profit, on execution of ongoing projects and chose to exit
consolidated basis, reduced from Rs. 5,986 Crores from non-core areas. To ensure sharper focus
to Rs. 3,940 Crores, a decrease of 34.19%. The on execution with greater emphasis on robust
net profit after tax and minority interest declined to systems, processes and risk management,
Rs. 1,814 Crores as compared to Rs. 4,468 Crores your Company was reorganised around two
for the previous year, a decrease of 59.41%. distinct elements – Development Business and
The global economic meltdown resulted in very Rental Business. The Development Business
thin demand for commercial spaces including SEZ was segmented into three business units with
for sale and lease. This impacted the Company’s specific geographies with responsibilities for all
operations and led to a decline in sales and developments in their respective geographic areas.
leasing in this category and consequently the The Rental Business comprising of rental streams
profitability. The FY’10 sales of Rs. 7,851 Crores, from Offices, Malls, Facilities Management and
were thus largely from residential real estate Utilities ensures sharp focus on the rental income,
developments. In residential sales, there was an thereby enhancing stable cash flows.
increase of about 20% in FY’10 as compared to
During the year under review, the Company’s
that in FY’09. However, the EBIDTA margin for
Board, based on the recommendation of its Special
the year is at a healthy 50%, compared to 57%
Committee, approved the integration of Caraf
in the preceding year. The Company’s profit was
Builders & Constructions Private Limited (Caraf)
also adversely impeded due to increase in finance
(the holding Company of inter-alia, DLF Assets
charges from Rs. 554.84 Crores in FY’09 to Rs.
Private Limited – ‘DAL’), DLF Info City Developers
1,110.04 Crores in FY’10.
(Chandigarh) Limited and DLF Info City Developers
Your Company continued its focus on consolidation, (Kolkata) Limited with DLF Cyber City Developers
stable growth and risk management. Further, Limited (DCCDL), a 100% subsidiary of DLF.
15
Directors' Report (F) Final_260810.indd 15 8/26/2010 10:58:24 PM

Your Company unlocked about Rs. 1,800 Crores basis for the year ended on 31st March, 2010 is
by exiting from very long gestation projects and as under:
non-core assets. In view of better returns, your (Rs. in Crores)
Company dropped its plans to exit from the Stand Alone
wind-power business. Your Company met all its 2009-10 2008-09
stakeholders’ commitments in time during the Turnover 3,220.43 3,839.04
year, including its commitments towards lending Gross Operating Profit 1,916.38 2,734.80
institutions without any restructuring of debt. Your Less: Finance Charges 847.24 809.86
Company was also able to significantly bring Less: Depreciation 126.05 114.08
down the average cost of debt from 11.9% in Profit before Tax 943.09 1,810.86
December, 2008 to 10.5% in March, 2010 and Less: Provision for Tax 175.71 261.00
repaid Rs. 5,600 Crores of debt during the year Profit after Tax 767.38 1,549.86
on or ahead of schedule. Earlier Year Items
Income Tax (4.06) --
During the year under review, despite turbulent
Prior-period expenses (net) 6.38 2.09
economic conditions, your Company launched
Net Profit 765.06 1,547.77
approximately 8.0 m.s.f. in Delhi and Gurgaon
Balance as per last Balance Sheet 2,676.24 1,734.96
and 5.2 m.s.f. in the rest of India. The customers
Balance available for appropriation 3,441.30 3,282.73
demonstrated their faith in your Company as the
Appropriations
projects received overwhelming response.
Transfer to Debenture 250.01 113.17
A subsidiary of your Company, in a consortium Redemption Reserve
with IL&FS, bagged a contract for construction Transfer to General Reserve 76.51 154.78
of a metro rapid transport system in Cyber City, Dividend on Equity Shares
Gurgaon from Government of Haryana. The project Dividend 339.48* 339.44
is first of its kind in the country. Tax on Dividend 11.38 28.91
Excess provision of previous -- (29.81)
Your Company believes that there is great year written back
potential in the Indian real estate sector and that Surplus carried to Balance Sheet 2,763.92 2,676.24
with economic stability, the demand for residential 3,441.30 3,282.73
as well as commercial segment would further * Proposed
strengthen. Therefore, to cater the burgeoning
demand for quality real estate, your Company Future Outlook
will focus on timely execution of projects, without
compromising on quality and compliances. To The Indian economy has shown strong resilience
further strengthen its execution machinery during and robustness during the global financial crisis.
Given its large domestic consumption base, there
the year, your Company’s subsidiary bought out
exists a demonstrated ability for future growth .This
Laing O’Rourke’s stake in the construction joint
economic growth will have a cascading positive
venture DLF Laing O’Rourke (India) Limited and
impact on the demand for real estate products in
increased it to 100%, retaining all the expertise,
the residential and commercial segments.
human resources and construction equipments.
Your Company, is therefore, focused on selling
Recognising your Company’s vision, expertise and existing inventory along with selective launching of
contribution to the real estate sector, Euromoney new projects across all categories of real estate
magazine at Euromoney’s Fifth Annual Real Estate development. However, there will be a specific focus
Awards, awarded the Best Global Developer on strengthening margins across all projects.
Award for 2009 to your Company alongwith
Having built a strong asset base of rental assets, your
the awards for Best Developer in Asia and Best
Company will continue to focus on growing the rental
Developer in India.
business of the Company to capture the growth in
The performance of the Company on stand-alone leasing demand to generate stable cash flows.
16

Dividend Report. The Company has made an application to
Your Directors are pleased to recommend for the Central Government seeking exemption under
approval of the Members a Dividend of Rs. 2 per Section 212(8) of the Companies Act, 1956 from
Equity Share (100%) of Rs. 2 each for the FY’10 attaching the Balance Sheet, Profit & Loss Account
amounting to Rs. 350.86 Crores (Rs. 339.48 and other documents of the subsidiaries to the
Crores towards Dividend and Rs. 11.38 Crores as Balance Sheet of the Company. The documents/
Dividend tax). details will be made available upon request to any
Member of the Company and are also available
Corporate Sustainability for inspection by any Member of the Company/
Your Company’s aspiration of continued leadership its subsidiaries at the Registered Office of the
in the real estate industry is embedded in its Company/its subsidiaries and at the Corporate
culture, offerings and services, whilst upholding Office of the Company during working hours up to
its principles of doing business safely and in a the date of Annual General Meeting.
fully compliant manner. Your Company being Conservation of Energy, Technology
a responsible corporate citizen believes in Absorption and Foreign Exchange
sustainable business practices in all spheres Earnings/Outgo etc.
of its activities and is committed to contribute to
environmental protection, energy conservation The particulars required to be disclosed under
and social initiatives while continuing to meet the Section 217(1)(e) of the Companies Act, 1956 read
aspirations of all stakeholders. with the Companies (Disclosures of Particulars in
the Report of Board of Directors) Rules, 1988 are
Credit Rating given at Annexure-A annexed hereto and form
During the year under review: part of this Report.
● CARE assigned a rating of PR1+, which is the Particulars of Employees
highest short term rating, for Company’s short In terms of the provisions of Section 217(2A) of the
term debt programme aggregating Rs. 15 bn.
Companies Act, 1956 read with the Companies
● ICRA Limited, an associate of Moody’s (Particulars of Employees) Rules, 1975, the names
Investors Services, upgraded the rating from and other particulars of the employees are set out
‘A2+’ to ‘A1’ for Rs. 30 bn. short term debt in the annexure to the Directors’ Report. However,
programme of the Company. as per the provisions of Section 219(1)(b)(iv) of the
● CRISIL, a unit of Standard & Poor’s, upgraded said Act, the Directors’ Report and the Accounts are
the rating from ‘A+ with negative outlook’ to being sent to all the Members of the Company and
‘A+ with stable outlook’ to the Company’s others entitled thereto excluding the statement of
Rs. 92.90 bn. term loans, overdraft facilities particulars of employees. Any Member interested in
and Rs. 50 bn. non-convertible debenture obtaining such particulars may write to the Company
programme and reaffirmed its ‘P1’ rating to Secretary at the Registered Office of the Company.
the Company’s Rs. 15.99 bn. short term loan,
bank guarantee, letter of credit and Rs. 30 bn. Employees Stock Option Scheme(ESOS)
short term debt programme. During the year under review, your Company
allotted 2,40,457 equity shares upon exercise of
Fixed Deposits
stock options by the eligible employees under the
The Company has not accepted/renewed any Employees Stock Options Scheme, 2007.
public deposits during the year under review.
Information in terms of Clause 12 of the SEBI
Subsidiary Companies and (Employees’ Stock Option Scheme and Employees’
Consolidated Financial Statements Stock Purchase Scheme) Guidelines, 1999 is at
The consolidated financial statements of the Annexure-B annexed hereto and forms part of
Company and its subsidiaries, prepared in this Report.
accordance with Accounting Standards AS-21, The certificate, as required under Clause 14 of
23 and 27, issued by the Institute of Chartered the said Guidelines, obtained from the Statutory
Accountants of India, form part of the Annual Auditors with respect to implementation of the
17

Company’s Employees Stock Option Scheme, The requisite certificate from the Statutory Auditors
2006, shall be placed at the Annual General of the Company, M/s. Walker, Chandiok & Co,
Meeting. Chartered Accountants, confirming compliance
with the conditions of Corporate Governance
Debentures as stipulated under the aforesaid Clause 49, is
During the year under review, the Company has attached to the Corporate Governance Report.
issued 2 series of Non-convertible Debentures
(NCDs) of a face value of Rs. 10 Lacs each on Directors’ Responsibility Statement
private placement basis aggregating to Rs. 1,000 As required under Section 217(2AA) of the
Crores, as per details below: Companies Act, 1956, your Directors confirm having:
i) 7,000 10.50% Fully-paid Secured Redeemable a) followed in the preparation of the Annual
Non-convertible Debentures (NCD’s) of face Accounts, the applicable accounting standards
value of Rs. 10 Lacs each, aggregating to with proper explanation relating to material
Rs. 700 Crores with semi-annual interest departures, if any;
payment, redeemable after 3 years from the b) selected such accounting policies and applied
date of allotment; and them consistently and made judgments and
ii) 3,000 10% Fully-paid Secured Redeemable estimates that are reasonable and prudent
Non-convertible Debentures (RNCDs) of so as to give a true and fair view of the state
face value of Rs. 10 Lacs each, aggregating of affairs of your Company at the end of
to Rs. 300 Crores with semi-annual interest the financial year and of the profits of your
payment, redeemable after 2 years from the Company for the period;
date of allotment.
c) taken proper and sufficient care for the
Listing at Stock Exchanges maintenance of adequate accounting records
in accordance with the provisions of the
The equity shares of your Company continue to be
Companies Act, 1956 for safeguarding the
listed on BSE & NSE and form part of S&P CNX
assets of your Company and for preventing and
Nifty and BSE-30 indices. The Non-convertible
detecting fraud and other irregularities; and
Debentures issued by your Company are also listed
on the Wholesale Debt Market (WDM) segment of d) prepared the Annual Accounts on a going
National Stock Exchange. The listing and custody concern basis.
fees for the year 2010-11 have been paid to the
Auditors
Stock Exchanges and NSDL/CDSL, respectively.
Pursuant to Clause 5A of the Listing Agreement, The Auditors, M/s. Walker, Chandiok & Co,
the Company has opened a suspense account and Chartered Accountants, hold office until the
has placed unclaimed equity shares allotted in 2007 conclusion of the forthcoming Annual General
IPO. As on 31st March, 2010, 6,410 equity shares Meeting and offer themselves for re-appointment.
were lying unclaimed by the rightful owners. Certificate from the Auditors has been received
to the effect that their re-appointment, if made,
Management Discussion & Analysis would be within the limits prescribed under Section
Report 224(1B) of the Companies Act, 1956.
The Management Discussion and Analysis
Auditors’ Report
Report as required under Clause 49 of the Listing
Agreement with the Stock Exchanges forms part There is no qualification or adverse remarks on the
of this Report. stand-alone financials of the Company. Further, the
observations given in Point No. 4 of the Auditors’
Corporate Governance Report Report on consolidated financials read with
The Report on Corporate Governance as stipulated Note No. 16 of Schedule 24 to the consolidated
under Clause 49 of the Listing Agreement forms financials, are self-explanatory and do not call for
part of this Report. any further comments.
18

Directors also won the awards for Best Developer in
Pursuant to Section 256 of the Companies Act, Asia and Best Developer in India for 2009.
1956 read with the Clause 102 of the Articles of ● The DLF Golf & Country Club retained its
Association of your Company, Mr. Rajiv Singh, top position as ‘THE BEST’ course in the
Brig. (Retd.) N.P. Singh and Mr. B. Bhushan, country for the third year running at the Asian
Directors retire by rotation at the ensuing Annual Golf Monthly Awards, which were held along
General Meeting and being eligible have offered with the Asia Pacific Golf summit, 2009 in
themselves for re-appointment. Kuala Lumpur, Malaysia. Asian Golf Monthly
Brief resume of the Directors proposed to be re- Awards are widely regarded as Asia’s golf
appointed, nature of their experience and other course Oscars and the premier poll of golfing
details as stipulated under Clause 49 of the facilities across the Asia-Pacific region.
Listing Agreement, are provided in the Notice for ● Your Company has been awarded the Golden
convening the Annual General Meeting. Peacock Award for CSR, 2010 in recognition
of its contributions in the field of Corporate
Corporate Social Responsibility
Social Responsibility. The award recognises
The Company has made significant contributions the path breaking initiatives undertaken by
in community welfare initiatives including to DLF in substantially improving the lives of
underprivileged through education, training, health, underprivileged communities in its areas of
environment, capacity building and rural-centric presence. It is also a recognition of the high
interventions as detailed at Annexure-C. The standards of ethics and integrity upheld by the
Employees of the Company have also participated DLF group in all its business practices.
in many of such initiatives.
Acknowledgements
Awards and Accreditations Your Directors wish to place on record their sincere
Your Directors are pleased to report that your appreciation to the employees at all levels for
Chairman Dr. K. P. Singh has been conferred with their hard work, dedication and commitment. The
‘Padma Bhushan’, one of highest civilian awards enthusiasm and unstinting efforts of the employees
of the country, in recognition and appreciation of have enabled the Company to remain at the
his outstanding leadership role in spearheading forefront of the industry.
India’s real estate development including creation Your Company continues to occupy a place of
of world-class infrastructure. respect among stakeholders, most of all our
Your Company has excelled in various dimensions valuable customers. Your Directors would like to
of Corporate achievements, recognized through express their sincere appreciation for assistance
peer and public evaluation. The details of awards and co-operation received from the vendors
and recognitions to your Company are as under: and stakeholders including financial institutions,
banks, Central and State Government authorities,
● Your Company has won the Dun & Bradstreet
customers and other business associates, who
award for Corporate Excellence. Dun &
have extended their valuable sustained support
Bradstreet (D&B), is the world’s leading
and encouragement during the year under review.
provider of global business information,
It will be the Company’s endeavour to build and
knowledge and insight. The ‘Dun & Bradstreet
nurture the strong links with its stakeholders.
– Rolta Corporate Awards 2009’ recognised
and felicitated corporate India’s leading for and on behalf of the Board of Directors
companies from various sectors.
● Your Company has been conferred the
Best Global Developer Award for 2009
by Euromoney magazine at Euromoney’s
Fifth Annual Real Estate Awards – the most New Delhi (Dr. K.P. Singh)
prestigious awards in global real estate. DLF July 28, 2010 Chairman
19

ANNEXURE - ‘A’
Disclosure of particulars under Section 217(1)(e) of the Companies Act, 1956 read with the
Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988
A. Conservation of Energy
a) Energy conservation measures taken 1) Installed 228 MW of Green wind based power turbines in various states of India.
2) Installed co-generation plants using gas based power generators and vapour
absorption machines (VAMs). Presently, 5 projects have been commissioned.
b) Additional Investment and proposals, if Additional investment is being planned to install further co-generation plants.
any, being implemented for reduction of
consumption of energy Use of the Solar energy in the common area lighting is being practised.
c) Impact of the measures at (a) and (b) above 1) DLF Group consumes about 150 MW of electricity in different buildings and generates
for reduction of energy consumption and about 228 MW power through clean and green power sources i.e., Wind farms.
consequent impact in the cost of production The wind power generation by DLF reduces about 4.7 lac tonnes of CO2 emissions
of goods annually.
2) The Company is the largest owner of gas based building co-generation power plants
with an installed capacity of 143 MW reducing 2.4 lac tonnes of CO2, emissions
annually.
3) The Company is earning carbon credits of about 3.0 lacs CER (Carbon Emission
Reductions) annually from wind power projects.
d) Total energy consumption and energy As per Form A Annexed
consumption per unit of production
B. Technology Absorption
e) Efforts made in technology absorption DLF is the only Company who has made efforts to install gas turbines and gas engines
based building combined heat and power (BCHP) facilities in the basement of its
buildings.
C. Foreign Exchange Earnings and Outgo
f) i) Activities relating to exports The Company is engaged in developing/constructing residential and commercial properties
in India and selling the immovable properties to customers in India and abroad.
ii) Initiatives taken to increase exports The Company does not have any export activities.
iii) Development of new export markets for The Company receives remittances of sale consideration for immovable properties located
products and services in India, purchased by the customers’ abroad.
iv) Export plans The Company has taken many initiatives to increase the sale of immovable properties to
the customers abroad by designing premium apartments in accordance with the require-
ments and lifestyle of NRIs, by holding meetings with customers at different locations
abroad, attending exhibitions, fairs, etc., through its Senior Executives and Directors with
a view to have personal contacts with customers, by giving advertisements in India and
abroad, by having continuous touch with enquiries from customers abroad through the
Company’s liaison office in London.
g) Total Foreign Exchange earned and used (Rs. in Crores)

2009-10 2008-09
a) Foreign Exchange earned 198.50 99.28
b) Foreign Exchange used 154.04 62.90
20

FORM - A
Form for Disclosure of Particulars with respect to Conservation of Energy
A. Power and fuel consumption

1. Electricity
a) Purchased Current Year Previous Year
Unit 24,967,349.50 37,421,772.00
Total Amount (in Rs.) 113,601,440.20 178,127,635.00
Rate per Unit 4.55 4.76
b) Own Generation
i) Through diesel generation
Unit 72,050,010.90 109,431,014.00
Unit per litre of diesel oil 3.81 3.82
Cost/Unit (in Rs.) 10.30 9.81
ii) Through gas turbine/generator
Unit 82,080,774.00 40,503,954.00
Unit per litre of fuel oil/gas 3.70 3.70
Cost/Unit (in Rs.) 4.60 3.51
2. Coal (Specify quantity and where used)
Quantity (tonnes) NA NA
Total Cost (in Rs.) NA NA
Average Rate NA NA
3. Furnace Oil
Quantity (K. Litres) NA NA
Total Amount (in Rs.) NA NA
Average Rate NA NA
4. Others/internal generation through wind energy
Quantity (Units) 491,879,676.00 364,785,013.00
Total Cost (in Rs.) 418,097,776.00 113,083,345.00
Rate/Unit (in Rs.) 0.85 0.31
B. Consumption per unit of production

Standards (If any) Current Year Previous Year
Products (with details) unit - NA NA
Electricity - NA NA
Furnace Oil - NA NA
Coal (specify quality) - NA NA
Others (specify) - NA NA
21

FORM - B
Form for disclosure of Particulars with respect to Absorption
Research and Development (R&D)

1. Specific areas in which R & D carried out by the Company The Company has initiated first of its kind building co-generation
activities. The waste heat of the flue gases from the gas turbines and
gas engines is used in the vapour absorption machines ( VAMs) for
air-conditioning of office/ commercial campuses.
2. Benefits derived as a result of the above R & D The Company commissioned a 40 MW, first of its kind building
co-generation project with a combination of gas turbines and gas
engines in Building No. 10, DLF Cyber City, Gurgaon. The above
project will lead to save 23% energy by chilled water production
through waste heat recovery. This activity is expected to reduce over
52,000 tonnes of CO2 emissions per year in environment.
3. Future plan of action The Company is implementing similar co-generation projects in its
upcoming projects at Building No. 5, DLF Cyber City, DLF Silokhera
& DLF Phase V, Gurgaon, DLF Hyderabad and DLF Chennai.
4. Expenditure on R & D Nil
a. Capital
b. Recurring
c. Total
5. Total R&D expenditure as a percentage of total turnover Nil
Technology Absorption, Adaptation and Innovation

1. Efforts, in brief, made towards technology absorption, Co-generation technology for buildings introduced successfully.
adoption and innovation
The Company has started wind based power generation in the States
of Rajasthan, Gujarat, Karnataka and Tamil Nadu.
2. Benefits derived as a result of the above efforts Based on the co-generation technology utilising VAMs, the Company
is able to improve cycle efficiency and save approx 23% of Electrical
energy.
The wind based green power generation has been 4,918 lac units
for the FY’09-10.
3. In case of imported technology (imported during the last NA
5 years reckoned from the beginning of the financial year)
following information may be furnished
a) Technology imported
b) Year of import
c) Has technology been fully absorbed
d) If not fully absorbed, areas where this has not
taken place, reasons therefor and future plan of
action.
22

ANNEXURE - ‘B’
Statement pursuant to Clause 12 of SEBI (Employees’ Stock Option Scheme and Employees’
Stock Purchase Scheme) Guidelines, 1999 as on 31st March, 2010
2007 2008 2009 Total
(a) Options granted 25,91,563 14,09,480 38,21,301 78,22,344
(Active Options)
(b) Pricing formula Intrinsic Value
(c) Options vested 3,39,668
(d) Options exercised 2,70,637
(e) Total number of equity shares arising as a result of exercise of options 2,70,637
(f) Options forfeited 13,11,546
(g) Variation of terms of options N. A.
(h) Money realised by exercise of options Rs. 4,80,914
(i) Total number of options inforce at the end of the year 78,22,344
(j) Employee-wise detail of options granted during the financial year 2009-10: Mr. T. C. Goyal, Managing Director
Total Options granted till 31.03.2010 = 5,23,810.
(i) Senior Managerial Personnel (Directors on Board) (including 1,18,110 options granted in FY’09-10)
(ii) Any other employee receiving grant in any one year of option amounting Mr. Rajeev Talwar, Group Executive Director
to 5% or more of the options granted during the year. Granted 2,19,552 Stock Options in FY’09-10.
Mr.Ashok Kumar Tyagi, Group Chief Financial Officer
Granted 2,90,733 Stock Options in FY’09-10.
(iii) Identified employees who are granted options, during any one year, Nil
equal to or exceeding 1% of the total issued capital (excluding out-
standing warrants and conversions) of the Company at the time of
grant.
(k) Diluted Earning Per Share (EPS) pursuant to issue of shares on exercise Rs. 4.51
of option calculated in accordance with Accounting Standard (AS – 20—
Earnings Per Share)
(l) Where the Company has the employee compensation cost using the Difference in employee compensation cost:
intrinsic value of the stock options, the difference between the employee Reduction Rs. 348.09 lacs.
compensation cost calculated using intrinsic value of stock options and
Impact on Profit:
the employee compensation cost recognized if the fair value of the options
Increase by Rs. 229.77 (net of Income Tax)
had been used and the impact of this difference on profits and EPS of the
Company. Impact on EPS:
Basic = + 0.01; Diluted = + 0.01
(m) Weighted average exercise price and weighted average fair value of Rs. 2
options whose exercise price equals or exceeds or is less than market price Weighted average fair value for options granted on 1st July, 2009:
of the stock. Rs. 292.69
Weighted average fair value for options granted on 10th October,
2009: Rs. 397.83
(n) Description of method and significant assumptions used during the year to Weighted average information for options granted on 1st July,
estimate fair value of options. 2009:
(i) Risk free interest rate: 6.75%
(ii) Expected life (in years): 5.5
(iii) Expected volatility: 86.16%
(iv) Expected dividend yield: 0.86%
(v) Price of the underlying share in the market at the time of option
grant: Rs. 310.80
Weighted average information for options granted on 10th October,
2009:
(i) Risk free interest rate: 7.26%
(ii) Expected life (in years): 5.5
(iii) Expected volatility: 81.87%
(iv) Expected dividend yield: 0.64%
(v) Price of the underlying share in the market at the time of option
grant: Rs. 416.05
23

Corporate Social Responsibility ANNEXURE - ‘C’
DLF over the past many years has undertaken a DLF Foundation. In addition, DLF has opened
number of social initiatives in sync with its vision a new DLF Swapana Sarthak School - II
of “Building India”. With the formation of the DLF for providing free education to the poor and
Foundation as the nodal service organization, underprivileged residing in village Nathupur.
DLF has reinforced its strong commitment towards The English medium school is being run as
serving the poor and underserved communities. a model school with assistance from Gunjan
DLF Foundation, in its second year since Foundation, an NGO committed towards
incorporation has continued with its mission of promoting education. Free meals, uniforms,
empowering communities and initiated a number of books and bags are provided.
charitable projects for the poor and underprivileged
● Rural Schools for Providing Quality
in areas of education, training, health, community
Education. DLF has partnered Bharti
development and environment.
Foundation for providing free quality education
The Company’s contribution in the field of Corporate to rural children and provide them opportunities
Social Responsibility was duly recognized and DLF to be able to compete on an equal footing
was awarded the Golden Peacock Award for with those from urban areas. 15 village
CSR, 2010. The award recognizes the initiatives based schools in the underserved districts of
undertaken by DLF in substantially improving the Rewari, Jhajjar and Kaithal in Haryana have
lives of underprivileged communities in its areas of been financed for all their running expenses
presence. The CSR activities of the DLF group are in perpetuity, which will benefit about 3,300
outlined in succeeding paragraphs. children annually.
Education ● SBM Senior Secondary School. DLF

is running a CBSE affiliated SBM Senior
● Expanding coverage of DLF Rural Learning Secondary School in Delhi. The school has on
Excellence Centres. The DLF-Pratham its rolls 780 students coming from low income
Learning Enhancement Programme was group families. DLF has now constructed
expanded to cover Government schools in 44 a state-of-the-art school premises with a
villages of Gurgaon. It enables underprivileged completely new look at its own cost which has
children from the rural community to enhance become functional from this session.
quality of learning in English, Mathematics and
Hindi. This programme has been extended
● Schools in Gurgaon. In addition to the existing
to cover Advanced English learning and CBSE affiliated 10+2 Summerfields School,
establishment of rural libraries. This has now Gurgaon having 1,800 students, DLF has
been further strengthened through the DLF opened the Ridge Valley School. This school
Mobile Library Programme. The programme is initially catering to the primary sections and
now covers over 5,000 children. will expand thereafter to a 10+2 CBSE school.
The school session commences from the 2010
● Expansion of Schools for the academic year.
Underprivileged Programme. DLF has
expanded its coverage in this programme by Health
extending support to four non-formal schools ● DLF Rural Primary Health Centres. DLF has
for the urban underprivileged covering over commenced a rural health care programme
1,200 children. All facilities including fees, under which four Rural Primary Health Centres
uniforms, books and mid-day meals are being have been set-up in Haryana. A similar Centre
provided free of cost. Out of these, 30 students has commenced operations in Dhaunaran,
are being mainstreamed in formal schools Punjab. These are bringing about a significant
under a scholarship scheme where all their change in the facilitation of medical care to the
education expenses are being supported by rural community by covering over 1,50,000
24

villagers. Specialists are available at the Community Outreach and Integrated Rural
Centres during clinic hours and partnerships Development
have been established with leading hospitals
Community outreach activities for rural development
for evacuation and treatment of patients for
were undertaken in association with NGOs,
secondary and tertiary care.
panchayats and local communities in the areas of:
● Eye Care camps. A number of eye care
a) Medical care through organising awareness
camps have been organized in rural areas
and health camps;
around Gurgaon in association with Arunodya
Eye Centre. In these camps diagnostics and b) Introduction of modern education tools;
surgical care is provided. c) Enhancement of education standards
● DLF initiative in animal health care. DLF by enlisting credible professional
has taken an initiative in animal health care by organisations;
establishing a veterinary hospital in Gurgaon. d) Renovation of village schools and up-
This state-of-the-art facility will cater to the gradation of rural infrastructure; and
animals in the urban and semi-urban areas,
e) Construction of rural roads.
while the rural population will be covered
through regular mobile veterinary health teams Environment
visiting the villages.
For holistic urban and rural development, DLF
Aapki Rasoi: Mid-day meals for the has paid special attention to environmental
disabled improvements. A total of over 1.2 lakh trees have
DLF has partnered the Delhi Government’s “Hunger been planted by DLF over a period of time, in
Free Delhi Campaign” – Aapki Rasoi for providing Gurgaon. HUDA has consistently over the last
daily free meals at a disabled workers site at the seven years awarded DLF with “Excellence in
India Gate Lawns in New Delhi. Over 1 lakh meals Horticulture Preservation” award.
have been distributed in the past year.
Donations for Social Causes
Vocational Training Centres DLF has been contributing towards a large number
DLF Vocational Training Centres, operating with of social causes. These include education for the
the philosophy of providing end to end solutions poor and marginalised sections of society, medicare
for unemployed youth from underprivileged for the deprived, construction and upkeep of places
backgrounds has trained and placed 1,500 of worship of different religions, animal care etc.
trainees in their respective work fields. Two new DLF provides the facilities and its premises for
training centres were established during the year promotion of pressing social causes by which the
in Duskal, Andhra Pradesh, in addition to the two organisations/NGOs set up stalls in the DLF Malls
existing centres functioning in Gurgaon. and commercial buildings to propagate their cause.
25

Management Discussion & Analysis Report
I. INDIAN ECONOMY & THE REAL ESTATE Residential Segment
SECTOR
Subsequent to the economic crisis in 2008, there
Fiscal 2009-10 began as a challenging year was a sudden and sharp fall in the demand of
as a result of the significant slowdown in the real estate products. Customers postponed their
economy witnessed in the second-half of FY’09. buying decisions on account of job uncertainties
This followed the financial crisis across the globe and concerns of regular income resulting from the
and the resultant credit meltdown. The macro economic slowdown. The increased uncertainty
economic scenario indicated that the growth rate of business expansion led to companies slowing
would remain subdued or trend lower in fiscal year or completely freezing any new employee
2009-10. However, the various stimuli measures additions. This created a huge demand- supply
by the Government, both on the monetary and gap, wherein supply exceeded demand leading
fiscal front, accompanied by strong domestic to a significant correction in prices. With the
demand paved the path for the recovery of Indian fiscal stimuli announced by the Government and
economy in the second-half of FY’10. the growth recovery in the economy, this trend
gradually reversed in the second half of FY’10
Despite the continuing uncertainty in the global
with prices stabilizing to moving up in certain
macro environment, the Indian economy
micro markets.
reported a growth of 7.4% for the fiscal year
2009-10. The recovery of the economy also led The credit crisis in 2008-09 also brought
to a revival in capital inflows which witnessed along with it a paradigm shift in consumer
a progressive increase through 2009-10. The preferences from attaining luxury and high end
Reserve Bank of India estimates place the real products towards the more affordable and mid-
GDP growth in India for the year 2010-11 at a income products. Developers thus shifted focus
robust 8.5% making India amongst the fastest from luxury and high end offerings towards offering
growing economies globally. a judicial portfolio of mid-income/affordable and
luxury residential projects.
With this pace of growth being witnessed in
the economy, concerns are also beginning While the demand drivers in the homes segment
to emerge due to the consistently high rate of continue to drive longer term growth prospects,
inflation being witnessed both at the wholesale higher inflationary concerns and the Governments
and the consumer price index levels. Spiralling initiatives to control inflation through monetary &
prices have seen a year on year growth of 10.2% fiscal measures could result in an interest rate-
in Whole-sale Price Index (WPI) and 13.9% in up cycle impacting affordability of customers. In
Customer Price Index (CPI) for May, 2010 the current environment, the steep price increase
(Source: Labour Bureau and Economic Adviser) that has been witnessed in some micro markets,
which have now begun to impact demand and especially city centre locations, are seeing
affordability. The Government policy actions will volumes tapering off as customers are holding
have to draw a fine balance between growth and back their purchase decisions in anticipation of
managing inflation. a marginal price correction. Pricing discipline by
various developers would thus hold the key to
The recovery in the Indian real estate sector sustainability of volumes witnessed over the last
is still in its early stages due to the lag effect. 12 months.
Within the sector, the homes segment has
seen buoyancy in volumes and prices while the As per Cushman & Wakefield research, the pan
commercial segment lacks demand both for India cumulative residential demand is estimated
offices and retail malls. The industry has also to be over 7.5 million units by 2013 across all
seen developers in a significant credit crunch categories including the economically weaker
and hence accelerated access to the capital sections, affordable, mid and luxury segments.
markets, renewed borrowings from the banking The affordable and mid segment category is likely
system and non-core asset sales have also been to constitute 85% of the total demand. 43% of the
undertaken aggressively by the sector. total demand is likely to be generated in the cities
27
MDA (F) Final_260810.indd 27 8/28/2010 11:14:42 AM

of Bangalore, Mumbai & NCR. The residential by vastly improved business forecasts for the
demand in the top seven cities of Bangalore, year. The IT/ITES segment continues to be the
Chennai, Hyderabad, Kolkata, Mumbai, NCR & dominant demand driver of commercial space.
Pune is estimated to be 4.5 million units by 2013. New and expanding sunshine sectors such as
The graph below depicts the year wise demand insurance, telecom & pharmaceuticals are also
from 2009-13. emerging as important demand drivers.
Whilst the India Inc. growth prospects over the
next many years bodes well for the commercial
office segment, in the short to medium term the
excess supply would need to be absorbed. The
industry’s expansion plans and capital outlays
may be impacted if tighter policy actions are
seen in countries such as U.S.A. and China who
are the major global demand drivers and form a
significant portion of India’s export markets.
As per Cushman & Wakefield research, the
pan India cumulative demand for office space is
Source : Cushman & Wakefield Research
estimated to be 196 m.s.f. by 2013 with the seven
Commercial Segment major cities of Bangalore, Chennai, Hyderabad,
Kolkata, Mumbai, NCR & Pune accounting for
The Indian office market did not remain insulated
approximately 80% of total demand. Hyderabad,
from the global upheavals in 2008-09 and
Pune & Kolkata are expected to witness the highest
consequently real estate activities in the segment
compounded annual growth rate of 28% during
witnessed a significant slowdown as compared
2009-13, highlighting the growing prominence of
to previous years. The majority impact of the
these cities in the India growth story. Bangalore is
slowdown was observed in the first-half of FY’10,
likely to have the highest cumulative demand of
when several projects were pulled back due to
34 m.s.f., followed by Chennai, owing to renewed
the liquidity crisis. Lack of business confidence
interest from the corporate sector post the
and deferment of expansion plans by companies
economic crisis. Cumulative demand in Mumbai,
also led to a drastic fall in leasing activity.
NCR and Bangalore will account for 42% of total
Various developers shelved their commercial
demand, with Mumbai & NCR accounting for 24
projects which resulted in the reduced supply of
and 25 m.s.f. of office space demand through
commercial office space across major cities. As
2009-13, respectively. The below graph depicts
per certain estimates the total commercial supply
the year wise demand from 2009-13.
of office space across major cities in 2009 stood
at between 40-50 m.s.f., with the absorption rate
at between 20-30 m.s.f.
SEZ projects were also under pressure during
the year due to the STPI extension of one year.
As a result, various SEZ projects were deferred,
with some developers even de-notifying their
SEZs.
Almost all micro markets experienced rental
corrections over the previous year. The rate of
correction, however, eased out by the second
half of FY’10, with many locations beginning to Source : Cushman & Wakefield Research
stabilize.
2010 began on an encouraging note for India’s Retail Segment
commercial real estate segment, with take-up A slowdown in demand from both consumers
improving across the majority of markets. Several as well as brands/retailers, led to a supply lag
IT/ITES occupiers started leasing, spurred on in retail segment as against projections made at
28

the beginning of 2008-09. Slowdown in demand product & price combinations”, weathered the
triggered off by reduced footfall conversions turbulent economic environment successfully. As
led to low leasing activities and high vacancy in the previous year, the Company focused on its
rates further adding to the sector witnessing core areas of business and chose to exit from non-
reduced investment interest. Rents slumped due core, non-strategic business. It rationalized its
to weakened demand and many projects were land bank and further intensified its concentration
delayed, shelved or scrapped in order to avoid on execution of on-going projects. The debt profile
an oversupply situation. Most brands withheld was well managed with all debt obligations being
their expansion plans and several retailers exited met on time. The rental business was given an
unviable outlets. Revenue sharing model amongst impetus with the consolidation of CARAF/DAL
the developers and the retailers emerged as a bringing in the Company’s fold quality assets
new trend to mitigate cost pressures for both the that added a robust rental earnings stream to the
developer and the retailer. existing rental business. Despite the depressed
The beginning of 2010 has witnessed initial signs economic scenario, the Company continued to
of interest in the segment. Given the revival in emphasize on earning strong margins in order
the economy, growing consumer confidence to enhance profitability and provide value to its
and the restraint in mall construction leading to a shareholders.
healthier supply demand equation, mall rentals (i) Product Pricing & Launches
have started stabilising and signs of a gradual
The Company’s strategy of launching
increase in enquiries for leasing have begun.
products in a phased manner and maintaining
As per Cushman & Wakefield, cumulative retail a healthy volume – profitability balance
demand across India is estimated to be 43 m.s.f. helped it meet its realizations and targeted
by 2013 of which, demand in the top 7 cities EBIDTA margins. The Company has always
of Bangalore, Mumbai, NCR, Pune, Kolkata, stressed on the fact that in its long cycle
Chennai & Hyderabad is estimated at 34.6 m.s.f. business, launches have to be carefully
Mumbai, NCR & Bangalore are all expected to weighed in terms of the right pricing providing
witness the highest demand, together comprising adequate margins. The Company also gave
approximately 20 m.s.f. Highlighting the potential added incentives to its customers in the
for retailers to expand pan India, the Investment form of timely payment rebates, rebates on
Commission of India expects the increase in move-in, initial inaugural discounts and
the share of organised retail to grow from 5% enhanced value specifications thus providing
to 15.5% by 2016. The graph below depicts the customers with a compelling product offering.
year wise demand from 2009-13. As a result the Company was able to sell out
85% of its residential offerings during the
year which comprised a balanced mix of both
city centric and mid-income properties.
(ii) Land Bank Rationalization &
Acquisition
In order to consolidate its land parcels
and rationalize the existing land bank,
the Company after due deliberation and
consideration earmarked land parcels in
select locations that it did not see having
Source : Cushman & Wakefield Research
any medium term potential and the divestment
of which would not have any bearing on the
II. BUSINESS AND FINANCIAL PERFORMANCE Company’s financial performance. These
& OUTLOOK land parcels also included options on land
1. Strategy for long gestation projects. As a result the
DLF, through repositioning its product mix and Company divested 19 m.s.f. of land parcels
business strategies and focusing on the “right in locations across the country including land
29

parcels in Bangalore, Mumbai and Gurgaon. (Caraf) (the holding Company of inter-alia, DLF
In addition it also purchased a land parcel in a Assets Private Limited – ‘DAL’), DLF Info City
city centre location that provided it a saleable Developers (Chandigarh) Limited and DLF Info
area of approx. 10 m.s.f. As of 31st March, City Developers (Kolkata) Limited with DLF
2010, the total land bank of the Company Cyber City Developrs Limited (DCCDL), a 100%
stood at 416 m.s.f. as against 425 m.s.f. at subsidiary of DLF was completed.
the beginning of the year. The integration exercise between DCCDL and
CARAF/DALwas done under the recommendation
While select land bank rationalization will
of a Special Committee of Independent Directors
be an on-going process, the Company’s
which was advised by a group of well established
land acquisition strategy has become
and reputed transaction/investment banks and
concentrated towards purely land parcels
independent valuers. Consequent to the above
in city centre locations and those that it
exercise, the Board of Directors of DLF accepted
might consider strategic in nature. Reflective
the recommendation of its Special Committee
of these is the land acquisition that the
and the relative valuation of DCCDL and CARAF/
Company did in Gurgaon; a land parcel of
DAL in the ratio of 60:40.
around 350 acres in city centre Gurgaon that
it won in an auction by HSIIDC at a value of The above exercise achieves a substantial
approximately Rs. 1,700 Crores. consolidation of the rental assets, enhancing
stable cash flows in the form of rentals from a
Land Bank by location as on 31st March, 2010 quality portfolio of assets and increases the
proportion of strong, stable and growing rental
income in DLF’s overall business portfolio. The
integration also resolves the “perceived” conflict
of interest between the promoter entities and
DLF and provides an opportunity to unlock value
in an integrated Company with all legal structures
and enablers in place.
POST BALANCE SHEET DATE EVENT

In April, 2010, DLF through its subsidiary CARAF
acquired 90% of the Compulsorily Convertible
Preference Shares (CCPS) held by DSIPL in
Super Metro’s – Delhi Metropolitan Region & Mumbai; Metro’s – DAL. The culmination of this transaction takes
Chennai, Bangalore, Kolkata and Hyderabad the overall stake of CARAF in DAL from 50.6% to
Tier I – Chandigarh, Goa, Pune, Nagpur, Cochin, Coimbatore and 91.9% hence providing the Company i.e., DLF, an
Bhubaneswar opportunity to consolidate its shareholding in DAL.
Tier II – Vadodra, Gandhinagar, Ludhiana, Amritsar, Jalandhar, The total consideration paid for the CCPS was
Shimla, Sonepat, Panipat, Lucknow and Indore
Rs. 3,085 Crores which was funded through a
(iii) Debt Profile & De-leveraging mix of debt, cash in hand and internal accruals.
It is important to observe that at the time of
The Company, against a mandatory debt integration of DAL, the investment of DSIPL was
repayment of Rs. 3,549 Crores, paid Rs. 5,633 valued for and netted off from the valuation of
Crores, while improving the quality of debt vis-à- CARAF (including its subsidiaries).
vis lower cost and higher maturity. The average
cost of debt as on 31st March, 2010 stood at (v) Divestment of non-core assets
10.5%. The Company’s net debt to equity ratio In order to bring a stronger focus on the
as on 31st March, 2010 was at 0.53. core strengths of the business & stress on
management’s time & effort to these, the
(iv) CARAF/DAL Consolidation
Company at the beginning of FY’10 had
During the year, the integration of Caraf earmarked a programme for divestment of select
Builders & Constructions Private Limited non-core assets. Non-core assets primarily
30

comprised monies or advances to be received
from the Government for long gestation integrated
township projects and convention centres, hotel
land and other land parcels with no immediate
development plans, advance license fee refunds
and select non-core businesses such as hotels
and asset management. The monetization of
these would not impact the Company’s financial
performance over the coming years.
The Company unlocked Rs. 1,800 Crores during
the year from divestment of non-core assets
comprising some of the above mentioned non- In recognition of the Company’s inherent strengths
core assets/business. It also rejected an offer and the strategies adopted to face successfully
for the wind power business of about Rs. 1,000 a year of challenges and emerge on the top,
Crores, since the annuity stream from this the Company was conferred the Best Global
business provided a robust post tax yield. Developer Award for 2009 by Euromoney
(vi) Internal Business Restructuring magazine at Euromoney’s Fifth Annual Real
Estate Awards – the most prestigious awards in the
The Company was internally restructured into global real estate industry. Further, the Company
two verticals - Development Business and also won the awards for Best Developer in Asia
Rental Business, each imparting renewed and Best Developer in India. This prestigious
focus on execution with emphasis on robust accolade further fortifies the Company’s vision to
systems, processes and risk management. The be a world-class real estate developer and provide
restructuring exercise brings sharp focus on the best quality developments to its customers.
rental and development business and enhances
stable cash flows. Outlook on Risks & Concerns
The real estate business in India is impacted by,
(a) Development Business
inter-alia, regulatory and monetary policies and
The Development Business are split investment outlook. The Company’s operations
geographically into 3 subsidiaries i.e. and its ability for future deve-lopment has to be
Gurgaon, Super Metros and Rest of India viewed in light of the above and resultant factors
and will be involved in all real estate such as the availability of real estate financing,
development in their respective geographies. uncertainty on monetary and fiscal policy actions,
Each of these subsidiaries will be responsible changes in Government regulations, foreign direct
for their own Profit & Loss Account and investments, approval processes, environment
Balance Sheet leading to higher accountability laws, actions of government land authorities and
from respective management teams. legal proceedings. Other business risks could
These subsidiaries will be responsible for be financial stability of commercial and retail
all activities across the product value chain tenants, replenishment of land reserves, inability
from launch of a product to final delivery to to compete effectively in regional markets and/
the consumer. or new business, lack of ability in identifying
(b) Rental Business consumer requirements in a timely manner,
The objective of the Rental Business is to over-dependence in a particular market/region,
further enhance the rental portfolio of assets input price increases and various other risks that
and increase the rental revenue flows from may be attributable to real estate.
these assets. The subsidiary would be 2. Business Review
looking at all gamut of business that lend
(a) Development Business
themselves to an annuity model and would
comprise of commercial offices, I.T. Parks, Homes Segment
I.T. SEZs, Retail Malls, Utilities and Facilities The Company continued to enhance its reputation
Management. as one of the strongest and most established
31

developers in the country with an enviable track Prominent Launches in FY’10
record in developing urban housing, pioneering City Centre — Capital Greens, Delhi – Phase
new products and offering an array of products I, II & III – the project comprising of more than
across various locations. Its superior execution 2500 units on offer met with an unprecedented
track record, exemplary design and architecture response with the first two phases having
and strong brand name coupled with a focus being sold out in a matter of days with a 30%
on safety helped the Company in making higher price in the second phase vis-à-vis the
progressive in-roads into various micro markets. first. Phase III pertaining to the luxury product
Performance FY’10 category (as different from the earlier phases)
and comprising 150 apartments on offer was
After the downturn in 2008, the residential segment
recently launched at a price of Rs. 12,000 p.s.f.
witnessed healthy growth on account of economic
and has also met with a good initial response.
stability and revived consumer confidence.
This was also in no small measure a result of Mid-income — DLF Valley, Panchkula,
select launches done by the Company, with a Chandigarh — The project was launched
compelling “product & price” strategy that helped in February, 2010 and comprised 1200
to revive the market and brought customers units at an average price of approximately
back. The Company sold approximately 12.2 Rs. 2400 p.s.f., totalling approx. 2 m.s.f. The
m.s.f. (net) during the year. product which was in the form of independent
floors, met with a phenomenal response with
sales of the entire 2 m.s.f. on offer within a
week, as against an initial target of sales of
approx. 1 m.s.f.
Other key launches during the year included
residential properties in Goa, Gurgaon and
Bangalore.
The table below provides a synopsis of the sales

volumes and average prices realized for the Homes
segment in 2009-10.
Region/Head City Area Area Sold Sales Value Avgerage

Launched (m.s.f.) (Rs. Crs) Realisation
(m.s.f.) (p.s.f.)
Super Metro Delhi 4.56 4.21 3,300 7,838
Gurgaon DLF City & New Gurgaon 3.50 3.12 2,550 8,173
Rest of India Panchkula, Banglore & Goa 5.17 3.90 950 2,439
Existing Stock New Gurgaon, Kochi & Indore 0.00 1.32 350 2,652
Total 13.23 12.55 7,150 21,102
32

Outlook
Area under construction (m.s.f.)
With the revival in sentiment and the latent
demand in the housing segment the Company
is well positioned to capitalize on the resultant
opportunities. With a development potential of
more than 290 m.s.f. spread across the country,
the Company will launch projects that cater to
different income groups and further fortify its
position as provider of quality urban housing in
the country. The product mix in the forthcoming
year is expected to be a balanced mix of city
centre and mid-income housing across locations
such as Mumbai, Delhi, Gurgaon, Bangalore,
Hyderabad and Chandigarh. Expected sales in
FY’11 would be primarily from the existing stock
i.e. stock to be released in subsequent phases of Development potential (m.s.f.)
already launched projects.
Given the challenges faced in getting a number

of approvals from respective authorities in
various cities, timing of launches would vary. The
Company would continue to focus on launching
projects only after ascertaining the “right
pricing and costing” parameters and getting the
optimum design and planning metrics for better
value addition. This is imperative in light of the
current high inflationary concerns that could
potentially lead to an input price increases and
hence impact margins. The expectation of any (b) Rental Business
substantial policy change to control high inflation (i) Offices Segment
and the resultant risk of an interest rate upcycle
The Company today is amongst the most
which may impact demand will also have to
preferred names in providing quality work
be considered while taking into account future
spaces that meet global standards and
launches by the Company.
provide modern amenities with the best-
in-class maintenance & service standards.
Project Execution Status and Development
The Company offers ready to move in
Potential
and built to suit options to its clients which
The Devco comprising primarily the homes comprise developments encompassing
segment, followed by commercial complexes retail & recreation centres, medical services,
has a combined area of 39 m.s.f. under business centres, ATMs, food courts and
construction as of 31st March, 2010. Within this, other amenities such as modern fire detection
the homes segment has 34 m.s.f., while the and suppression systems. The Company’s
commercial complexes segment has 5 m.s.f. of building designs incorporate large efficient
area under construction. As of 31st March, 2010, floor plates, wide column span and high
the area available for potential development in floor to floor clearance, for optimal space
the Devco (including area under construction) utilization and structures that are designed
stood at 315 m.s.f. for maximum safety.
33

A standing testimony to the Company’s signs of initial pickup, is subject to the
expertise in the offices segment is the Cyber continuing recovery in the economy and
City office complex in Gurgaon, the largest the crystallisation of the Indian industry’s
privately built office complex in the country growth and expansion plans. Given the on-
which spreads across an area of more than going pressures on the Government, the
20 m.s.f. (including potential developments) current macro environment may witness
and boasts of global MNC organizations as policy actions that could hamper the current
its tenants. growth momentum. Any withdrawal of the
stimulus measures in global powerhouses
Performance FY’10
such as U.S.A. & China along with the
The year gone by was challenging in terms troubles in the European Union could impact
of leasing activity as Company’s postponed the leasing momentum in the office space.
business expansion plans and new
Another major factor that could potentially
ventures were delayed or shelved due to
favour or impede growth in the office leasing
the uncertainty in the environment and lack
environment would be the impact of the
of business confidence. Rentals corrected
proposed Direct Tax Code and its effect on
sharply and existing available inventory
the IT SEZ’s. Clarity on this front is yet to
forced developers to stall or postpone on-
emerge.
going constructions.
With its superior locations and strong client
With the revival in the economy, leasing
relationships, the Company is well positioned
enquiries gradually picked up pace and
to take advantage of the India growth story
rentals stabilized. As clarity emerged on
and is expected to be amongst the biggest
business growth prospects, the office
beneficiaries as and when the leasing
segment started showing signs of revival
demand strengthens. The Company expects
in the last quarter of FY’10. The office
to lease 3-4 m.s.f. of office space during
leasing environment has been steadily
FY’10-11 across various locations.
improving with the Company having leased
0.7 m.s.f. area in FY’10 (after accounting for (ii) Retail Segment
cancellations). Deliveries of approx. half a In the Retail segment, the Company has the
m.s.f. were made during the year. expertise to cater to different retail formats.
The focus in the year was on providing value The Company was amongst the earliest
added services to clients, reinforcing and one’s to realize & recognize the changing
enhancing relationships. Construction of consumer preferences of the Indian customer
office properties in select locations was also and resultant spending patterns. With higher
re-initiated in order to be well positioned for disposable incomes, a global exposure to
the expected demand pickup in the second aspirational and luxury products and the
half of FY’11. increasing influence & desire of a premium
lifestyle by the Indian urban youth, the retail
Outlook industry witnessed a paradigm shift. With the
With India Inc.’s aggressive hiring plans and benefits of an established brand name and
the buoyancy in the economy, demand for strong track record coupled with a quality
office leasing is expected to improve in the portfolio of premium locations across India,
coming years. For the Company, the first the Company was able to serve the needs of
quarter of fiscal 2011 has seen leasing of customers with different buying patterns and
0.93 m.s.f., higher than the whole of last purchasing power. With pioneering the retail
year. However, while volumes are expected revolution in early 2000, the Company today
to show a recovery, given the existing and has well proven expertise in providing a
oncoming supply of office space, market “one stop shop” shopping and entertainment
rents are unlikely to increase in the short to experience by providing a discernible set
medium term. of shopping labels and brands intermingled
The office segment, though exhibiting with an array of recreational & leisure options
34

in thoughtfully conceived and aesthetically Rentco. The area available for potential
designed premium architectural and development in the Rentco (including area
commercial landmarks. under construction) stood at 90 m.s.f.
The Company today has approx. 1 m.s.f. Area under Construction (m.s.f.)
of operational Malls located in the cities/
regions of NCR, Delhi, Chandigarh, Kolkata
etc. Amongst its prominent retail malls are
the Emporio, DLF Promenade & DLF Place,
Saket all based in New Delhi and having an
enviable tenant profile comprising luxury,
premium and semi premium brands as its
tenants.
Performance FY’10
The year gone by has seen the retail
segment as the most challenging due to
lower consumer spending and preference
towards basic necessities rather than luxury
offerings, hence impacting tenant business. Development potential (m.s.f.)
Rentals corrected sharply and a host of on-
going developments were stopped mid-way
due to the complete lack of leasing demand.
Brands postponed their expansion plans
and existing tenants exited unviable outlets.
Revenue sharing agreements between
developers and anchor stores emerged as a
new trend in the industry where many such
transactions were witnessed in the year gone
by.
The first half of 2009-10 witnessed complete
lack of movement in the demand for retail
space; the second half saw the emergence
of enquiries in select locations. The Energy Centres – Green Initiatives by the
current focus for the Company would be to Company
consolidate its position in the segment and
increase its occupancy levels in existing While providing value added services to
operational malls. its tenants in the Rentco, the Company
remains conscious of its responsibilities to
Outlook
the environment. The Company is setting up
While still subdued, the revival in the gas based co-generation plants for providing
economy and growing consumer confi- electricity and chilled water for air-conditioning
dence is expected to result in a gradual pick- of offices, commercial buildings, complexes
up in leasing transactions. The Governments
and malls. These captive power plants are
FDI policy in multi-brand retail could be
distributed co-generation plants, fully green
a significant growth driver in the short to
medium term. and environment friendly and generate chilled
water (for air-conditioning) by using the waste
Project Execution Status and heat from the exhaust of the power generating
Development Potential equipments through Vapour Absorption
The Company as on 31st March, 2010 has Machines (VAMs) and provide air-conditioning
17 m.s.f. of area under construction in the to commercial buildings/complexes etc. These
35

plants result in higher cycle efficiencies and and operates the luxurious Aman Resorts across
reduce emission of green house gases/ tonnes of the world and also has an alliance with the
CO2 by about 50% as compared to conventional Hilton group for development and management
power plants. In addition to above mentioned of hotels in India. The hotel business is currently
captive co-generation plants, as a part of the undergoing a comprehensive review by the
green initiative, the Company has installed over Company as regards its future plans, commitment
228 MW of wind power plants in the states of towards resources and the extent of scale and
Rajasthan, Tamil Nadu, Gujarat and Karnataka. size that the Company aspires to achieve in
this segment going forward. Select land parcels
(c) Execution meant for hotel developments in India have been
During the year, DLF added 21 m.s.f. disposed off, with a few more proposed to be
(net) under construction in FY’10 spread sold as a part of the non-core asset divestment
mainly across the cities of Delhi, Gurgaon programme. As regards the Aman Resorts, the
and Bangalore; comprising homes and Company has witnessed an improved operating
performance during the year. Aman Resorts has
commercial complexes. The total area under
been a recipient of many international accolades.
construction as of 31st March, 2010 stood at
In its recent accomplishments, Aman Resorts
approx. 56 m.s.f.
received the highest ranking for ‘World’s Best
The Company during the year enhanced its Hotel Chain & Marketing Group’ in the Zagat
construction prowess and execution ability by World’s Top Hotels, Resorts & Spas 2009/2010
buying out the Laing O’ Rourke stake in the edition. The Company will, at an opportune time,
DLF-LOR JV. This not only brings in-house the explore the possibility of a strategic partnership
resources of the JV in terms of machinery & for Aman Resorts in order to further strengthen
workforce but also supplements the Company’s the current business model.
existing technical know-how, systems and (e) Life Insurance
processes in the field of construction while
providing complete autonomy across the product DLF Pramerica Life Insurance Company Ltd.
execution life-cycle. (DPLI), a 74:26 JV between DLF Limited and
Prudential International Insurance Holdings
(PIIH) commenced operations in September,
Area under construction (m.s.f.) 2008 with a purpose to market and sell life
Segment/Regionwise insurance products in the country.
The Company has completed one full year
of commercial operations as on 31st March,
2010. With a consistent focus on a steady
strategy of capital conservation, sound liquidity
and enhancement of operational and cost
efficiencies, the overall financial performance
during the last year was in line with the business
plans envisaged.
Performance FY’10
i. During the year, policies issued witnessed a
(d) Hotels
substantial growth with 19,485 policies versus
In order to re-focus on the core business 2,778 in the previous year. Annualised premium
operations and in line with the strategy adopted from these policies was at Rs. 44.79 Crores
in 2009-10, the Company’s hotel plans across the as against Rs. 6.45 Crores in the previous
leisure and business segments were substantially year with a sum assured of Rs. 514.47 Crores
scaled down during the year. The Company owns (Previous Year Rs. 66.52 Crores).
36

ii. The Company more than doubled its agency 10.13 as compared to Rs. 26.24 for FY’09.
offices to 29 by extending its reach in National The decline in revenues was primarily a result
Capital Region, Punjab, Haryana and Gujarat of the substantially reduced sales to DAL in
with a team of 2115 advisors (Previous 2009-10, as a result of lack of leasing in the
Year 113) and tied up with 43 partners thus SEZ space, owing to a drop in demand and the
enhancing its reach. continuing uncertainty in the policy environment.
iii. The Company launched/modified 13 produ- In FY’09, DLF reported sales of Rs. 10,431
cts during the year, in line with customer Crores, which also included a significant portion
requirements and changes in regulations on of sales pertaining to DAL with commensurate
ULIPs regarding capping of charges. profits. In FY’10, sales stood at Rs. 7,851 Crores
in which DAL sales were substantially lower and
Outlook at significantly lower margins as these were
As life insurance penetration in India continues primarily in relation to finishing costs incurred
to be low when viewed from the perspective for the DAL properties. The profitability during
of death protection, the Company expects an the year was mainly driven by new launches
increasing emphasis on the protection aspects in the residential segment and the scale-up in
of life insurance, along with the need for high execution of pre-sold properties.
quality advice. The Company will continue The revenue and profit figures of the Company
to establish deep distribution partnerships during the year were after adjusting for losses
with emphasis on low cost, scalable business contributed by non-core business, like DLF
models and at the same time, carefully monitor Pramerica Life Insurance, Hotels & Retail
all opportunities and challenges that the rapidly Brands which combined amounted to Rs. 255
changing regulatory environment in the sector Crores. The Life Insurance business is still in
could potentially provide. its gestation phase and given the attractive
(f) Asset Management market opportunity, this business is expected to
contribute positively once it reaches a significant
The Company exited its asset management JV size & scale of operations. Both the Hotels and
during the year. The Company’s decision to exit the Retail Brands business are undergoing
the business was triggered due to the changes by a comprehensive review in light of further
SEBI in its evaluation criteria for granting approval substantial investments needed to support
to the joint venture mutual fund to commence these businesses through their early stages of
business in India. This primarily involved both evolution and the need for prioritising resources
the partners to have a five year track record towards the Company’s core business activities.
in the financial services sector precluding DLF
from partnering Prudential Financial Inc. in the The rental income during the year increased
business. to Rs. 725 Crores from Rs. 505 Crores in the
previous year, due to the delivery of commercial
3. Financial Review pre-leased properties that added to the existing
rental stream.
Revenue & Profitability
Total expenditure before finance charges declined
During the fiscal 2009-10, DLF reported
to Rs. 4,236 Crores from Rs. 4,684 Crores
consolidated revenues of Rs. 7,851 Crores,
during last fiscal. The cost of revenues including
lower by 25% from Rs. 10,431 Crores in FY’09.
cost of lands, plots, constructed properties and
EBIDTA stood at Rs. 3,940 Crores, lower by
development rights was contained at Rs. 2,580
34% as compared to Rs. 5,986 Crores in the
previous year. Net profit after tax and minority Crores from Rs. 3,229 Crores in the previous
interest before prior period items was at year. This was in-part related to the execution
Rs. 1,814 Crores, a decline of 59% from Rs. & scale-up of existing projects and was lower
4,468 Crores. Net profit after tax, minority than the previous year as a result of the delay
interest and prior period items was at in starting construction for new launches due
Rs. 1,720 Crores, a decline of 62% from Rs. to certain approvals not being in place. The
4,470 Crores. The EPS for FY’10 stood at Rs. establishment expenses increased marginally
37

to Rs. 467 Crores from Rs. 454 Crores and addition to networth due to profits. The loan
the other expenditure rose to Rs. 865 Crores funds saw an increase to Rs. 21,677 Crores
from Rs. 762 Crores, as a result of the scale- from Rs. 16,320 Crores, primarily as a result of
up in business activity in 2009-10. The finance the consolidation of CARAF/DAL. The net debt-
charges, charged to the Profit & Loss account equity ratio stood at 0.53 as compared to 0.64 in
increased to Rs. 1,110 Crores as against Rs. the previous year.
555 Crores in the previous year. Net fixed assets grew to Rs. 16,558 Crores from
Rs. 7,912 Crores on account of capitalization of
EBIDTA margins saw a decline to 50% from 57%
leased-out assets and consolidation of assets
in the previous year. Margins were impacted due
held by CARAF/DAL.
to revenues from DAL which were significantly
higher in the previous year. Excluding sales to Capital work-in-progress rose to Rs. 11,129
Crores from Rs. 5,688 Crores as area under
DAL, EBIDTA margins are comparable to the
construction increased and was further enhanced
previous year i.e., 2008-09 where volumes were
with the recognition of assets under construction
lower and the product mix was biased towards
by DAL in its books.
the mid-income segment.
Investments increased to Rs. 5,505 Crores
from Rs. 1,402 Crores, with a majority of these
investments being in liquid instruments.
Stocks increased to Rs. 12,481 Crores from
Rs. 10,928 Crores. Other current assets
declined to Rs. 4,685 Crores from Rs. 7,622
Crores, primarily as a result of the elemination
of assets & liabilities due to the consolidation of
CARAF/DAL. Other current assets included the
unbilled receivables which were recognised in
revenues due to the percentage of completion
method (POCM) whereas the payments by the
Balance Sheet customers would only be made subsequently as
The Company’s Balance Sheet as on 31st per the payment plan provided. The cash and
March, 2010 reflected a healthy position with bank balances reduced to Rs. 928 Crores from
a net worth of Rs. 30,433 Crores and net debt Rs. 1,196 Crores.
to equity ratio of 0.53. Cash reserves stood The current liabilities stood at Rs. 4,637 Crores,
at Rs. 928 Crores with investments of Rs. up from Rs. 4,140 Crores. The increase was
5,505 Crores, mainly in liquid instruments. The mainly on account of monies received as
Balance Sheet includes the impact from the advances from customers in the leased out DAL
consolidation of CARAF / DAL that was given portfolio properties.
effect in the month of March, 2010.
With the purchase of 90% of the CCPS held
The Company re-paid debt of Rs. 5,633 Crores by DSIPL in April, 2010 i.e., post the Balance
for 2009-10 as against mandatory payment of Sheet date, the networth of the Company will
Rs. 3,549 Crores, meeting all its stakeholder’s be adjusted to reflect for the above mentioned
commitments on time. Along with meeting transaction accordingly.
its debt servicing commitments to banks and
financial institutions, the Company also improved III. CORPORATE FUNCTIONS
the quality of debt vis-à-vis lower cost and higher (a) Information Technology
maturity period. It was able to bring down the Performance FY’10
average cost of debt from 11.9% in December,
The IT function focused on increasing the
2008 to 10.5% in March, 2010.
usage of already implemented technologies.
The shareholders’ funds improved to Rs. 30,433 Additional efforts were put in to conclude on-
Crores from Rs. 24,154 Crores on account of going implementations and derive business
both the CARAF / DAL consolidation and the values out of it.
38

● Business Intelligence Tools: While the ERP monitoring system that reports periodically
implementation was concluded in FY’09, as a the adherence of or deviations from required
next step the RAMCO Business Intelligence statutory compliances and prompts corrective
reporting tool has been implemented for actions in a timely manner.
more on-line analytical reports.
The Company has an internal audit team,
● Set-up of state-of-the-art Documentation headed by a Chief Internal Auditor reporting
Centre: Work on setting up state-of-art directly to the Audit Committee comprising
documentation centre with floor space of a majority of independent Directors.
approx. 43,000 sq. ft. in one of the Company’s The team is adequately supported by
own buildings in Cyber City, Gurgaon has external Chartered Accountant firms which
been completed. This centre comprises undertake various department-wise &
Technical Reference Section, Media Room, comprehensive pre-audits in order to ensure
Scanning Stations etc. that the established systems, processes and
● Geographical Information System: To compliance mechanisms are being diligently
test the capability of GIS land information followed and adequate checks and balances
system, a pilot project with one of are in place to identify non-observance.
the business units of DLF was done. Major observations made by the internal
This is being tested with other business units audit team are periodically reviewed by the
as well. Audit Committee of the Board and remedial
measures, if required, are presented to the
Outlook Committee along with their implementation
status and resolution timelines.
The IT team of the Company intends to focus on
the following developments going forward: In addition to the in-house internal audit team,
● Increased control over expenditure and effective 1st April, 2010, Messrs KPMG &
profitability at project level including enhanced Deloitte have been appointed as independent
use of IT based business intelligence internal auditors who would report directly to
packages. the Audit Committee of the Board.
● Faster processing of payables. The Company has also implemented a

stringent external audit mechanism, as
● Digital video surveillance systems in our required by applicable statutes.
Offices and Malls.
(c) Human Resources
(b) Finance and Control Human capital has continued to be the key
The Company’s finance team continues engine for our growth and aspirations. DLF
its strong focus to enhance and streamline has been constantly reviewing its HR policies
its systems, controls and risk management and practices to keep abreast with the market
processes in order to better manage risks, changes and has embarked upon several
provide for smoother information flow initiatives to focus on creating a positive work
across the organization and ensure that all environment that provides employees with
transactions meet with financial propriety ample growth and development opportunities
and accurate reporting. The finance team as well as ensuring high levels of motivation
at the corporate level is well supported and engagement.
by the independent finance teams of the Recognizing that it is our intellectual capital
various business units that operate within that makes all the difference, our on-going
pre-defined delegation, responsibility and efforts have been towards integrating
accountability parameters, providing for an different assets-skills, knowledge, talents
efficient system of flexibility, control and faster and working styles into forming a responsive
decision making. The existing structures and efficient team and an environment that is
are also well supported by a compliance both inclusive and collaborative.
39

Performance FY’10 Our Annual Cricket event is now looked
●
forward by the DLF family. Photography,
Talent Acquisition & Resource Planning
painting competitions, online quizzes, and
Our leadership status can be attributed to debates on topical themes enthuse and
the diverse and highly talented people in our involve a large number of employees.
team. The robust pool of talent has been built
by committed efforts to attract, transform and (d) Legal
retain the finest talent in the industry. The Legal Department provides ‘backbone’
Today the Company has a high calibre, support to its business segments located
multifunctional team of 3542 employees (as across the country, securing and providing
of 31st March, 2010) up from 3008 employees stability and sustainability to the business.
a year earlier. The Company has built a The Company employs a dedicated team of
young and vibrant team (average age of 36 legal professionals well qualified in different
years) of highly qualified professionals. On legal functions. The team believes in
the acquisition of the 50% equity in our JV corporate ethos that blends tail-end creativity,
with Laing O’ Rourke, a sizeable number of professionalism and dedication of purpose,
competent workforce was added. while keeping an eye on strict Corporate
Governance. The Company established a
● Learning & Development track record of achieving many a milestone
The changing business scenario necessitates judgments in Company’s favour delivered by
continuous development of employees in various courts on material issues.
terms of skills and competencies in line with The year 2009-10 witnessed stupendous
the business requirements. The evolving success in implementation of compliance
training structure includes the following: systems of all applicable laws to Company’s
■ A structured Induction Programme for all business by all rank and personnel located
levels and evangelisation to the DLF Way for in different parts of the country. Land being
Fresh Campus recruits. a State subject, it was made obligatory for
all officials of the Company to observe strict
■ Discover yourself as a trainer: Giving a compliance of all laws as may be applicable
platform to our employees to unleash their to their projects depending upon the area
hidden potential as a trainer and share and location. In discharge of their functional
their knowledge with their own DLF Family. responsibilities, this has become a part of
Training with our in-house trainers covering their day to day activity.
topics in realm of technical & non-technical
know-how. The Compliance and Corporate Gover-
nance Committee of the Board of Directors,
■ Express learning: An e-learning initiative after due deliberations, rendered valuable
for knowledge sharing with employees. guidance from time to time to keep the legal
■ Worker’s development: Training compliance of all the laws on top priority.
programme for Class IV employees to
address the needs and concerns of Class IV Whistle Blower Mechanism
employees and improve their well-being. In pursuit of maintaining highest ethical
standards in the course of its business, the
● Employee Engagement & Welfare Company has put in place a mechanism for
The employees remain connected and reporting of instances of conduct which is
updated through various communication not in conformity with its code. No significant
channels including town halls, management complaints were received in Whistle Blower
workshops/updates from the Vice Chairman’s Policy during the year.
desk, the intranet (DLF Connect) and internal
HR help lines. An in-house fortnightly HR (e) Corporate Secretarial
newsletter SAMPARK is now a way of life for The Corporate Secretarial department
keeping in touch with the growing DLF family. functions as a facilitator for good Corporate
40

Governance practices in the Company. A the actual results could materially differ from those
dedicated team of well qualified professionals in such forward looking statements. The risks and
ensure that the Company follows the high uncertainties relating to these statements include, but
governance standards and guidelines laid are not limited to, risks and uncertainties, regarding
down by the Board. Corporate Secretarial fluctuations in earnings, our ability to manage growth,
drives the implementation of robust competition, economic growth in India, ability to attract
compliance systems and further assists and retain highly skilled professionals, time and cost
the Board in ensuring proper and adequate over runs on contracts, government policies and
documentation of its meetings and that actions with respect to investments, fiscal deficits,
of its Committees. It plays a pivotal role in regulation etc. In accordance with the Code of
managing a large shareholder base in an Corporate Governance approved by the Securities and
efficient manner. Exchange Board of India, shareholders and readers
are cautioned that in the case of data and information
Cautionary Statement external to the Company, no representation is made
The above Management Discussion and Analysis on its accuracy or comprehensiveness though the
Report contains certain forward looking statements same are based on sources thought to be reliable.
within the meaning of applicable security laws and The Company does not undertake to make any
regulations. These pertain to the Company’s future announcement in case any of these forward looking
business prospects and business profitability, which statements become materially incorrect in future or
are subject to a number of risks and uncertainties and any update made thereon.
41

Corporate Governance Report
Your Directors present the Company’s Report on Category No. of Directors Percentage
Corporate Governance in compliance with Clause 49 to Total No.
of the Listing Agreement with Stock Exchanges. of Directors
Executive Directors 5 42
Non-executive Directors
Company’s Philosophy
- Independent Directors 6 50
DLF firmly believes that maintaining the highest - Non-independent Directors 1 8
standards of Corporate Governance is imperative in Total 12 100
our pursuit of industry leadership. We believe that
Good Governance is a pre-requisite for establishing The rich and vast professional expertise of Independent
a relationship of trust between the Company and Directors gives immense benefits to the Company. The
all its stakeholders. The Company further believes composition of the Board is in conformity with Clause
that the quest for excellence in performance rests on 49 of the Listing Agreement.
unflinching adherence to the core values of honesty,
Executive Directors are appointed by the shareholders
transparency and accountability in all business
for a maximum period of 5 years at a time or such
transactions.
shorter duration as recommended by the Board, but
These beliefs are based on a rich legacy of fair and are eligible for re-appointment upon completion of
ethical business practices, steadfast commitment their term.
to corporate social responsibility and adherence to Non-executive Directors/Independent Directors do
the basic tenets of upholding professional integrity, not have any specific term, but retire by rotation in
maintaining human values and protecting individual accordance with the provisions of the Companies
dignity. Act, 1956.
The Board of Directors performs the pivotal Profile of Directors

role in the governance system and they are
Dr. K.P. Singh (Kushal Pal Singh) was born on
primarily responsible for corporate governance
August 15, 1931 at Bulandshahar in Uttar Pradesh.
of the Company. The Board has formed several
After graduating in Science from Meerut College,
Committees to assist them in specific areas resulting
he went to U.K. to study Aeronautical Engineering.
in sharper focus on Good Governance in order to
While pursuing engineering in U.K., he was selected
ensure that the endeavour to maximise value for the
by the British Officers Services Selection Board, U.K.
entire spectrum of its stakeholders leads to long-
to join the Indian Army. After undergoing training
term benefits to society at large.
at the Indian Military Academy at Dehradun, he
was commissioned into The Deccan Horse cavalry
Board of Directors
regiment.
The Board of Directors (the Board), an apex body
formed by the shareholders, provides and evaluates In 1960, he joined American Universal Electric
the strategic directions of the Company; formulates Company, a joint venture with Universal Electric
and reviews management policies, serves and Company of Owosso, Michigan. In 1979, he joined
protects the overall interests of shareholders to DLF Universal Limited as Managing Director and
ensure long-term value creation for stakeholders. later became Chairman of DLF.
The Chairman, Vice Chairman, Managing Director During his 48 years of experience in the Real Estate
and two Whole-time Directors manage the business industry, he has held several important business,
of the Company under the overall supervision and financial and diplomatic positions including as a
guidance of the Board. Member of the International Advisory Board of
Directors of General Electric; Member, Central Board
Composition
of the Reserve Bank of India and was President of
The Board represents an optimum mix of ASSOCHAM in 1999. Currently, he is Honorary Consul
professionalism, knowledge and experience. The General in India of the Principality of Monaco. He is
present composition of the Board is as under: also on the Governing Board of several educational
43
CGR (F) Final_280810.indd 43 8/28/2010 1:58:43 PM

institutions, including Indian School of Business (ISB), for over a decade. He is also Managing Trustee of a
Hyderabad; Board Member of the Governing Body number of charitable trusts engaged in education and
of IIT, Rajasthan and a Trustee of a number of public welfare activities.
charitable trusts. He is the Chairman of DLF Universal Limited and DLF
Dr. Singh is a recipient of one of the highest civilian Home Developers Limited and Members of several
awards in India, the ‘Padma Bhushan’, in recognition other Public/Private Limited Companies.
and appreciation of his outstanding leadership role He is Member of Audit, Corporate Governance and
in spearheading India’s economic and industrial Finance Committees of the Company.
development, particularly the Real Estate industry.
Ms. Pia Singh is a graduate from the Wharton School
Dr. Singh has also been conferred with: of Business, University of Pennsylvania, U.S.A. with
● ‘Delhi Ratna’ Award for his valuable contribution a degree in Finance. She has worked for the risk-
to the development of Delhi in 2005; undertaking department of GE Capital, the investment
division of General Electric.
● ‘Special Award’ at the Indian of the Year Award
Having over 15 years of experience, Ms. Singh
function held in January, 2008 by NDTV; and
is actively engaged in developing the Company’s
● Recognised as ‘Key Contributor’ to the luxury and super-luxury retail destinations across the
development of Delhi by Times of India. country.
In recognition of his invaluable contribution in the Ms. Singh is a Director on the Board of DLF Brands
field of Business Administration, the prestigious Limited and several Private Limited Companies.
G.B. Pant University of Agriculture & Technology, Mr. K. Swarup is a post graduate in Commerce
Pantnagar, conferred on him ‘Doctorate in Science’ and Law from University of Lucknow and a Fellow
in April, 2008. Member of the Institute of Company Secretaries of
India. He joined the DLF Board on 1st January, 2006.
Mr. Rajiv Singh is the Vice Chairman of the
Mr. Swarup has an experience of over four decades
Company. He is a graduate from the Massachusetts
in a number of corporate positions.
Institute of Technology, U.S.A. and holds a degree
in Mechanical Engineering. Mr. Singh has over 28 Prior to joining the Company, he has worked as
years of professional experience. Mr. Singh directs the Senior General Manager of the Delhi Stock
the strategy and oversees the operations of our Exchange Association Limited and represented the
Company. Exchange on the Committees formed by SEBI, on
listing agreements and a uniform code numbering
Mr. Singh is the Chairman of DLF India Limited and system for securities.
on the Board of several Private Limited Companies.
He is the Chairman of Finance Committee of the Mr. Swarup is on the Board of several Public/Private
Company. Limited Companies including DLF Commercial
Developers Limited, DLF Home Developers Limited,
Mr. T. C. Goyal has an honours degree in Commerce DLF India Limited and DLF Universal Limited. He
from Shri Ram College of Commerce, University is Member of Audit Committee of DLF Universal
of Delhi and is a Fellow Member of the Institute of Limited.
Chartered Accountants of India. Also Member of Shareholders’/Investors’ Grievance,
He is holding the position of Managing Director of Finance and Corporate Governance Committees of
the Company since 1st March, 1998. He has over the Company.
43 years of varied experience in finance, real estate
Mr. G.S. Talwar is the founding Chairman and
development and project counselling. Prior to joining
Managing Partner of Sabre Capital worldwide, a
the Company in 1981, he worked with Birlas.
private equity and investment company focused on
Mr. Goyal has been a Member of the Management financial services. He holds Bachelor of Arts (Hons.)
Committee of PHD Chamber of Commerce & Industry degree in Economics from St. Stephen’s College,
44

University of Delhi. He was previously Chairman contributions in the fields of Technology, Manage-
of Centurion Bank of Punjab Limited (merged with ment and Industrial Development, Jawaharlal Nehru
HDFC Bank Limited) and Non-executive Director Technological University, Hyderabad conferred on
of Fortis Group (Belgium and Netherlands), him the degree of D.Sc.
Schlumberger Limited and Pearson PLC.
He is Chairman (Emeritus) of Jacobs H&G (P)
He is a Founding Member of the Governing Board Limited and Chairman, GKN Driveline (India)
of Indian School of Business, Hyderabad and is a Limited. He is also Director on the Boards of Reliance
former Governor of the London Business School. Industries, Honda Seil Power Products and Zenith
Mr. Talwar is the patron of the Stop Organised Abuse Birla. Earlier he had been a Director on the Boards
Board of the National Society for Prevention of of Tata Chemicals, L&T and Ashok Leyland. He is
Cruelty to Children. Prior to joining the Company, he Chairman of Audit Committee of Honda Seil Power
has worked for Standard Chartered PLC as Group Products and GKN Driveline (India), Shareholders’/
Chief Executive and for Citigroup in various positions Investors’ Relations Committee of Honda Seil Power
including as its Executive Vice President. Products and Chairman’s Executive Committee of
GKN Driveline (India). He is a Member of Nomination,
Mr. Talwar is on the Board of Great Eastern Energy
Corporate Governance and Stakeholders’ Interface,
Corporation Limited and several Private Limited
Remuneration and Health, Safety & Environment
Companies.
Committees of Reliance Industries Limited and Audit
He is a Member of Corporate Governance Committee Committee of Zenith Birla.
of the Company.
Dr. Kapur is the Chairman of Corporate Governance
Dr. Dharam Vir Kapur is a Director of the Company and Shareholders’/Investors’ Committees and a
since 21st April, 2006. He is an honours Graduate in Member of Audit Committee of the Company.
Electrical Engineering with wide experience in Power, Mr. M. M. Sabharwal a Graduate in Arts (Economics)
Capital Goods, Chemicals and Petrochemicals has held various corporate positions including those
Industries. of Chairman of Dunlop India Limited, Bata India
He had an illustrious career in the Government sector Limited, Britannia Limited, Indian Oxygen Limited,
with a successful track record of building vibrant Needle Industries India (Private) Limited, Precision
organizations and successful project implementation. Electronics Limited; Director of Oil India Limited,
He served Bharat Heavy Electricals Limited (BHEL) National Aluminum Company Limited, Fibre Glass
in various positions with distinction. Most remarkable Pilkington Limited, Avery India Limited and Ranbaxy
achievement of his career was establishment of a Laboratories Limited.
fast growing systems oriented National Thermal Mr. Sabharwal, President (Emeritus) of Helpage
Power Corporation (NTPC) of which he was the India, is a Director of Nutrition Foundation of India
founder ‘Chairman-cum-Managing Director’. For his and was President of PHD Chamber of Commerce &
contribution to success and leadership of the fledgling Industry; Director, Institute of Management, Kolkata
organization, he was described as a ‘Model Manager’ and Vice Chairman of International Management
by the Board of Executive Directors of World Bank. Institute, New Delhi.
Dr. Kapur served as Secretary to the Government of In recognition of his meritorious social services, the
India in the Ministries of Power, Heavy Industries and Government of India has conferred ‘Padma Shri’
Chemicals & Petrochemicals during 1980-86. He was Award on him.
also associated with a number of national institutions
He has also been conferred with:
as Member, Atomic Energy Commission; Member,
Advisory Committee of the Cabinet for Science & ● Honorary ‘OBE’ in 1998 by the Government
Technology; Chairman, Board of Governors, IIT of U.K. for his role in promoting Indo-British
Bombay; Member, Board of Governors, IIM, Lucknow partnership in Social Welfare;
and Chairman, National Productivity Council. ● ‘Life Time Achievement Award’ for outstanding
In recognition of his services and significant contribution towards the cause of elderly;
45

● ‘The Chirayushya Samman Award’ by the Union Mr. Memani is Chairman of Audit Committees
Minister of Social Justice and Empowerment, of Great Eastern Energy Corporation Limited,
Government of India for being a pioneer in HT Media Limited and ICICI Venture Funds
building ‘Helpage India’. Management Company Limited. He is also Member
of Compensation/Remuneration Committee of
Currently, Mr. Sabharwal is a Member of three Great Eastern Energy Corporation Limited and
Government Committees in the Ministry of Social HT Media Limited; Compensation Committee, ICICI
Justice and Empowerment. Venture Funds Management Company Limited;
Audit Committee, National Engineering Industries
He is a Member of Audit, Remuneration and Corporate
Limited and Chambal Fertilisers and Chemicals
Governance Committees of the Company.
Limited.
Mr. K.N. Memani, a Fellow Member of the Institute of
He is also Chairman of Audit Committee and a
Chartered Accountants of India is a former Chairman
Member of Corporate Governance Committee of the
and Country Managing Partner of Ernst & Young,
Company.
India. He was also Member of the Ernst & Young
Global Council. Mr. Ravinder Narain is an active practitioner in
Supreme Court and High Courts having experience
He specialises in business and corporate advisory,
of over four decades.
foreign taxation, financial consultancy etc. and
is consulted on the corporate matters by several He has been actively associated with leading
domestic and foreign companies. constitutional, taxation and commercial matters.
His expertise in the field of Indirect Taxes and
Mr. Memani headed Quality Review Board – an
MRTP cases is well recognised. He was a Member
oversight board to review the quality of auditors set-
of High Level Committee set up by the Ministry of
up by the Government of India. He was associated
Finance, Government of India to review and suggest
with National Advisory Committee on Accounting
simplification of Central Excise and Customs Laws.
Standards (NACAS) and an expert committee
for amendments in the Companies Act, 1956 Mr. Narain is on the Board of Nestle India Limited,
constituted by the Government of India. He was Shree Rajasthan Syntex Limited, DCM Shriram
also associated with the External Audit Committee Industries Limited and Shriram Pistons & Rings
of International Monetary Fund (IMF). Limited.
He held the positions of Chairman, American He is Chairman of Investors’ Grievance Committee

Chambers of Commerce in India, President of PHD and a Member of Audit Committee of Nestle India
Chamber of Commerce & Industry and Chairman, Limited, Shareholders’ & Remuneration Committee
Federation of Indian Export Organisations. of DCM Shriram Industries Limited, Nomination
Committee of Shriram Pistons & Rings Limited.
Currently, he is on the managing committee/ governing
boards of various industry chambers, educational Mr. Narain is also a Member of Corporate Governance
institutions and social organisations. and Shareholders’/Investors’ Grievance Committees
of the Company.
He is on the Board of several Public/Private Limited
Companies including Aegon Religare Life Insurance Mr. B. Bhushan, a Fellow Member of the Institute
Company Limited, Chambal Fertilisers and Chemicals of Chartered Accountants of India and an Associate
Limited, Emami Limited, Great Eastern Energy Member of the Institute of Cost and Works
Corporation Limited, HEG Limited, HT Media Limited, Accountants of India, has 33 years of experience in
ICICI Venture Funds Management Company Limited, finance, capital market, taxation, corporate affairs
JK Lakshmi Cement Limited, National Engineering and general management.
Industries Limited, Spice Digital Limited and Spice
Mobility Limited. He is Chairman of Integrated Capital Services Limited
46

and Director on the Board of several companies. He Minutes: The draft minutes of the proceedings of the
is Chairman of Markets & Investment Committee of Board of Directors are circulated in advance and the
Integrated Capital Services Limited. comments, if any, received from the Directors are
incorporated in the minutes in consultation with the
Mr. Bhushan is a Member of Audit and Remuneration Chairman and submitted for confirmation and signing
Committees of the Company. at the subsequent meeting.
Brig. (Retd.) N.P. Singh a Graduate of Army Staff
College of Camberley (U.K.) and National Defence Follow-up: The Company has an effective post meeting
College of India, holds a Master degree in Arts and follow-up, review and reporting process mechanism
Science and is an Associate Member of the British for the decisions taken by the Board. The significant
Institute of Management. He served the Indian Army decisions of the Board are promptly communicated
for over 34 years, prior to the joining of Company’s to the concerned departments/business units. Action
Board of Director in 1993. taken report on decisions of the previous meeting(s)
is placed at the immediately succeeding meeting for
He is a trained Personnel Selection Officer from
noting/review by the Board.
Psychological Research Wing, Ministry of Defence,
Government of India.
Compliance: DLF has implemented a robust and
Brig. Singh is on the Board of several Public/Private comprehensive compliance management system
Limited Companies including Dhanvantri Laboratories covering the Company and its subsidiaries. All
Limited. He is Chairman of Remuneration Committee project and functional heads submit compliance
and member of Shareholders’/Investors’ Grievance certificates confirming compliance with the
Committee of the Company. provisions of statutes applicable to their areas of
operations. In addition, the Managing Director and
Board Meetings Group Chief Financial Officer certify the authenticity
The meetings of the Board are mostly held at the and accuracy of the financial results/statements.
Corporate Office of the Company at DLF Centre, The Company Secretary ensures compliance
Sansad Marg, New Delhi. with SEBI regulations and the provisions of the
Listing Agreement. The Company Secretary,
Meetings: During the year 2009-10, 9 Board as Compliance Officer submits a composite
meetings were held on 6th, 9th and 30th April, compliance certificate confirming compliance of
30th July, 27th August, 15th and 29th October, all laws, rules, regulations, guidelines, bye-laws
15th December, 2009 and 27th January, 2010. The applicable to the Company for review of the Board,
maximum interval between any two Board meetings periodically.
was of 91 days. The Board meets at least once in
every quarter to review the quarterly results and DLF deploys a robust system of internal controls
other items on the agenda. Additional meetings are to allow optimum use and protection of assets,
held, as and when necessary. facilitate accurate and timely compilation of financial
Review: The Board regularly reviews industry statements and management reports and ensure
environment, annual business plans, project compliance with statutory laws, regulations and
implementation, finance and operations, sales & Company policies including identification, review and
marketing, HR, major business segments, business management of risks.
opportunities, material legal issues, strategy, risk
management practices, adoption of quarterly/half- A dedicated internal audit cell ensures that the
yearly/annual results and compliance reports on all Company conducts its business with high standards
laws applicable. Senior executives are invited to of legal, statutory and regulatory compliances. The
provide additional inputs at the Board meetings for Company has instituted internal audit programme in
the items being discussed by the Board of Directors, conformity with the best practices prevalent in the
as and when necessary. industry.
47

Attendance
Name & Designation Financial Year 2009-10 No. of Directorships in other No. of Committee positions
Attendance public limited companies* held in public companies
including DLF**
Board
Last AGM Listed Others Chairman Member
Meeting
(a) Executive Directors
Dr. K.P. Singh, Chairman 8 Yes Nil Nil Nil Nil
Mr. Rajiv Singh, Vice Chairman 9 Yes Nil 1 Nil Nil
Mr. T.C. Goyal, Managing Director 9 Yes Nil 4 Nil 1
Ms. Pia Singh, Whole Time Director 8 Yes Nil 2 Nil Nil
Mr. K. Swarup, Sr. Executive Director – Legal 7 Yes Nil 8 Nil 2
(b) Non-executive Directors
Mr. G.S. Talwar, Non-independent 5 Yes Nil 1 Nil Nil
Dr. D.V. Kapur, Independent 7 Yes 3 2 4 2
Mr. M.M. Sabharwal, Independent 9 Yes Nil Nil Nil 1
Mr. K.N. Memani, Independent 8 Yes 6 5 4 2
Mr. Ravinder Narain, Independent 9 Yes 4 Nil 1 3
Mr. B. Bhushan, Independent 9 Yes 1 1 Nil 1
Brig. (Retd.) N.P. Singh, Independent 8 Yes 1 4 Nil 1
* Excludes private, foreign, unlimited liability companies, Government bodies and Companies registered under Section 25 of the Companies Act,1956.
** Indicates Membership of Audit and Shareholders’/Investors’ Grievance Committees only.
Notes
1. The Directorship/Committee Membership is based on the latest disclosures received from Directors.
2. None of the Directors is a Member of the Board of more than 15 companies in terms of Section 275 of the Companies Act, 1956;
Member of more than 10 Committees and Chairman of more than 5 Committees, across all companies in which he/she is a Director.
3. Dr. K. P. Singh, Mr. Rajiv Singh, Ms. Pia Singh and Mr. G. S. Talwar are related inter-se.
Resume of Directors proposed to be Re- and efficient manner. Meetings of each Committee
appointed are convened by the respective Committee Chairman.
The Company Secretary prepares the Agenda and
The brief resume of Directors retiring by rotation and
Explanatory notes, in consultation with the respective
seeking re-appointment is appended herein above in
Committee Chairman and circulates the same in
the notice for calling Annual General Meeting.
advance to all the members. Every member is
free to suggest inclusion of items on the agenda.
Committees of the Board Minutes of the Committee meetings are approved by
The Board has constituted the following standing the respective Committee and thereafter noted and
Committees: confirmed by the Board.
1. Audit Committee The Company has an effective post meeting follow-
up, review and reporting process mechanism
2. Shareholders’/Investors’ Grievance Committee for the decisions taken by the Committees. The
3. Finance Committee significant decisions are promptly communicated
4. Corporate Governance Committee to the concerned departments/business units. Action
taken report on decisions of the previous meeting(s)
5. Remuneration Committee is placed at the immediately succeeding meeting for
In addition, the Board also constitutes functional noting/review by the respective Committee.
Committees, from time to time, depending on the (i) Audit Committee
business needs.
Composition
The terms of reference of the Committees are reviewed
and modified by the Board from time to time. The TheAudit Committee comprises of 5 Directors including
Committee meetings facilitates the decision making 4 Independent Directors. Mr. K. N. Memani, a Fellow
process at the meetings of the Board in an informed Member of the Institute of Chartered Accountants of
48

India, an Independent Non-executive Director is the functions, approving internal audit plans and
Chairman of the Committee. Dr. D. V. Kapur, Mr. M. efficacy of the functions including the structure of
M. Sabharwal, Mr. B. Bhushan, Independent Non- the internal audit department, staffing, reporting
executive Directors and Mr. T. C. Goyal, Managing structure, coverage and frequency of internal
Director are the other members. All the members audit;
possess financial, management and accounting 6. Discussion with internal auditor on any significant
knowledge expertise/exposure and/or have held or findings and follow-up thereon;
hold senior positions in other reputed organisations.
The Composition of the Audit Committee meets the 7. Reviewing the findings of any internal
requirements of Section 292A of the Companies Act, investigations by internal auditors into matters
1956 read with Clause 49 of the Listing Agreement. where there is suspected fraud or irregularity or
failure of internal control systems of a material
The Company Secretary acts as Secretary to the
nature and reporting the matter to the Board;
Committee.
8. Discussion with statutory auditors before the
Group Chief Financial Officer, Group Chief Internal
audit commences, about the nature and scope
Auditor and representatives of Statutory Auditors
of audit, as well as post-audit discussions to
are permanent invitees to the Committee meetings.
ascertain any area of concern;
Other executives of the Company are invited on need
basis. 9. Reviewing with the management discussion
Objective and analysis of financial condition and results
of operations, statement of significant related
The Audit Committee monitors and provides re- party transactions, management letters/letter of
assurance to the Board on the existence of an internal control weakness issued by statutory
effective internal control environment by supervising auditors, internal audit reports etc.;
the financial reporting process with a view to
ensure accurate, timely and proper disclosures 10. Reviewing the Company’s financial and risk
and transparency, integrity and quality of financial management policies;
reporting. 11. Reviewing the uses/applications of funds raised
through public offerings; and
Terms of Reference
12. Such other functions as may be delegated by the
In compliance with Section 292A of the Companies Act,
Board from time to time.
1956 read with Clause 49 of the Listing Agreement,
the terms of reference of the Audit Committee are as Meetings and Attendance
under: During the year 2009-10, 10 meetings of the Audit
1. Overseeing financial reporting process and Committee were held on 30th April, 8th June, 30th
disclosure of financial information, to ensure that July, 12th & 26th August, 29th October, 15th December,
the financial statements are correct, sufficient 2009, 18th & 27th January and 18th February, 2010.
and credible; The maximum gap between any two meetings was
of 64 days.
2. Recommending appointment and removal of
the statutory auditors, fixation of audit fee and Member No. of Meetings
approval for payment of any other services; Meetings attended
held
3. Reviewing with the management, the periodical
financial statements including of subsidiaries/ Mr. K.N. Memani, Chairman 10 10
associates, in particular the investments made by Dr. D.V. Kapur 10 9
the unlisted subsidiaries of the Company, before Mr. M.M. Sabharwal 10 10
submission to the Board for approval; Mr. B. Bhushan 10 10
4. Reviewing with the management and the Mr. T.C. Goyal 10 10
statutory and internal auditors, the adequacy
of internal control systems and recommending The Chairman of Audit Committee, Mr. K.N.Memani
improvements to the management; was present at the last Annual General Meeting held
5. Reviewing the adequacy of internal audit on 30th September, 2009.
49

(ii) Shareholders’/Investors’ Grievance During the year under review, a total of 164 investors’
Committee complaints were received and resolved. Except
disputed cases, there were no pending complaints
Composition
and/or requests for share transfer, dematerialisation
The Committee comprises of four Directors, namely etc. as on 31st March, 2010.
Dr. D.V. Kapur (Chairman), Brig. (Retd.) N. P. Singh,
Mr. Ravinder Narain, Independent Non-executive
Directors and Mr. K. Swarup, as Members. The
Company Secretary acts as Secretary to the
Committee.
Terms of Reference
The Committee inter-alia, oversees and reviews all
matters connected with transfer of securities, approve
issue of duplicate and split of share certificates,
redressal of Shareholders’/Investors’ complaints/
grievances including transfer of shares, non-receipt (iii) Finance Committee
of Annual Report and the declared dividend. The
Committee also reviews performance of the Registrar Composition
and Share Transfer Agent and recommends measures The Finance Committee comprises of three Directors,
for overall improvement in the quality of investor namely Mr. Rajiv Singh (Chairman), Mr. T.C. Goyal
services. With a view to expediting the process of and Mr. K. Swarup, as Members. The Company
share transfer etc., on fast track basis, the Board Secretary acts as Secretary to the Committee. The
has delegated the powers of approving transfer Group Chief Financial Officer is the permanent invitee
etc. to Senior Executive Director (Legal) and/or the to the Committee.
Company Secretary. Terms of Reference
Meetings and Attendance 1. Reviewing Company’s financial policies, strategies
During the year 2009-10, the Committee held 4 and capital structure, working capital, cash flow
meetings on 28th April, 21st July & 26th October, 2009 management, banking and cash management
including authorisation for operations;
and 25th January, 2010.
2. Reviewing credit facilities and to exercise all
Member No. of Meetings powers to borrow monies (otherwise than by
Meetings attended issue of debentures) and take necessary actions
held
connected therewith including refinancing for
Dr. D.V. Kapur, Chairman 4 4 optimisation of borrowing costs and assignment
Brig. (Retd.) N.P. Singh 4 4 of assets, both immovable or movable;
Mr. Ravinder Narain 4 4 3. Authorising exercise of all powers for investment,
loan and providing corporate guarantees/
Mr. K. Swarup 4 3
securities/letter of comforts etc. within the limits
specified by the Board;
Compliance Officer
4. Borrowing of monies by way of loan and/ or
Mr. Subhash Setia, Company Secretary is the issuing and allotting Bonds/Notes denominated in
Compliance Officer of the Company. one or more foreign currency(ies) in international
Redressal of Investor Grievances markets and possible strategic investments within
the limits approved by the Board;
The Company addresses all complaints, suggestions
and grievances expeditiously and replies are sent 5. Approve opening and operation of Investment
usually within 7-10 days except in case of dispute Management accounts with foreign Banks
over facts or other legal impediments. The Company and appoint them as agents, establishment of
endeavours to implement suggestions as and when representative/sales offices in or outside India
received from the investors. etc.;
50

6. Approve contributions to Statutory or other 4. Reviewing Code of Conduct for Directors, Senior
entities, Funds established by Central/State Management Personnel and other executives,
Government for national importance, institutions, functioning of Whistle Blower mechanism and
trusts, bodies corporate and other entities etc.; Policy for Prevention of Insider Trading;
7. Authorising executives of the Company/subsid- 5. Reviewing compliance mechanism,
iaries/associate companies for acquisition of land compliance and audit reports and to
including bidding and tenders, sell/ dispose off recommend improvements thereto and to review
or transfer any of the properties and to delegate mitigation mechanism for non-observance;
authorities from time to time to deal with various 6. Suggesting to the Board, the changes required
statutory, judicial authorities, local bodies etc. to in the compliance system in consonance with
implement the decision of the Committee; and the changes in legal environment affecting the
8. Reviewing and make recommendations about business of the Company;
changes in the Charter of the Committee. 7. Recommending to the Board, the changes
Meetings and Attendance required for charging of officials pursuant to
changes in the officials charged and/or structural
During the year 2009-10, 18 meetings of Finance changes in the organisation; and
Committee were held and the attendance thereat
8. Performing such other functions as may be
was as under:
delegated by the Board from time to time.
Member No. of Meetings held Meetings attended Meetings and Attendance
Mr. Rajiv Singh,
Chairman
18 14 During the year 2009-10, 4 meetings of Committee
Mr. T.C. Goyal 18 17
were held on 29th July, 19th August & 27th October,
Mr. K. Swarup 18 17
2009 and 25th January, 2010. The attendance of
members was as follows:
(iv) Corporate Governance Committee
Member No. of Meetings Meetings
During the year under review, the Compliance held attended
Committee was integrated with the Corporate Dr. D.V. Kapur, Chairman 4 4
Governance Committee and accordingly, the Mr. M.M. Sabharwal 4 4
Committee was renamed as ‘Corporate Governance Mr. K.N. Memani 4 4
Committee’. Mr. Ravinder Narain 4 4
Composition Mr. T.C. Goyal 4 4
Mr. K. Swarup 4 4
The reconstituted Committee comprises of
Mr. G. S. Talwar* — —
Dr. D.V. Kapur (Chairman), Mr. M.M. Sabharwal,
Mr. K.N. Memani, Mr. Ravinder Narain, Non- * w.e.f 27.01.2010
executive Independent Directors, Mr. G.S. Talwar, (v) Remuneration Committee
Non-executive Director, Mr. T.C. Goyal, Managing
Director and Mr. K. Swarup, Senior Executive Director Composition
— Legal as Members. The Company Secretary acts The Remuneration Committee comprises of three
as Secretary to the Committee. Independent Directors namely, Brig. (Retd.) N.P.
Singh (Chairman), Mr. M.M. Sabharwal and Mr. B.
Terms of Reference
Bhushan, as Members. The Company Secretary acts
1. Overseeing implementation of mandatory and as Secretary to the Committee.
non-mandatory requirements of Clause 49 of the
Listing Agreement; Terms of Reference
2. Suggesting the best available Corporate 1. Determining Remuneration Policy of the
Governance practices prevailing in the world for Company;
adoption; 2. Recommending remuneration including periodic
3. Reviewing Corporate Governance practices, revision, performance bonus, incentives,
Audit Reports and to recommend improvements commission, stock options, and perquisites;
thereto; 3. Framing policies and fixation of compensation
51

including salaries, incentives, bonuses, promotion, Individual performance pay is determined by business
benefits, stock options and performance targets performance and performance of the individuals
for executives of the Company; measured through Annual Appraisal process.
4. Formulation of the detailed terms and conditions Directors’ Remuneration
of stock options; granting of administration and i) Executive Directors
superintendence thereof.
The Company pays remuneration by way of salary,
Meetings and Attendance perquisites and allowances (fixed component) and
During the year 2009-10, 3 meetings of Remuneration commission (variable component) to its Executive
Committee were held on 30th July, 27th August and Directors based on the recommendations of the
28th October, 2009. The attendance of members was Remuneration Committee as per remuneration
as follows: policy of the Company, within the limits prescribed
Member No. of Meetings under the Companies Act, 1956 and approved by the
Meetings held attended shareholders. The performance based commission
Brig. (Retd.) N.P. Singh, Chairman 3 2 paid to the Executive Directors is based on
Mr. M.M. Sabharwal 3 3 qualitative and quantitative assessment of Company
Mr. B. Bhushan 3 3 performance.
The Chairman of the Committee, Brig. (Retd.) N.P. ii) Non-executive Directors
Singh was present at the last Annual General Meeting The Non-executive Directors are entitled to a sitting
held on 30th September, 2009. fee of Rs.20,000 per meeting for attending Board and
Committee meetings. In addition, the Non-executive
Remuneration Policy Directors are paid commission as prescribed under
The Remuneration Policy of the Company is driven the Companies Act, 1956, i.e. within the limit of 1%
by the success and performance of the individual of the net profits of the Company, as determined
employee and the Company. Through its compensation by the Board based, inter-alia, on the Company’s
programme, the Company endeavours to attract, performance, subject to the approval of Members/
retain, develop and motivate a high performance Central Government. Such commission is payable on
workforce. a uniform basis to reinforce the principle of collective
The key tenets of the remuneration policy are: responsibility of Directors.
● Industry benchmarks The Company also reimburses out-of-pocket expenses
● Performance track record incurred by the Directors for attending the meetings.
● Company performance The service contract, notice period, severance fee
● Transparency are not applicable to the Non-executive Directors.
● Legal and tax compliant. The Company has also obtained a Directors’ &
The Company pays remuneration by way of salary, Officers’ Liability Insurance Policy.
perquisites, allowances, retiral benefits that are fixed The remuneration paid for the year 2009-10 was as
and a variable component. follows:
(a) Executive Directors
(Rs. in lacs)
Name Salary Benefits, perks Commission Contribution to Stock Options* Term up to
and allowances Provident Fund granted
Dr. K.P. Singh 85.29 7.81 400.00 7.56 Nil 30.09.2013
Mr. Rajiv Singh 76.22 49.96 400.00 16.99 Nil 08.04.2014
Mr. T.C. Goyal 265.20 142.03 400.00 24.48 5,23,810 28.02.2013
Ms. Pia Singh 137.90 36.96 125.00 22.68 Nil 17.02.2013
Mr. K. Swarup** 30.90 358.58 175.00# 3.71 Nil 31.12.2011
* Each vested option is exercisable into one equity share against payment of Rs.2 per share. The options granted are exercisable upon the expiry of three
years from the date of vesting. 10%, 30% and 60% of the options shall be vested at the end of 2, 4 and 6 years, respectively from the date of grant.
** Entitled to benefits equivalent to the value of 32,000 equity shares to be paid in two equal tranches , the 2nd tranch is payable on 30.06.2011 or date of
superannuation, whichever is earlier.
# Performance Bonus.
52

(b) Non-executive Directors (c) Directors’ Shareholding
(Rs. In lacs)
The details of shareholding of Directors in the
Sitting
Name
Fees
Commission Total Company as on 31st March, 2010 was as under:
Mr. G.S. Talwar 1.00 20.00 21.00 Name of Director No. of Equity Shares
Dr. D.V. Kapur 5.80 20.00 25.80 Dr. K.P. Singh 1,04,61,000
Mr. M.M. Sabharwal 6.20 20.00 26.20 Mr. Rajiv Singh 1,64,56,320
Mr. K.N. Memani 5.40 20.00 25.40 Mr. T.C. Goyal 2,98,570
Mr. Ravinder Narain 4.20 20.00 24.20 Ms. Pia Singh 3,87,76,000
Mr. B. Bhushan 4.40 20.00 24.40 Mr. K. Swarup 9,150
Brig. (Retd.) N.P. Singh 2.80 20.00 22.80 Mr. G.S. Talwar 1,00,000
Dr. D.V. Kapur 10,000
There were no other pecuniary relationships or Mr. K.N. Memani 14,950
transactions between the Company and its Non- Mr. M.M. Sabharwal 5,500
executive Directors. Mr. Ravinder Narain 10,000
The Company has not granted any stock options to Mr. B. Bhushan Nil
any of its Non-executive Directors. Brig. (Retd.) N.P. Singh Nil
Annual General Meetings

Location, date and time of last three Annual General Meetings (AGMs) and Special Resolutions passed
thereat:
Year Location Date &Time Special Resolutions passed
2006-07 High School Site, Near Summer Field Nursery 29.09.2007 1. For ratification of Employees Stock Option Scheme
School, E-Block, Phase-I, DLF City, 10.00 A.M. – 2006 for the employees of the Company.
Gurgaon – 122 002
2. For ratification of Employees Stock Option Scheme –
2006 for the employees of Company’s subsidiaries.
2007-08 High School Site, Near Summer Field Nursery 30.09.2008 1. For raising of funds by issue of securities.
School, E-Block, Phase-I, DLF City, 10.00 A.M.
2. For appointment of Mrs. Kavita Singh as an ‘Advisor’
Gurgaon – 122 002
to DLF Commercial Developers Limited (DCDL), a
wholly-owned subsidiary.
3. For appointment of Ms. Savitri Devi Singh as
General Manager in DLF Commercial Developers
Limited, a wholly-owned subsidiary.
4. For appointment of Dr. K.P. Singh as Chairman of
the Company
2008-09 Epicentre, Apparel House, 30.09.2009 For appointment of Ms. Savitri Devi Singh as Vice
Sector 44, Gurgaon – 122 003 10.00 A.M. President in DLF Commercial Developers Limited, a
wholly-owned subsidiary.
Disclosures the Company during the past three years by Stock

a) Material Related Party Transaction Exchanges or SEBI or any statutory authorities, on
None of the transactions with any of the related any matter related to capital market. The Company
parties was in conflict with the interest of the has complied with applicable rules and regulations
Company. Details of transactions with related parties prescribed by Stock Exchanges, SEBI or any other
are disclosed at Note No. 11 of Schedule 25 to the statutory authority relating to the capital market.
Accounts in the Annual Report.
b) Compliances All Returns/Reports were filed within stipulated time
No penalties or strictures have been imposed on with Stock Exchanges/other authorities.
53

c) Code of Conduct Company by an Insider on the basis of unpublished
The Code of Conduct (the Code) is applicable to all price sensitive information, the Board has approved
Directors and employees of the Company including “Policy for Prevention of Insider Trading” (the Policy)
its subsidiaries. The Code is a compre-hensive Code in pursuance of the SEBI (Prohibition of Insider
to ensure good governance and to provide for ethical Trading) Regulations, 1992. Under the Policy,
standards of conduct on matters including conflict insiders are prohibited to deal in the Company’s
of interest, acceptance of positions of responsibility, shares while in possession of unpublished price
treatment of business opportunities and the like. sensitive information. A copy of the Policy has also
A copy of the Code of Conduct is posted on the been posted on the website of the Company, www.
Company’s website www.dlf.in. dlf.in.
All the Board Members and Senior Management
Personnel have affirmed compliance to the Code for Subsidiary Monitoring Framework
the year ended on 31st March, 2010. A declaration, All subsidiaries of the Company are Board managed
in terms of Clause 49 of the Listing Agreement, with their respective Boards having rights and
duly signed by the Managing Director is stated obligations to manage such companies in the
hereunder: best interest of their stakeholders. As a majority
‘I hereby confirm that: shareholder, the Company monitors and reviews the
performance of such companies inter-alia, by the
The compliance to DLF’s Code of Conduct for the
following means:
Financial Year 2009-10 has been affirmed by all
the Members of the Board and Senior Management a) Financial Statements, in particular, the
Personnel of the Company.’ investments made by the unlisted subsidiary
Sd/- companies, are reviewed periodically by the
New Delhi T. C. Goyal Audit Committee;
28th July, 2010 Managing Director
b) Minutes of the meetings of the unlisted subsidiary
companies are placed before the Company’s
Board, periodically; and
c) Statements containing significant transactions

and arrangements entered into by the unlisted
d) Whistle Blower Mechanism subsidiary companies are periodically placed
In pursuit to maintain the highest ethical standards before the Board of Directors.
in the course of its business, the Company has put
DLF Home Developers Limited (DHDL), a wholly-
in place a mechanism for reporting of instances of
owned subsidiary, has become a material subsidiary
conduct which is not in conformity with its Code.
in terms of Clause 49 of the Listing Agreement. The
Directors, employees, vendors, customers or any
Company shall comply with the requirements of
person having dealings with the Company may report
Clause 49(III) in due course.
non-compliance of the Code to the notified person. The
report received from the notified person is reviewed
by Audit Committee. The Directors and management
Means of Communication
personnel are obliged to maintain confidentiality of The Company regularly intimates information like
such reporting and ensure that the whistle blowers quarterly financial results and media releases on
are not subjected to any discrimination. significant developments in the Company as also
No person has been denied access to the Audit presentations that have been made from time to time
Committee. A copy of the Whistle Blower Policy is to the media, institutional investors, analysts are
posted on the website of the Company,www.dlf.in. posted on the Company’s website www.dlf.in and
have also been submitted to the stock exchanges
e) Policy for Prevention of Insider Trading on which the Company’s equity shares are listed, to
With a view to prevent trading of shares of the enable them to put them on their own websites.
54

The financial results are normally published in c) Book Closure Dates
‘The Economic Times’ (English) and ‘Navbharat
From Tuesday, the 21st September, 2010 to
Times’/‘Jansatta’ (Hindi) and other national dailies
Tuesday, the 28th September, 2010 (both days
including ‘Economic Times’ (Gujarati) and ‘Gujarat
inclusive) for payment of dividend.
Samachar’.
Annual Report containing inter-alia, Audited Accounts, d) Dividend Payment Date
Consolidated Financial Statements, Directors’ Report, On or before 27th October, 2010.
Auditors’ Report, Management Discussion & Analysis
Report and Corporate Governance Report including e) Liquidity
information for the shareholders and other important
information is circulated to the Members and others i) Equity Shares
entitled thereto. The equity shares of the Company are listed
Printed copy of the Chairman’s Speech is distributed on the Bombay Stock Exchange Limited
to all the shareholders at the Annual General Meeting. (BSE), P.J. Tower, Dalal Street, Mumbai-
The same is also placed on the Company’s website 400 001 and National Stock Exchange
www.dlf.in. Limited (NSE), Exchange Plaza, Bandra
Kurla Complex, Bandra (E), Mumbai-
Reminders for claiming unpaid dividend are being
400 051.
sent to the shareholders as per record.
DLF’s shares form part of BSE-30 Indices
Exclusive Designated e-mail id and S&P CNX Nifty.
The Company has designated a dedicated email id: The Company has paid the listing fees to
investor-relations@dlf.in exclusively for investors’ BSE & NSE for 2010-11. The Company has
services for faster registration of their queries and/or also paid annual custody fee for 2010-11
grievances. All investors are requested to avail this to National Securities Depository Limited
facility. (NSDL) & Central Depository Services (India)
Limited (CDSL).
General Shareholders’ Information
a) Annual General Meeting (i) ISIN Demat No.: INE271C01023
Date : Tuesday, 28 September, 2010
th (ii) Stock Code:
Time : 10.30 A.M. Bombay Stock Exchange (BSE): 532868
Venue : Epicentre, Apparel House, Sector 44, National Stock Exchange (NSE): DLF
Gurgaon - 122 003 (Haryana).
No special resolution is proposed to be conducted by (ii) Debt Instruments
postal ballot. Non-convertible Debentures issued by the
Company on private placement basis are
b) Financial Calendar (tentative)
listed at National Stock Exchange at its
Financial Year April 01, 2010 to March 31, Wholesale Debt Market (WDM) segment.
2011
Adoption of Quarterly Results for the quarter ISIN Nos.
ending:
i) INE271C07012; ii) INE271C07038;
iii) INE271C07046; iv) INE271C07053;
June 30, 2010 3rd/4th week of July, 2010
v) INE271C07079; vi) INE271C07061;
September 30, 2010 3rd/4th week of October, 2010 vii) INE271C07087
December 31, 2010 3rd/4th week of January, 2011
March 31, 2011 3rd/4th week of April, 2011* Debenture Trustees
i) IL&FS Trustee Company Limited; and
* Instead of publishing quarterly financial results, the Company may
also opt to publish Audited Annual Accounts by June, 2011. ii) Axis Trustee Services Limited.
55

f) Stock Market Data
Month National Stock Exchange (NSE) Bombay Stock Exchange (BSE)
High (Rs.) Low (Rs.) Volume High (Rs.) Low (Rs.) Volume
April, 2009 276.80 165.05 295844799 277.50 165.40 93633136
May, 2009 421.70 190.55 447646434 423.00 220.00 316522418
June, 2009 426.80 304.10 346615411 426.80 304.00 99822848
July, 2009 433.70 259.30 362871099 433.50 259.20 118831355
August, 2009 427.00 350.50 237094278 426.80 350.50 70403259
September, 2009 447.30 387.05 241361317 446.90 350.00 69155974
October, 2009 519.90 367.05 222795462 490.80 366.70 64732391
November, 2009 397.70 325.45 243080340 396.90 326.00 67846911
December, 2009 396.00 349.55 195752406 394.40 348.70 55245722
January, 2010 403.50 311.90 161294435 403.00 312.15 41134596
February, 2010 342.90 281.60 176579358 342.35 281.00 44285955
March, 2010 325.80 287.20 177916856 325.35 287.55 40085829
(Source: NSE & BSE websites)
g) Performance in comparison to BSE Sensex and NSE S&P CNX Nifty
h) Registrar and Share Transfer Agents (RTA) shareholders by RTA. The Board has delegated
M/s. Karvy Computershare Private Limited, Plot the authority for approving transfer, transmission
No. 17–24, Vittalrao Nagar, Madhapur, Hyderabad- etc. to Senior Executive Director - Legal and/
500081, Phone No. 040-44655000 Fax No. 040- or Company Secretary. The details of transfers/
23420814; E-mail: einward.ris@karvy.com; transmission so approved, is placed before the
Contact Persons: Shri V.K.Jayaraman, GM (RIS)/ Shareholders’/Investors’ Grievances Committee
Ms. Varalakshmi, Senior Manager(RIS); Website: for noting and confirmation.
www.karvy.com is the Registrar and Share Pursuant to Clause 47(c) of the Listing Agreement
Transfer Agent (RTA) for Physical Shares. Karvy with the Stock Exchanges, Certificate on half-
is also the depository interface of the Company yearly basis confirming due compliance of share
for both National Securities Depository Limited transfer formalities by the Company, certificates
(NSDL) and Central Depository Services (India) for timely dematerialisation of the shares as
Limited (CDSL). per SEBI (Depositories and Participants)
Regulations, 1996 and a Secretarial Audit Report
i) Share Transfer Mechanism
for reconciliation of the share capital of the
The share transfers received in physical form are Company obtained from a practising Company
processed through Registrar and Share Transfer Secretary are submitted to stock exchanges
Agent, within seven days from the date of within stipulated time.
receipt, subject to the documents being valid and
complete in all respects. The share certificates j) Investors’ Relations
duly endorsed are returned immediately to the In line with global practice of valuing customer
56

relationships, the Company has set-up an and potential investors can also interact with
Investor Relations Department to maintain the the department to get any information on the
highest standards of Corporate Governance. Company regarding its business, operations,
This department acts as a communication performance and vision.
interface between the Company and investors.
The Investor Relations Department communicates A core team comprising of senior and experienced
financial information and corporate developments professionals, headed by Executive Director
to the financial community, obtains investor (Finance), has been set-up with roles and
opinion/feedback, analyse Company’s perception responsibilities clearly defined to achieve the set
outside and provides appropriate feedback to the goals to provide the best in class investor relations
management. It assists institutional investors, services. The team is instrumental in maintaining
analysts, brokers and the general public close liaison with analysts and investors and
appreciates Company’s business strategy and represents the Company in investor-related
helps them to understand Company’s financial events, road shows and investor conferences on
statements in appropriate context. The existing a global platform.
k) Share Ownership Pattern as on 31.03.2010

Sl. No. Category No. of Shares held %age
1. Promoters and Promoter Group 1,33,48,03,120 78.64
2. Directors & their Relatives 6,35,519 0.04
3. Foreign Institutional Investors 25,07,02,383 14.77
4. NRIs & Foreign Nationals 25,48,727 0.15
5. Mutual Funds & UTI 46,79,336 0.28
6. Banks, FIs & Insurance Companies 62,60,667 0.37
7. Bodies Corporate 2,72,40,332 1.60
8. Public 7,05,20,806 4.15
TOTAL 1,69,73,90,890 100.00
57

l) Distribution of Shareholding by Size as on 31.03.2010
Sl. No. Category (Shares) Holders % of Total Holders Shares % of Total Shares
1 1-500 5,88,293 98.12 3,80,23,148 2.24
2 501-1000 5,823 0.97 44,25,665 0.26
3 1001-2000 2,407 0.40 35,85,320 0.21
4 2001-3000 699 0.12 17,85,491 0.10
5 3001-4000 408 0.07 14,80,492 0.09
6 4001-5000 301 0.05 14,11,588 0.08
7 5001-10000 564 0.09 42,02,662 0.25
8 10001-20000 373 0.06 54,17,126 0.32
9 Above 20000 704 0.12 1,63,70,59,398 96.45
TOTAL 5,99,572 100.00 1,69,73,90,890 100.00
m) Geographical Distribution of Shareholders as on 31.03.2010
n) Dematerialisation of Shares Transfer of Unpaid/Unclaimed Dividend Amount to

Investor Education and Protection Fund (IEPF)
The equity shares of the Company are tradable
in compulsory dematerialised segment of the During the year under review, an amount of
Stock Exchanges and are available in depository Rs.1,50,988 pertaining to unpaid dividend for the
system of National Securities Depository Limited financial year 2001-02 has been transferred to IEPF
and Central Depository Services (India) Limited. on 23rd January, 2010.
As on 31st March, 2010, 1,68,99,91,092 As per provision of the Section 205A read with
equity shares (constituting 99.56%) were in Section 205C of the Companies Act, 1956, the
dematerialised form. Company is required to transfer unpaid dividends
remaining unclaimed and unpaid for a period of 7
o) Corporate Benefits years from the due date(s) to the Investor Education
Dividend History and Protection Fund (IEPF) set-up by the Central
Government.
(Rs. in million)
Year Rate(%) Amount All Shareholders, whose dividend is unpaid, are

2005-06 40 14.00
requested to lodge their claim with RTA/Company by
submitting an application supported by an indemnity
2006-07 100 3410.00
on or before 30th November, 2010. Kindly note that no
2007-08 200 6820.00
claim will lie against the Company or the IEPF once
2008-09 100 3394.38 the dividend amount is deposited in IEPF.
2009-10 (Proposed) 100 3394.80 Reminder letters are being sent by RTA to all such
58

shareholders whose dividend is unpaid/ unclaimed other queries relating to the equity shares,
for the year 2002-03. Investors may contact:
Members who have not encashed their dividend
For Shares held in Physical Form
warrants within their validity period may write to
the Company at its Registered Office or M/s. Karvy Karvy Computershare Private Limited
Computershare Private Limited, Registrar & Transfer Unit: DLF Limited
Agent of the Company, for revalidating the warrants Plot No.17 - 24, Vittalrao Nagar
or for obtaining duplicate warrants/or payments in lieu Madhapur, Hyderabad - 500 081
of such warrants in the form of the demand draft. Phone No. 040-44655000
Fax No. 040-23420814
Given below are the dates when the unclaimed
dividend is due for transfer to IEPF by the Company: E-mail: einward.ris@karvy.com
Contact Persons:
Financial Year Date of Declaration Due Date of Shri V.K.Jayaraman,GM (RIS)/
Transfer of IEPF*
Ms. Varalakshmi, Sr.Manager(RIS)
2002-03 28.11.2003 26.12.2010
Website: www.karvy.com
2003-04 29.09.2004 27.10.2011
2004-05 29.09.2005 29.10.2012 For Shares held in Dematerialised Form
2005-06 29.09.2006 28.10.2013 The investors shall get in touch with their
2006-07 29.09.2007 28.10.2014 respective depository participant(s).
2007-08 30.10.2007 05.12.2014
(ii) Any query on Annual Report
30.09.2008 05.11.2015
The Company Secretary
2008-09 30.09.2009 05.11.2016
DLF Limited
*Indicative dates, actual dates may vary.
1-E, Jhandewalan Extension
p) Equity Shares in Suspense Account Naaz Cinema Complex
As per Clause 5A of the Listing Agreement, the
New Delhi – 110 055
Company reports that 6,410 equity shares are
lying in the suspense account as on 31st March, Risk Management
2010.
DLF has evolved an integrated approach aligned with
q) Outstanding GDRs/ADRs/Warrants or any the organisational structure and strategic objectives
Convertible instruments for managing risks inherent in our business. The
details of Risk Management are forming part of
The Company has not issued any ADRs/GDRs/
Management Discussion and Analysis (MDA) Report,
Warrants or any other convertible instruments
appended to the Annual Report.
except the stock options to its employees.
r) Plant Locations Utilisation of IPO Proceeds

The Company does not have any manufacturing The statement on utilisation of IPO proceeds, duly
or processing plants. The Registered Office certified by Statutory Auditors and Monitoring Report
of the Company is situated at DLF Shopping issued by IDBI Limited, the Monitoring Agency, duly
Mall, 3rd Floor, Arjun Marg, DLF City, Phase-I, reviewed by the Audit Committee and noted by the
Gurgaon- 122 002, Haryana. Board, was furnished to the Stock Exchanges.
The Corporate Office of the Company is located at Compliance Certificate from the Auditors
DLF Centre, Sansad Marg, New Delhi- 110 001. Certificate from the Auditors of the Company, M/s.
Walker, Chandiok & Co, Chartered Accountants,
s) Address for Correspondence
confirming compliance with the conditions of
(i) Investor Correspondence Corporate Governance as stipulated under Clause
For transfer/dematerialisation of equity 49 of the Listing Agreement, is annexed to this Report
shares, non-payment of dividend and any forming part of the Annual Report.
59

Adoption of Mandatory and held with NSDL and CDSL, is placed before the
Non-Mandatory Requirements Board on quarterly basis and also submitted to the
Stock Exchanges.
Apart from complying with all the mandatory
requirements, the Company has adopted non-
Secretarial Audit
mandatory requirements of Clause 49 as under:
Secretarial Audit pertaining to areas covered
(a) Remuneration Committee: The Remun-
under the Companies Act, 1956, Depositories Act,
eration Committee was constituted to
1996, SEBI Act, 1992, Listing Agreement and the
approve and review compensation policies
rules, regulations, guidelines and bye-laws made
for executive members of the Board. The
thereunder, including the following, is carried out as
composition of the Committee and the details
a part of the Internal Audit process by a Company
of meetings held and attendance of members
Secretary in practice:
thereat are given elsewhere in this Report.
● SEBI (Substantial Acquisition and Takeover)
(b) Financial Statements: The financial
statements of the Company, on stand-alone Regulations, 1997;
basis, are unqualified. ● SEBI (Prohibition of Insider Trading) Regulations,
(c) Whistle Blower Policy: The Company has 1992;
adopted a Whistle Blower Policy, the detail of ● SEBI (Employees Stock Options Scheme and
which are given elsewhere in this Report. Employees Stock Purchase Scheme) Guidelines,
1999;
Certificate from CEO and CFO
● SEBI (Buy-Back of Securities) Regulations,
The Managing Director and Group Chief Financial
Officer of the Company give Annual certification on the 1998.
financial reporting and internal controls to the Board
in terms of Clause 49 of the Listing Agreement. Fees to Statutory Auditors
The Managing Director and Group Chief Financial The fee paid to the Statutory Auditors for the
Officer also give quarterly certification on the financial FY’09-10 was Rs. 215.79 lacs (previous year
results while placing the same before the Board in Rs. 107.41 lacs) including other certification fee.
terms of Clause 41 of the Listing Agreement.
Investors
Capital Integrity Audit The website of the Company www.dlf.in carries
The Company’s Secretarial Audit Report, confirming information on Financial Results, Corporate
that the total issued capital of the Company is in Announcements, Presentations, Credit Rating and
agreement with the total number of shares in physical Institutional Investors/Analysts Query, in addition to
form and the total number of dematerialised shares other relevant information for investors.
60

Auditors’ Certificate on compliance with the conditions of Corporate Governance
under Clause 49 of the Listing Agreement
To the Members
DLF Limited
We have examined the compliance of conditions of Corporate Governance by DLF Limited (“the Company”) for
the year ended on March 31, 2010, as stipulated in Clause 49 of the Listing Agreement of the Company with
the Stock Exchanges.
The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination
was limited to procedures and implementation thereof, adopted by the Company, for ensuring the compliance of
the conditions of Corporate Governance as stipulated in said clause. It is neither an audit nor an expression of
opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, and as per
representations made by Directors and the Management, we certify that the Company has complied with the
conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement.
We further state that such compliance is neither an assurance as to the future viability of the Company nor the
efficiency or effectiveness with which the management has conducted the affairs of the Company.
for Walker, Chandiok & Co

Chartered Accountants
by David Jones
New Delhi Partner
July 28, 2010 Membership No. 98113
61

Auditors’ Report
To c. The Financial Statements dealt with by
this report are in agreement with the
The Members of DLF Limited
books of account;
1. We have audited the attached Balance d. On the basis of written representations
Sheet of DLF Limited, (the ‘Company’) as received from the Directors, as on March
at March 31, 2010, and also the Profit & 31, 2010 and taken on record by the Board
Loss Account and the Cash Flow Statement of Directors, we report that none of the
for the year ended on that date annexed Directors is disqualified as on March 31,
thereto (collectively referred as the ‘Financial 2010 from being appointed as a Director
Statements’). These Financial Statements in terms of clause (g) of sub-section (1) of
are the responsibility of the Company’s Section 274 of the Act;
management. Our responsibility is to express
e. In our opinion and to the best of our
an opinion on these Financial Statements
information and according to the
based on our audit.
explanations given to us, the Financial
2. We conducted our audit in accordance with Statements dealt with by this report
the auditing standards generally accepted in comply with the accounting standards
India. Those Standards require that we plan referred to in sub-section (3C) of Section
and perform the audit to obtain reasonable 211 of the Act and the Rules framed there
assurance about whether the Financial under and give the information required
Statements are free of material misstatement. by the Act, in the manner so required and
An audit includes examining, on a test basis, give a true and fair view in conformity
evidence supporting the amounts and with the accounting principles generally
disclosures in the Financial Statements. An accepted in India, in the case of:
audit also includes assessing the accounting
i) the Balance Sheet, of the state of
principles used and significant estimates
affairs of the Company as at March
made by management, as well as evaluating
31, 2010;
the overall Financial Statement presentation.
We believe that our audit provides a ii) the Profit & Loss Account, of the
reasonable basis for our opinion. profit for the year ended on that
date; and
3. As required by the Companies (Auditor’s
Report) Order, 2003 (the ‘Order’) (as iii) the Cash Flow Statement, of the
amended), issued by the Central Government cash flows for the year ended on
of India in terms of sub-section (4A) of that date.
Section 227 of the Companies Act, 1956
(the ‘Act’), we enclose in the Annexure
a statement on the matters specified in
paragraphs 4 and 5 of the Order.
4. Further to our comments in the Annexure
referred to above, we report that:
a. We have obtained all the information and for Walker, Chandiok & Co
explanations, which to the best of our Chartered Accountants
knowledge and belief were necessary for Firm Registration No: 001076N
the purposes of our audit;
b. In our opinion, proper books of account
as required by law have been kept by by David Jones
the Company so far as appears from our New Delhi Partner
examination of those books; July 28, 2010 Membership No. 98113
63
Standalone_Pg 63-116_280810.indd 63 8/28/2010 11:48:11 AM

Annexure to the Auditors’ Report of even date to the members of DLF Limited,
on the financial statements for the year ended March 31, 2010
Based on the audit procedures performed for the purpose of firms or other parties covered in the register
reporting a true and fair view on the Financial Statements of maintained under Section 301 of the Act. The
the Company and taking into consideration the information maximum amount outstanding during the year
and explanations given to us and the books of account and and the year end balance was Rs. 3,036.99
other records examined by us in the normal course of audit, lacs in respect of business advance taken in
we report that: the previous year by the Company from one
(i) (a) The Company has maintained proper records company covered in the register maintained
showing full particulars, including quantitative under Section 301 of the Act.
details and situation of fixed assets. (f) In our opinion, the rate of interest and other terms
(b) A major portion of the fixed assets has been and conditions for such loans are not, prima
physically verified by the management during the facie, prejudicial to the interest of the Company.
year. In our opinion, the frequency of verification (g) In respect of loans taken, the principal amount
of the fixed assets is reasonable having regards is repayble on demand in accordance with the
to the size of the Company and nature of its terms and conditions, and payment of interest
assets. No material discrepancies were noticed has been regular in accordance with such terms
on such verification. and conditions.
(c) In our opinion, a substantial part of fixed assets (iv) In our opinion, there is an adequate internal
has not been disposed off during the year. control system commensurate with the size of
(ii) (a) The inventory includes land, completed buildings, the Company and the nature of its business for
construction work-in-progress, construction and the purchase of inventory and fixed assets and
development material and development rights in for the sale of goods and services.
identified land. Physical verification of inventory (v) (a) In our opinion, the particulars of all contracts or
(except stocks represented by development arrangements that need to be entered into the
rights, confirmations for which have been register maintained under Section 301 of the Act
obtained) have been conducted at reasonable have been so entered.
intervals by the management. (b) In our opinion, the transactions made in pursuance
(b) The procedures of physical verification of of such contracts or arrangements and exceeding
inventory followed by the management are the value of rupees five lakhs in respect of any
reasonable and adequate in relation to the size party during the year have been made at prices
of the Company and the nature of its business. which are reasonable having regard to prevailing
(c) The Company is maintaining proper records of market prices at the relevant time.
inventory and no material discrepancies were (vi) Based on an independent legal opinion obtained
noticed on physical verification. by the Company and relied upon by the auditors,
(iii) (a) There are fourteen companies, including the debentures issued by the Company to a private
subsidiaries and associate of DLF Limited, company are not covered under the provisions
covered in the register maintained under Section of Section 58A and 58AA of the Act and the rules
301 of the Act to which the Company has granted framed thereunder. Accordingly, the provisions of
secured/ unsecured loans. The maximum clause 4(vi) of the Order are not applicable.
amount outstanding during the year was Rs. (vii) In our opinion, the Company has an internal audit
741,030.23 lacs and the year-end balance was system commensurate with its size and the nature of
Rs. 370,186.30 lacs. its business.
(b) In our opinion, the rate of interest and other terms (viii) We have broadly reviewed the books of account
and conditions of such loans are not, prima facie, maintained by the Company pursuant to the
prejudicial to the interest of the Company. Rules made by the Central Government under
(c) In respect of loans granted, the principal amount Section 209(1)(d) of the Act for the maintenance
is repayable on demand in accordance with the of cost records in respect of generation and sale
terms and conditions, and payment of interest of electricity from the Company’s wind power
has been regular in accordance with such terms operations and are of the opinion that, prima facie,
and conditions. the prescribed accounts and records have been
(d) There is no amount overdue in respect of loans made and maintained. However, we have not
granted to companies, firms or other parties made a detailed examination of the records with
listed in the register maintained under Section a view to determine whether they are accurate or
301 of the Act. complete.
(e) During the year, the Company has not taken any (ix) (a) Undisputed statutory dues including provident
loans, secured or unsecured from companies, fund, investor education and protection fund,
64

employees’ state insurance, income-tax, sales- for a period of more than six months from the
tax, wealth-tax, service-tax, custom duty, excise date they became payable.
duty, cess and other material statutory dues, (b) There are no amounts in respect of sales tax,
as applicable, have generally been regularly income tax, customs duty, wealth tax, service
deposited with the appropriate authorities, tax, excise duty and cess that have not been
though there has been a slight delay in a few deposited with the appropriate authorities on
cases. No undisputed amounts payable in account of any dispute except for the amounts
respect thereof were outstanding at the year end mentioned below:
Name of the statute Nature of dues Amount Period to which the amount Forum where dispute is
(Rs. in lacs) relates pending
Income-tax Act, 1961 Demand under Section 143(3) 53.89 Assessment year 1997-98 Income-tax Appellate
Tribunal (‘ITAT’)
Income-tax Act, 1961 Demand under Section 144 34,174.16 Assessment year 2006-07 CIT (Appeals)
The Finance Act, 2004 Demand of Service-tax on 34.90 2003-04 till 2005-06 Additional Commissioner-
and Service-tax rules import of service Service-tax
The Finance Act, 2004 Demand of Service-tax on prop- 143.18 2003-04 till December, 2008 Commissioner-Service-tax
and Service-tax rules erty transfer charges received
from customers
The Finance Act, 2004 Denial of Service-tax input 1,592.08 2007-08 Commissioner-Service-tax
and Service-tax rules credit
The Finance Act, 2004 Demand of Service-tax on 494.40 2008-09 Commissioner-Service-tax
and Service-tax rules sponsorship fee paid
The Finance Act, 2004 Denial of Service-tax input 1,523.93 2008-2009 Commissioner-Service-tax
The Finance Act, 2004 Denial of Service-tax input 323.95 April, 2009 till September, 2009 Commissioner-Service-tax
(x) In our opinion, the Company has no accumulated immediate utilization have been invested in liquid
losses at the end of the financial year and it has investments, payable on demand.
not incurred cash losses in the current and the (xvii) In our opinion, no funds raised on short-term basis
immediately preceding financial year. have been used for long-term investment.
(xi) In our opinion, the Company has not defaulted in (xviii) The Company has not made any preferential
repayment of dues to a financial institution or a bank allotment of shares to parties or companies covered
or debenture holders during the year. in the register maintained under Section 301 of the
(xii) The Company has not granted any loans and Act. Accordingly, the provisions of clause 4(xviii) of
advances on the basis of security by way of pledge of the Order are not applicable.
shares, debentures and other securities. Accordingly, (xix) The Company has created security in respect of
the provisions of clause 4(xii) of the Order are not debentures issued during the year.
applicable. (xx) The Company has not raised any money by public
(xiii) In our opinion, the Company is not a chit fund or issues during the year. The management of the
a nidhi/ mutual benefit fund/ society. Accordingly, Company has disclosed the end use of monies during
the provisions of clause 4(xiii) of the Order are not the year, raised through a public issue in the year
applicable. 2007 (refer Note 34 of Schedule 25 to the financial
(xiv) In our opinion, the Company is not dealing in or statements) and the same has been verified by us.
trading in shares, securities, debentures and other (xxi) No fraud on or by the Company has been noticed or
investments. Accordingly, the provisions of clause reported during the period covered by our audit.
4(xiv) of the Order are not applicable.
(xv) In our opinion, the terms and conditions on which for Walker, Chandiok & Co
the Company has given guarantee for loans taken Chartered Accountants
by others from banks or financial institutions are
not, prima facie, prejudicial to the interest of the Firm Registration No: 001076N
Company.
by David Jones
(xvi) In our opinion, the term loans were applied for the
purpose for which the loans were obtained, though New Delhi Partner
idle/ surplus funds which were not required for July 28, 2010 Membership No. 98113
65

Balance Sheet as at March 31, 2010
(Rs. in lacs)
Schedule 2010 2009
SOURCES OF FUNDS
Shareholders’ funds
Share capital 1 33,947.82 33,943.74
Reserves and surplus 2 1,249,052.98 1,203,538.63
1,283,000.80 1,237,482.37
Loan funds
Secured loans 3 1,159,018.59 797,996.90
Unsecured loans 4 104,766.73 163,500.00
1,263,785.32 961,496.90
Deferred tax liability (net) 5 6,054.06 5,832.90
2,552,840.18 2,204,812.17
APPLICATION OF FUNDS
Fixed assets 6
Gross block 200,285.40 196,839.51
Less: Accumulated depreciation and amortisation 27,383.54 15,287.03
Net block 172,901.86 181,552.48
Capital work-in-progress (including capital advances) 171,850.75 165,773.28
344,752.61 347,325.76
Investments 7 655,888.07 295,631.50

Current assets, loans and advances
Stocks 8 653,369.23 662,743.20
Sundry debtors 9 60,796.07 21,289.05
Cash and bank balances 10 17,142.86 76,120.04
Other current assets 11 151,132.76 66,329.61
Loans and advances 12 1,009,860.23 1,044,695.79
1,892,301.15 1,871,177.69
Less : Current liabilities and provisions
Current liabilities 13 196,535.68 163,458.38
Provisions 14 143,565.97 145,864.40
340,101.65 309,322.78
Net current assets 1,552,199.50 1,561,854.91
2,552,840.18 2,204,812.17
Significant accounting policies 24
Notes to the financial statements 25
The schedules referred to above form an integral part of the Financial Statements
On behalf of the Board of Directors
Ashok Kumar Tyagi Subhash Setia T.C. Goyal Rajiv Singh

Group Chief Financial Officer Company Secretary Managing Director Vice Chairman
This is the Balance Sheet referred to in our report of even date

New Delhi per David Jones
July 28, 2010 Partner
66

Profit & Loss Account for the year ended March 31, 2010
(Rs.in lacs)
Schedule 2010 2009
INCOME
Sales and other income 15 322,043.15 383,904.46
EXPENDITURE
Cost of land, plots, constructed properties and development rights 16 88,925.27 77,834.17
Establishment expenses 17 13,057.24 10,758.36
Finance charges 18 84,723.69 80,985.79
Other expenses 19 28,423.02 21,831.70
Depreciation and amortisation 20 12,605.25 11,407.62
227,734.47 202,817.64
Profit before tax 94,308.68 181,086.82
Tax expense 21 17,571.16 26,100.42
Profit after tax 76,737.52 154,986.40
Earlier year items :
Tax - earlier years (406.01) -
Prior period expenses (net) 22 637.65 209.37
Net profit 76,505.88 154,777.03
Balance as per last balance sheet 267,623.91 173,496.08
Balance available for appropriation 344,129.79 328,273.11
APPROPRIATION
Debenture redemption reserve 25,001.16 11,316.95
Transfer to general reserve 7,650.59 15,477.70
Dividend on equity shares
Proposed 33,947.82 33,943.88
Excess provision of previous year written back (0.06) -
Tax on dividend
Proposed 1,137.91 2,891.21
Excess provision of previous year written back - (2,980.54)
Balance carried to balance sheet 276,392.37 267,623.91
344,129.79 328,273.11
EARNING PER SHARE 23
Basic earning per share (Rs.) 4.51 9.09
Diluted earning per share (Rs.) 4.50 9.09

Notes to the financial statements 25
The schedules referred to above form an integral part of the Financial Statements

This is the Profit & Loss Account referred to in our report of even date


67

Cash Flow Statement for the year ended March 31, 2010
(Rs. in lacs)
2010 2009
A. CASH FLOW FROM OPERATING ACTIVITIES
Net profit before tax 94,308.68 181,086.82
Adjustment for:
Depreciation 12,605.25 11,407.62
(Profit)/Loss on sale of fixed assets, net (301.55) 59.00
(Profit)/Loss on sale of investments, net (45.07) 0.58
Assets written off/ discarded 14.97 63.17
Amounts written off 155.37 59.77
Interest expense 84,723.69 80,985.79
Interest income (49,338.48) (96,851.14)
Loss from partnership firms, net 527.56 530.65
Exchange (gain)/loss (848.49) 92.65
Dividend income (28,040.97) (792.76)
Amount forfeited on properties (733.80) (129.43)
Amortisation of deferred employee compensation 4,147.20 3,786.35
Unclaimed balances written back (432.92) (533.58)
Prior period items (466.91) (209.37)
Provision for doubtful debts/ advances 4,114.27 328.31
Provision for employee benefits 689.87 804.30
Operating profit before working capital changes 121,078.67 180,688.73
Adjustment for:
Trade and other receivables (135,653.50) 114,272.19
Stocks 14,438.65 (64,450.28)
Trade and other payables (7,474.72) (16,429.28)
Earnest monies (paid)/ refunded to
subsidiaries/ partnership firms 21,706.73 36,979.29
Others 27.02 (75.61)
Payables to subsidiary companies / firms 16,087.69 (9,608.16)
Realisation under agreement to sell 33,163.03 (74,632.01)
Cash from operations 63,373.57 166,744.87
Direct taxes paid (net of refunds) (23,849.13) (30,158.45)
Net cash flow from operating activities 39,524.44 136,586.42
B. CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of fixed assets (including capital work-in-progress) (7,654.52) (18,688.71)
Purchase of investments
Subsidiary companies/ partnership firms (14,676.70) (129,113.64)
Others (349,448.40) (741,996.92)
Proceeds from disposal of:
Fixed assets 828.26 746.49
Investments:
In subsidiary companies/ partnership firms 2,456.25 34,981.39
Others 3,175.47 741,068.81
Interest received 45,142.24 94,924.58
Dividend received 1,593.02 792.76
Loans and advances to subsidiary companies/ partnership firms, net 76,584.68 (97,831.70)
Net cash used in investing activities (241,999.70) (115,116.94)
68

(Rs. in lacs)
2010 2009
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of debentures, net 100,000.00 132,000.00
Proceeds from issue of share capital including securities premium 4.81 94.55
Buyback of shares (77.80) (14,235.65)
Proceeds from long term borrowings 648,623.00 463,662.00
Repayment of long term borrowings (262,089.00) (413,970.00)
Repayment of debentures (10,000.00) -
(Repayment)/ proceeds from short term borrowings, net (173,395.15) (58,926.37)
Interest paid (122,735.87) (115,467.77)
Dividend paid (33,943.82) (34,096.65)
Dividend tax paid (2,891.21) (2,814.18)
Net cash flow from / (used in) financing activities 143,494.96 (43,754.07)
Net (decrease) / increase in cash and cash equivalents (58,980.30) (22,284.59)
Cash and cash equivalents at the beginning 75,940.27 98,224.86
Cash and cash equivalents at the close 16,959.97 75,940.27
(58,980.30) (22,284.59)
Notes
Cash and bank balance (as per Schedule 10 to the financial statements) 17,142.86 76,120.04
Less: Fixed deposit (Pledged/ under lien/ earmarked) 24.47 73.37
Uncashed dividend 160.37 110.03
Exchange (loss)/gain (1.94) (3.63)
16,959.97 75,940.27

This is the Cash Flow Statement referred to in our report of even date


69

Schedules forming part of the Financial Statements for the year ended March 31, 2010
(Rs. in lacs)
2010 2009
SCHEDULE : 1 SHARE CAPITAL
Authorised
2,497,500,000 (previous year 2,497,500,000) equity shares of Rs. 2 each 49,950.00 49,950.00
50,000 (previous year 50,000) cumulative redeemable preference shares of Rs. 100 each 50.00 50.00
50,000.00 50,000.00
Issued and Subscribed
Paid-up
Add : New issue under exercise of ESOP 240,457 (previous year nil) equity shares of Rs. 2 each 4.81 -
Less : Calls in arrears - 0.44
Less : Forfeited 43,680 (previous year nil) equity shares of Rs. 2 each 0.87 -
Less : Buy back of 7,638,567 (previous year 7,623,567) equity shares of Rs. 2 each 152.77 152.47
Net paid up 1,697,390,890 (previous year 1,697,209,113) equity shares of Rs. 2 each 33,947.82 33,943.74
Refer note no. 1 of Schedule 25
(Rs. in lacs)
SCHEDULE : 2 RESERVES AND SURPLUS
Reserves
Capital reserve
As per last balance sheet 250.08 250.08
Capital redemption reserve

As per last balance sheet 176.82 24.35
Transfer from general reserve * 0.30 152.47
177.12 176.82
Securities premium account
As per last balance sheet 876,535.72 876,535.72
Add: Adjustment towards issue of shares under employees stock option scheme 1,330.46 -
877,866.18 876,535.72
Less: Calls in arrears unpaid ** - 163.29
Less : Forfeiture of shares 228.45 -
877,637.73 876,372.43
** Net of Rs. nil (previous year Rs. 94.29 lacs) received during the year
Forfeiture of shares 66.55 -
Debenture redemption reserve

Transfer from profit & loss account 25,001.16 -
36,318.11 11,316.95
General reserve
Transfer from profit & loss account 7,650.59 15,477.70
Transfer to capital redemption reserve* (0.30) (152.47)
Buyback of equity shares (premium paid) (77.50) (14,083.17)
47,405.42 39,832.63
70

(Rs. in lacs)
SCHEDULE : 2 RESERVES AND SURPLUS (Contd.) 2010 2009
Employees’ stock options outstanding 28,396.61 23,795.94
Less: Deferred employees compensation 17,591.01 15,830.13
10,805.60 7,965.81
Surplus
As per profit & loss account 276,392.37 267,623.91
1,249,052.98 1,203,538.63
* Refer note no. 2 of Schedule 25
** Refer note no. 1 of Schedule 25
(Rs. in lacs)
SCHEDULE : 3 SECURED LOANS
From banks
Term loans 678,636.37 408,919.05
Overdraft facilities 11,629.22 76,577.32
690,265.59 485,496.37
From others
Term loans
GE Capital Services India 3,528.07 4,613.63
Infrastructure Development Finance Company Limited 15,000.00 15,000.00
Axis Bank Limited -Trust Series 8,000.00 120,186.90
Housing Development Finance Corporation Limited 215,800.00 40,700.00
GE Money Financial Services Limited 4,424.93 -
Secured, redeemable, non-convertible debentures
5,000 (previous year 5,000) 13.70% Non-convertible redeemable debentures
face value Rs. 1,000,000 each, redeemable on August 18, 2013 50,000.00 50,000.00
7,200 (previous year 7,200) 14.00% Non-convertible redeemable debentures
face value Rs. 1,000,000 each, redeemable on February 24, 2014 72,000.00 72,000.00
3,000 (previous year nil) 10.00% Non-convertible redeemable debentures
face value Rs. 1,000,000 each, redeemable on February 17, 2012 30,000.00 -
7,000 (previous year nil) 10.50% Non-convertible redeemable debentures
face value Rs. 1,000,000 each, redeemable on February 17, 2013 70,000.00 -
Nil (previous year 1,000) 14.00% Non-convertible redeemable debentures
face value Rs. 1,000,000 each, redeemable on January 03, 2010 - 10,000.00
468,753.00 312,500.53
1,159,018.59 797,996.90
(Rs. in lacs)
SCHEDULE: 4 UNSECURED LOANS
Short term loans and advances
Subsidiary companies 4,766.73 -
From banks
Standard Chartered Bank - 6,000.00
4,766.73 6,000.00
From others
Axis Bank Limited (“Trustees”) - 50,000.00
Commercial paper* 100,000.00 77,500.00
ICICI Home Finance Company Limited - 15,000.00
Indian Loan Receivable Trust - 15,000.00
100,000.00 157,500.00
104,766.73 163,500.00
*Maximum amount outstanding at any time during the year Rs. 100,000 lacs (previous year Rs. 205,000 lacs)
71

Schedules forming part of the Financial Statements (Contd.)
(Rs. in lacs)
2010 2009
SCHEDULE : 5 DEFERRED TAX LIABILITY (NET)
Deferred tax liability arising on account of :
Depreciation 7,199.62 5,848.61
Deduction claimed under Section 24(b) of the Income-tax Act, 1961 1,001.35 668.27
8,200.97 6,516.88
Less :
Deferred tax asset arising on account of :
Provision for :
Diminution in value of investment 18.28 27.42
Discarding of assets - 3.74
Doubtful advances 1,524.36 125.92
Employee benefits 604.27 526.90
2,146.91 683.98
6,054.06 5,832.90
(Rs. in lacs)
SCHEDULE : 6 FIXED ASSETS
Gross block 2009 Additions Disposals/ 2010
adjustments
Intangible assets
Software 2,826.52 745.87 7.94 3,564.45
Tangible assets
Land
Lease hold 25,436.90 843.52 3,689.96 22,590.46
Free hold 28,450.78 1,555.18 - 30,005.96
Buildings and related equipments 28,815.16 6,566.99 11,086.93 24,295.22
Air conditioners and coolers 184.26 31.33 11.65 203.94
Aircraft & helicopter 11,895.80 8,628.47 - 20,524.27
Plant and machinery 96,247.75 60.37 262.37 96,045.75
Furniture and fixtures 839.41 61.55 70.86 830.10
Vehicles 2,142.93 166.95 84.63 2,225.25
Total - Current year 196,839.51 18,660.23 15,214.34 200,285.40
- Previous year 153,371.52 46,266.94 2,798.95 196,839.51
Depreciation/ amortisation
Intangible assets
Software 297.62 627.11 1.57 923.16
Tangible assets
Land - lease hold 100.57 110.37 - 210.94
Buildings and related equipments 586.39 630.76 101.20 1,115.95
Air conditioners and coolers 71.76 9.66 6.64 74.78
Aircraft and helicopter 1,750.77 915.04 - 2,665.81
Plant and machinery 11,539.38 9,956.13 203.46 21,292.05
Furniture and fixtures 368.60 52.88 36.32 385.16
Vehicles 571.94 207.68 63.93 715.69
Total - Current year 15,287.03 12,509.63 413.12 27,383.54
- Previous year 5,934.32 11,203.84 1,851.13 15,287.03
72

(Rs. in lacs)
SCHEDULE : 6 FIXED ASSETS (Contd.)
Net block 2009 2010
Intangible assets
Software 2,528.90 2,641.29
Tangible assets
Land
Lease hold 25,336.33 22,379.52
Free hold 28,450.78 30,005.96
Buildings and related equipments 28,228.77 23,179.27
Air conditioners and coolers 112.50 129.16
Aircraft and helicopter 10,145.03 17,858.46
Plant and machinery 84,708.37 74,753.70
Furniture and fixtures 470.81 444.94
Vehicles 1,570.99 1,509.56
Total - Current year 181,552.48 172,901.86
- Previous year 147,437.20 181,552.48
(Rs. in lacs)
2010 2009
SCHEDULE : 7 INVESTMENTS
Long term investments (In shares) Class * Share (No.) Book value Share (No.) Book value
Trade investment (unquoted)
In subsidiary companies
DLF Ackruti Info Parks (Pune) Limited Equity 1,339,993 134.00 1,339,993 134.00
(formerly DLF Akruti Info Parks (Pune) Limited)
DLF Wind Power Private Limited (formerly Bestvalue Equity 990,000 99.00 - -
Housing and Construction Private Limited)
DLF Cyber City Developers Limited Equity 75,025,000 2.50 75,025,000 2.50
DLF Commercial Developers Limited Equity 400,000 40.05 400,000 40.05
DLF Estate Developers Limited Equity 5,102 0.51 5,102 0.51
Preference 4,500 4.50 4,500 4.50
DLF Financial Services Limited Equity 240,000 24.00 240,000 24.00
DLF Golf Resorts Limited Equity 400,000 40.00 400,000 40.00
DLF Home Developers Limited Equity 17,489,190 3,271.51 17,489,190 3,271.51
DLF Housing and Construction Limited Equity 27,355 76.52 27,355 76.52
Preference 2,265 2.27 2,265 2.27
DLF Finvest Limited Equity 3,000,000 300.00 3,000,000 300.00
DLF New Delhi Convention Centre Limited Equity 70,000 7.00 70,000 7.00
DLF Phase-IV Commercial Developers Limited Equity 400,000 40.06 400,000 40.06
Eastern India Powertech Limited Equity 69,320,037 6,932.00 69,320,037 6,932.00
DLF Pramerica Life Insurance Company Limited Equity 163,765,000 16,376.50 101,420,000 10,142.00
DLF Retail Developers Limited Equity 44,000,000 2,319.09 44,000,000 2,319.09
DT Cinemas Limited Equity 7,803,570 508.01 7,803,570 508.01
DLF Projects Limited Equity 50,000 5.00 50,000 5.00
DLF SEZ Developers Limited Equity 50,000 5.00 50,000 5.00
73

(Rs. in lacs)
SCHEDULE : 7 INVESTMENTS (Contd.) Share (No.) 2010 Share (No.) 2009
DLF Haryana SEZ (Gurgaon) Limited Equity 45,000 4.50 45,000 4.50
DLF Haryana SEZ (Ambala) Limited Equity 45,000 4.50 45,000 4.50
DLF Hotel Holdings Limited Equity 1,259,680,000 125,968.00 1,176,600,000 117,660.00
DLF Brands Limited Equity 8,000,000 800.00 8,000,000 800.00
DLF Telecom Limited Equity 11,150,000 1,115.00 11,150,000 1,115.00
DLF City Centre Limited Equity 100,000 10.00 100,000 10.00
DLF Real Estate Builders Limited Equity 100,000 10.00 100,000 10.00
DLF Property Developers Limited Equity 100,000 10.00 100,000 10.00
DLF Residential Developers Limited Equity 100,000 10.00 100,000 10.00
DLF Residential Partners Limited Equity 100,000 10.00 100,000 10.00
DLF Residential Builders Limited Equity 100,000 10.00 100,000 10.00
DLF Info Park Developers (Chennai) Limited Equity 320,000,000 32,000.00 320,000,000 32,000.00
Beverly Park Maintenance Services Limited Equity 9,000 0.91 9,000 0.91
Preference 4,100 4.10 4,100 4.10
Breeze Constructions Private Limited Equity 10,000 1.00 10,000 1.00
Dankuni World City Limited Equity 50,000 5.00 50,000 5.00
Caressa Builders & Constructions Private Limited Equity 60,000 6.00 60,000 6.00
Cyrilla Builders & Constructions Limited Equity 50,000 5.00 50,000 5.00
Dalmia Promoters and Developers Private Limited Equity 100,000 10.00 100,000 10.00
Edward Keventer (Successors) Private Limited Equity 961,500 43,892.06 961,500 43,892.06
DLF Developers Limited Equity 50,000 5.00 50,000 5.00
Jai Luxmi Real Estate Private Limited Equity 22,500 2.25 22,500 2.25
Kairav Real Estate Private Limited Equity 50,000 5.00 50,000 5.00
Lawanda Builders and Developers Private Limited Equity 10,000 1.00 10,000 1.00
NewGen Medworld Hospitals Limited Equity 50,000 5.00 50,000 5.00
DLF Utilities Limited Equity - - 14,908,050 1,451.05
Paliwal Developers Limited Equity 10,000 1.00 10,000 1.00
Preference 4,000 4.00 4,000 4.00
Paliwal Real Estate Private Limited Equity 1,000,000 100.00 1,000,000 100.00
Valini Builders and Developers Private Limited Equity 6,500 0.65 6,500 0.65
VSK Investment and Finance Limited Equity 6,520 0.65 6,520 0.65
Preference 4,348 4.35 4,348 4.35
234,192.49 221,002.04
In other companies
DLF Gurgaon Developers Limited Equity - - 25,000 2.50
(formerly DLF SEZ Holdings Limited)
DLF Limitless Developers Private Limited Equity 201,255,000 20,125.50 201,255,000 20,125.50
Alankrit Estates Limited Equity 3 -** 3 -**
Anuroop Builders and Developers Private Limited Equity 10,000 1.00 10,000 1.00
Digital Talkies Private Limited Preference 80,680 80.68 80,680 80.68
Delanco Real Estate Private Limited Equity 5,000,000 1,500.00 5,000,000 1,500.00
Garv Developers Private Limited Equity 10,000 1.00 10,000 1.00
Garv Promoters Private Limited Equity 10,000 1.00 10,000 1.00
Garv Realtors Private Limited Equity 10,000 1.00 10,000 1.00
Grism Builders and Developers Private Limited Equity 10,000 1.00 10,000 1.00
74

(Rs. in lacs)
SCHEDULE : 7 INVESTMENTS (Contd.) Share (No.) 2010 Share (No.) 2009
Kirtimaan Builders Limited Equity 2 -** 2 -**
Luvkush Builders Private Limited Equity 10,000 1.00 10,000 1.00
Joyous Housing Limited (Rs. 100 each) Equity 37,500 37.50 37,500 37.50
Nadish Real Estate Private Limited (Rs. 10 each) Equity 10,000 1.00 10,000 1.00
Northern India Theatres Private Limited Equity 90 0.09 90 0.09
Peace Buildcon Private Limited Equity 10,000 1.00 10,000 1.00
Realest Builders and Services Private Limited Equity 50,012 5.03 50,012 5.03
Skyrise Home Developers Private Limited Equity 10,000 1.00 10,000 1.00
Ujagar Estates Limited Equity 2 -** 2 -**
Vibodh Developers Private Limited Equity 10,000 1.00 10,000 1.00
Vinesh Home Developers Private Limited Equity 10,000 1.00 10,000 1.00
Vismay Builders and Developers Private Limited Equity 10,000 1.00 10,000 1.00
21,760.80 21,763.30
255,953.29 242,765.34
Less : Provision for diminution in value 80.68 80.68
255,872.61 242,684.66
* Equity shares of Rs. 10 each, Preference shares of Rs. 100 each - fully paid, unless otherwise stated.
** Rounded off to Rs. ‘Nil’
Long Term (Trade) Debenture Book value Debenture Book value
(No) (No)
Jawala Real Estate Private Limited 387,450 38,745.00 387,450 38,745.00
38,745.00 38,745.00
In Partnership Firms
DLF Commercial Projects Corporation 365.00 365.00
DLF Office Developers 1,654.82 2,643.09
DLF South Point 2,152.78 2,366.00
DLF GK Residency 50.00 50.00
Kavicon Partners 223.63 112.44
Saket Courtyard Hospitality 400.00 -
Rational Builders and Developers 32.00 32.00
4,878.23 5,568.53
In Belaire receivables trust 6,943.81 8,633.31

Current investments Mutual funds Mutual funds
In mutual funds (Quoted) (Units) (Units)
Kotak Mahindra Mutual Fund 398,257,200 40,143.53 - -
Reliance Mutual Fund 3,208,519 32,131.00 - -
DSP BlackRock Mutual Fund 2,911,426 29,130.14 - -
UTI Mutual Fund 423,616,556 77,205.40 - -
Axis Mutual Fund 4,286,598 42,865.98 - -
ICICI Prudential Mutual Fund 650,007,013 65,137.20 - -
Birla Sun Life Mutual Fund 628,006,333 62,835.17 - -
349,448.42 -
655,888.07 295,631.50
Current Investment - Purchased and sold during the year
NAV as on March 31, 2010: Rs. 349,448.42 lacs (previous year nil)
75

(Rs. in lacs)
2010 2009
SCHEDULE : 8 STOCKS
Land, plots and development cost thereon 163.91 368.43
Constructed properties
Land and construction work-in-progress 102,478.28 115,077.05
Development/construction materials 226.05 57.85
Development rights: payments made under agreements to purchase land/ development rights/
constructed properties
To subsidiary companies 7,442.17 7,836.95
To firms in which the Company and/or its subsidiary companies are/is a partners 528,944.46 526,484.87
To others 235.44 262.46
536,622.07 534,584.28
Rented buildings (including land and related equipments)
on lease hold land 3,054.27 3,054.27
on free hold land 12,345.09 10,785.05
15,399.36 13,839.32
Less: Depreciation on rented buildings and related equipments 1,520.44 1,183.73
13,878.92 12,655.59
653,369.23 662,743.20
(Rs. in lacs)
SCHEDULE : 9 SUNDRY DEBTORS
(Considered good unless otherwise stated)
Debts over six months
Unsecured
Subsidiary companies 11,908.26 2,383.54
Others [inlcuding Rs. nil (previous year Rs. 64.30 lacs) doubtful] 12,493.96 7,571.04
24,402.22 9,954.58
Less: Doubtful and provided for - 64.30
24,402.22 9,890.28
Other debts
Unsecured
Others 1,875.43 10,098.05
36,393.85 11,398.77
60,796.07 21,289.05
(Rs. in lacs)
SCHEDULE : 10 CASH AND BANK BALANCES
Cash in hand 16.03 6.50
Cheques in hand 1.85 -
Bank balances :
With scheduled banks in :
Current accounts* 13,350.84 5,113.47
Fixed deposit accounts
Pledged/under lien/earmarked 24.47 73.37
Others 3,740.00 70,920.75
With HSBC Bank plc, London, UK, in current account, a non - scheduled bank
(maximum amount outstanding during the year Rs. 73.53 lacs, previous year Rs. 40.16 lacs) 9.67 5.95
17,142.86 76,120.04
*Includes unutilised monies from public issue - Rs. nil (previous year Rs. 6.96 lacs)
76

(Rs. in lacs)
2010 2009
SCHEDULE : 11 OTHER CURRENT ASSETS
Unbilled receivables
DLF Assets Private Limited 64,931.38 18,763.13
Others 79,399.20 44,983.60
144,330.58 63,746.73
Interest accrued
On investments in debentures 2,806.03 600.92
From customers 3,570.01 1,960.73
From others 426.14 21.23
151,132.76 66,329.61
(Rs. in lacs)
SCHEDULE:12 LOANS AND ADVANCES
(Unsecured, considered good unless otherwise stated)
Advances recoverable in cash or in kind or for value to be received
Secured 426.45 484.65
Unsecured [including Rs. 4,484.74 lacs (previous year Rs. 306.17 lacs) doubtful] 132,479.03 116,207.96
132,905.48 116,692.61
Due from subsidiary companies
Secured 18,304.25 18,304.25
Unsecured 714,165.82 776,281.17
732,470.07 794,585.42
Due from firms in which the Company and/or its subsidiary companies are partners -
14,008.12 2,680.21
current accounts
Due from Niharika Shopping Mall - a joint venture (under jointly controlled operations) - 500.00
Security deposits 705.13 481.71
Taxes paid 134,256.17 130,062.01
1,014,344.97 1,045,001.96
Less: Doubtful and provided for 4,484.74 306.17
1,009,860.23 1,044,695.79
(Rs. in lacs)
SCHEDULE : 13 CURRENT LIABILITIES
Sundry creditors
Others 30,057.64 27,256.65
45,888.10 29,267.17
Due to firms in which the Company and/or its subsidiary companies are partners - current account 2,379.24 1,591.55
Realisation under agreements to sell
Others 28,085.66 3,910.05
Uncashed dividend* 160.37 110.03
Other liabilities
Others 20,552.69 32,327.35
Interest accrued but not due on loans 10,488.44 18,599.68
196,535.68 163,458.38
*Not due for credit to “Investor Education and Protection Fund”.
77

(Rs. in lacs)
2010 2009
SCHEDULE : 14 PROVISIONS
Provision for tax 105,861.06 107,100.00
Proposed dividend 33,947.82 33,943.88
Tax on dividend 1,137.91 2,891.21
Employee benefits 2,619.18 1,929.31
143,565.97 145,864.40
(Rs. in lacs)
SCHEDULE: 15 SALES AND OTHER INCOME
a) Sales and other receipts
Sale of land and plots 561.88 4,205.39
Revenue from constructed properties 179,655.82 151,046.70
Revenue from development charges 23,831.37 101,235.83
Sale of development rights 3,651.97 8,297.38
Royalty income 2,377.57 -
Revenue from windmills power generation 11,047.26 11,209.62
Service receipts 800.07 908.68
Amounts forfeited on properties 733.80 129.43
Rental income 8,048.17 5,756.93
Sale of gas 706.54 268.18
Sale of construction material 10,506.36 478.06
241,920.81 283,536.20
b) Income from investments

Current (other than trade)
Dividend from mutual funds 3,031.43 792.76
Profit on sale of mutual fund investments 10.00 -
Profit on sale of shares 39.76 -
Income from investment in trust 358.54 -
Long - term (trade investments)
Interest (gross #) on debentures 3,099.60 776.43
Dividend from shares 25,009.54 -
Profit/(loss) from partnership firms
DLF City Centre - (0.12)
DLF Commercial Project Corporation (353.93) (1,009.79)
DLF Office Developers 265.06 379.98
DLF Property Developers - (0.05)
DLF Residential Builders - (0.05)
DLF Residential Developers - (0.05)
DLF Residential Partners - (0.05)
DLF South Point (3.72) 1.28
Saket Courtyard Hospitality (52.41) -
Rational Builders and Developers (453.33) (2.87)
Real Estate Builders - (0.06)
DLF GK Residency (38.93) 0.03
(527.56) (530.65)
31,021.31 1,038.54
# Tax deducted at source on interest 309.96 175.51
78

(Rs. in lacs)
SCHEDULE: 15 SALES AND OTHER INCOME (Contd.) 2010 2009
c) Other income
Interest (gross*) from :
Bank deposits 57.62 447.66
Customers 2,618.13 1,829.03
Loans and deposits 42,212.08 95,388.81
Income-tax refunds 1,319.52 -
Others 31.53 238.24
46,238.88 97,903.74
Exchange gain/(loss) 848.49 (92.65)
Profit on disposal of fixed assets 327.66 1.21
Unclaimed balances and excess provisions written back 432.92 533.58
Miscellaneous income 1,253.08 983.84
49,101.03 99,329.72
322,043.15 383,904.46
* Tax deducted at source on interest 4,197.38 21,740.73
(Rs. in lacs)
SCHEDULE : 16 COST OF LAND, PLOTS, CONSTRUCTED PROPERTIES AND DEVELOPMENT RIGHTS
Land and Plots (including development cost)
Opening stock 368.43 646.48
Purchases during the year 218.67 199.73
Less: Closing stock (163.91) (368.43)
423.19 477.78
Constructed properties
Cost of land, development and construction 72,113.84 45,976.75
Cost of development charges 5,947.61 23,954.45
Cost of development rights sold 98.28 6,936.95

Cost of construction material sold 10,342.35 488.24
88,925.27 77,834.17
(Rs. in lacs)
SCHEDULE : 17 ESTABLISHMENT EXPENSES
Salaries, wages and bonus 7,234.35 5,681.80
Contribution to provident and other funds 204.85 289.23
Employee benefits 1,372.25 901.89
Amortisation of deferred employee compensation (net) 4,147.20 3,786.35
Staff welfare 98.59 99.09
13,057.24 10,758.36
79

(Rs. in lacs)
2010 2009
SCHEDULE : 18 FINANCE CHARGES
Interest
Fixed periods loans
Debentures 19,211.84 5,757.07
Other fixed term loans 70,474.80 94,208.48
89,686.64 99,965.55
Other loans 12,724.09 25,105.50
Guarantee, finance and bank charges 12,213.89 6,712.98
114,624.62 131,784.03
Less: Transferred to work-in-progress (27,079.52) (40,159.73)
Less: Transferred to capital work-in-progress (2,821.41) (10,638.51)
84,723.69 80,985.79
(Rs. in lacs)
SCHEDULE : 19 OTHER EXPENSES
Rent 172.08 217.58
Rates and taxes 1,387.69 566.32
Electricity, fuel and water 89.45 97.62
Repair and maintenance
Buildings 247.78 283.40
Constructed properties/ colonies 612.94 243.16
Computers 841.33 655.53
Others 174.68 124.86
Insurance 356.51 237.69
Commission and brokerage 1,425.94 1,509.13
Advertisement and publicity 3,638.67 3,941.55
TraveIling and conveyance 778.85 736.88
Vehicles running and maintenance 214.32 203.43
Aircraft & helicopter running and maintenance 1,222.73 2,956.44
Operating and maintenance charge of windmill 1,684.06 78.68
Printing and stationery 216.27 257.72
Directors’ fee 29.80 30.00
Commission to non-executive directors 140.00 140.00
Sales promotion 627.80 477.59
Communication 363.05 330.06
Legal and professional 5,716.12 5,924.23
Donation and charity 3,417.63 295.53
Claim and compensation 412.09 898.93
Loss on disposal of fixed assets 26.11 60.21
Loss on sale of mutual fund investments 4.69 0.58
Assets written off/ discarded 14.97 63.17
Amounts written off 155.37 59.77
Provision for doubtful debts and advances 4,114.27 328.31
Miscellaneous expenses 337.82 1,113.33
28,423.02 21,831.70
80

(Rs. in lacs)
2010 2009
SCHEDULE : 20 DEPRECIATION AND AMORTISATION *
On fixed assets 12,268.54 11,139.30
On current assets 336.71 268.32
12,605.25 11,407.62
* Net of capitalisation
(Rs. in lacs)
SCHEDULE : 21 TAX EXPENSE
Income tax 17,350.00 22,600.00
Deferred tax 221.16 2,937.91
Fringe benefit tax (net) - 562.51
17,571.16 26,100.42
(Rs. in lacs)
SCHEDULE : 22 PRIOR PERIOD EXPENSES (NET)
Prior period expenses
Buildings 29.22 44.70
Constructed properties/ colonies - 90.52
Computers - 40.62
Legal and professional 214.52 22.17
Commission and brokerage 75.77 -
Advertisement and Publicity - 30.60
Depreciation 170.74 -
Operating and maintenance charges of windmill 147.40 18.62
Insurance - 6.77
637.65 254.00
Prior period incomes
Depreciation claimed, now written back - (19.44)
Miscellaneous income - (25.19)
- (44.63)
637.65 209.37
(Rs. in lacs)
SCHEDULE : 23 EARNING PER SHARE
Net profit attributable to equity shareholders
Profit after tax 76,737.52 154,986.40
Earlier year items
Income tax 406.01 -
Prior period expenses (net) (637.65) (209.37)
76,505.88 154,777.03
Nominal value of equity share (Rs.) 2.00 2.00

Total number of equity shares outstanding at the beginning of the year 1,697,209,113 1,704,832,680
Total number of equity shares outstanding at the end of the year 1,697,390,890 1,697,209,113
Weighted average number of equity shares 1,697,243,145 1,703,074,486

Weighted average number of equity shares used to compute diluted
earning per share 1,700,592,070 1,703,615,271
81

SCHEDULE : 24 SIGNIFICANT ACCOUNTING POLICIES
1. Basis of accounting are capitalised when the construction is

The Financial Statements are prepared under substantially complete or upon receipt of
historical cost convention, on accrual basis, the occupancy certificate, whichever is
in accordance with the generally accepted earlier.
accounting principles in India and to comply Depreciation on assets (including
with the Accounting standards prescribed in buildings and related equipments rented
the Companies (Accounting Standards) Rules, out and included under current assets
2006 issued by the Central Government in as stocks) is provided on straight-line
exercise of the power conferred under sub- method at the rates and in the manner
section (I) (a) of Section 642 and the relevant prescribed in schedule XIV to the
provisions of the Companies Act, 1956 Companies Act, 1956.
(the “Act”). b) Capital work-in-progress represents
2. Use of estimates expenditure incurred in respect of capital
The preparation of financial statements projects under development and are
in conformity with generally accepted carried at cost. Cost includes land, related
accounting principles requires the acquisition expenses, development /
management to make estimates and construction costs, borrowing costs
assumptions that affect the reported and other direct expenditure including
amounts of assets and liabilities and the advances to contractors and others.
disclosure of contingent liabilities on the date c) Leasehold land, under perpetual lease,
of the financial statements and the results are not amortised. Leasehold lands,
of operations during the reporting periods. other than on perpetual lease, are being
Although these estimates are based upon amortised on time proportion basis over
management’s knowledge of current events their respective lease periods.
and actions, actual results could differ from 5. Investments
those estimates and revisions, if any, are
Investments are classified as long term or
recognised in the current and future periods.
current, based on management’s intention
3. Intangible assets and amortisation at the time of purchase. Investments that are
Softwares which are not integral part of the readily realisable and intended to be held
hardware are classified as intangibles and is for not more than a year are classified as
stated at cost less accumulated amortisation. current investments. All other investments
Softwares are being amortised over the are classified as long-term investments.
estimated useful life of 5 years as determined Trade investments are the investments made
by the management. for or to enhance the Company’s business
4. Fixed assets and depreciation/ interests.
amortisation Current investments are stated at lower of
a) Fixed assets (gross block) are stated cost and fair value determined on an individual
at historical cost less accumulated investment basis. Long-term investments are
depreciation and impairment. Cost stated at cost and provision for diminution in
comprises the purchase price and any their value, other than temporary, is made in
attributable cost of bringing the asset to its the financial statements.
working condition for its intended use. Profit/loss on sale of investments is computed
Building / specific identifiable portion of with reference to the average cost of the
building, including related equipments investment.
82

6. Stocks is recognised on the “percentage
Stocks are valued as under: of completion method”. Total sale
a) Land and plots other than area consideration as per the duly
transferred to constructed properties at executed, agreements to sell /
the commencement of construction are application forms (containing salient
valued at lower of cost/ approximate terms of agreement to sell), is
average cost/ as revalued on conversion recognised as revenue based on the
to stock and net realisable value. Cost percentage of actual project costs
includes land (including development incurred thereon to total estimated
project cost, subject to such actual
rights and land under agreements to
cost incurred being 30 per cent
purchase) acquisition cost, borrowing
or more of the total estimated
cost, estimated internal development
project cost. Estimated project cost
costs and external development charges.
includes cost of land/ development
b) Constructed properties other than Special rights, borrowing costs, overheads,
Economic Zone (SEZ) projects includes estimated construction and
the cost of land (including development development cost of such properties.
rights and land under agreements The estimates of the saleable area
to purchase), internal development and costs are reviewed periodically
costs, external development charges, and effect of any changes in such
construction costs, overheads, borrowing estimates is recognised in the
cost, development/ construction materials period in which such changes are
and is valued at lower of cost/ estimated determined. However, when the total
cost and net realisable value. project cost is estimated to exceed
c) In case of SEZ projects, constructed total revenues from the project, loss
properties include internal development is recognised immediately.
costs, external development charges, (ii) For SEZ projects, revenue from
construction costs, overheads, borrowing development charges is recognised
cost, development/ construction on the percentage of completion
materials, and is valued at lower of cost/ method in accordance with the terms
estimated cost, and net realisable value. of the Co-developer Agreements /
d) Development rights represent amount Memorandum of Understanding
paid under agreement to purchase land/ (‘MOU’), read with addendum, if
development rights and borrowing cost any. The total development charges
incurred by the Company to acquire is recognised as Revenue on
irrevocable and exclusive licenses/ the percentage of actual project
development rights in identified land and cost incurred thereon to total
constructed properties, the acquisition of estimated project cost subject to
which is at an advanced stage. such actual cost incurred being
e) Cost of construction/ development 30% or more of the total estimated
project cost. The estimated project
material is valued at lower of cost and
cost includes construction cost,
net realisable value.
development and construction
f) Rented buildings and related equipments material, internal development cost,
are valued at lower of cost (less external development charges,
accumulated depreciation) and net borrowing cost and overheads of
realisable value. such project. Revenue from Lease
7. Revenue recognition of land pertaining to such projects
a) Revenue from constructed properties: is recognised in accordance with
(i) Revenue from constructed the terms of the Co-developer
properties, other than SEZ projects, Agreements/ MOU on accrual basis.
83

b) Sale of land and plots (including 9. Cost of revenue
development rights) is recognised in the
financial year in which the agreement a) Cost of constructed properties other
to sell/ application forms (containing than SEZ projects, includes cost of land
salient terms of agreement to sell) is (including cost of development rights/
executed. Where the Company has land under agreements to purchase),
any remaining substantial obligations estimated internal development costs,
as per the agreements, revenue is external development charges, borrowing
recognised on the percentage of costs, overheads, construction costs and
completion method of accounting, as development/ construction materials,
per a) (i) above. which is charged to the profit & loss
account based on the percentage of
c) Revenue from wind power generation is
revenue recognised as per accounting
recognised on the basis of actual power
policy no. - 7 above, in consonance
sold (net of reactive energy consumed),
with the concept of matching costs and
as per the terms of the power purchase
agreements entered into with the revenue. Final adjustment is made upon
respective purchasers. completion of the specific project.
For SEZ projects, cost of constructed
d) Income from interest is accounted for
properties includes estimated
on time proportion basis taking into
internal development costs, external
account the amount outstanding and the
applicable rate of interest. development charges, borrowing costs,
overheads, construction costs and
e) Dividend income is recognised when the development/ construction materials,
right to receive is established. which is charged to the profit & loss
f) Share of profit/ loss from firms in which account based on the percentage of
the Company is a partner is accounted revenue recognised as per accounting
for in the financial year ending on (or policy no. - 7 above, in consonance
immediately before) the date of the with the concept of matching costs and
balance sheet. revenue. Final adjustment is made upon
g) Rent, service receipts and interest from completion of the specific project.
customers under agreement to sell is b) Cost of land and plots includes land
accounted for on accrual basis except (including development rights) acquisition
in cases where ultimate collection is cost, estimated internal development
considered doubtful. costs and external development charges,
h) Sale of Certified Emission Reductions which is charged to profit & loss account
(CERs) and Voluntary Emission based on the percentage of land/ plotted
Reductions (VERs) is recognised as area in respect of which revenue is
income on the delivery of the CERs/VERs recognised as per accounting policy no.-
to the customer’s account and receipt of 7 above to the saleable total land/ plotted
payment. area of the scheme, in consonance
with the concept of matching cost and
8. Unbilled receivables revenue. Final adjustment is made upon
Unbilled receivables disclosed under Schedule completion of the specific project.
11 - “Other Current Assets” represents
revenue recognised based on Percentage of 10. Borrowing costs
completion method (as per para no. 7a and Borrowing costs that are attributable to the
7b above), over and above the amount due acquisition and/or construction of qualifying
as per the payment plans agreed with the assets are capitalised as part of the cost
customers. of such assets, in accordance with notified
84

Accounting Standard 16 “Borrowing Costs”. notified Accounting Standard 15 - Employee
A qualifying asset is one that necessarily Benefits.
takes a substantial period of time to get ready (i) Provident fund
for its intended use. Capitalisation of borrowing The Company makes contribution to
costs is suspended in the period during which statutory provident funds in accordance
the active development is delayed due to, with the Employees’ Provident Funds
other than temporary interruption. All other and Miscellaneous Provisions Act,
borrowing costs are charged to the profit & 1952. In terms of the Guidance on
loss account as incurred. implementing the revised AS – 15,
11. Taxation issued by the Accounting Standards
Tax expense for the year comprises current Board of the ICAI, the provident fund trust
income tax and deferred tax . Current income set-up by the Company is treated as a
tax is determined in respect of taxable income defined benefit plan since the Company
with deferred tax being determined as the has to meet the interest shortfall, if
tax effect of timing differences representing any. Accordingly, the contribution paid
the difference between taxable income and or payable and the interest shortfall, if
accounting income that originate in one period, any is recognised as an expense in the
and are capable of reversal in one or more period in which services are rendered
by the employee.
subsequent period(s). Such deferred tax is
quantified using rates and laws enacted or (ii) Gratuity
substantively enacted as at the end of the Gratuity is a post employment benefit and
financial year. is in the nature of a defined benefit plan.
12. Foreign currency transactions The liability recognised in the balance
sheet in respect of gratuity is the present
Transactions in foreign currency are
value of the defined benefit/ obligation at
accounted for at the exchange rate prevailing
the balance sheet date less the fair value
on the date of the transaction. All monetary
of plan assets, together with adjustments
items denominated in foreign currency are
for unrecognised actuarial gains or
converted into Indian rupees at the year-end
losses and past service costs. The
exchange rate. Income and expenditure of
defined benefit / obligation is calculated
the overseas liaison office is translated at the
at or near the balance sheet date by an
yearly average rate of exchange.
independent actuary using the projected
The exchange differences arising on unit credit method.
such conversion and on settlement of the Actuarial gains and losses arising
transactions are recognised in the profit & from past experience and changes in
loss account. actuarial assumptions are credited or
In terms of the clarification provided by charged to the profit & loss account in
Ministry of Corporate Affairs (‘MCA’) vide a the year in which such gains or losses
notification no. G.S.R. 225(E) on Accounting are determined.
Standard – 11 “Changes in Foreign Exchange (iii) Compensated absences
Rates”, the exchange gain/loss on long term
foreign currency monitory items are adjusted Liability in respect of compensated
in the cost of depreciable capital assets. absences becoming due or expected
The other exchange gains/losses related to to be availed within one year from the
current assets has been recognised in the balance sheet date is recognised on the
basis of undiscounted value of estimated
profit & loss account
amount required to be paid or estimated
13. Employee benefits value of benefit expected to be availed
Expenses and liabilities in respect of employee by the employees. Liability in respect of
benefits are recorded in accordance with the compensated absences becoming due
85

or expected to be availed more than representing the excess of the market
one year after the balance sheet date price on the date of grant over the exercise
is estimated on the basis of an actuarial price of the options granted under the
valuation performed by an independent “Employees Stock Option Scheme” of the
actuary using the projected unit credit Company, and is being amortised as “Deferred
method. employee compensation” on a straight-line
Actuarial gains and losses arising from basis over the vesting period in accordance
past experience and changes in actuarial with the SEBI (Employees Stock Option
assumptions are credited or charged to the Scheme and Employee Stock Purchase
profit & loss account in the year in which Scheme) Guidelines, 1999 and Guidance
such gains or losses are determined. Note No.18 “Share Based Payments” issued
by the ICAI.
(iv) Cash settled options
16. Impairment of assets
Accounting value of Cash Settled
The Company assesses at each balance
Options granted to employees under the
sheet date whether there is any indication
“Employees Shadow Option Scheme” is
that an asset may be impaired. If any such
determined on the basis of intrinsic value
indication exists, the Company estimates
representing the excess of the average
the recoverable amount of the asset. If
market price, during the month before the
such recoverable amount of the asset or the
reporting date, over the exercise price of
recoverable amount of the cash generating
the shadow option. The same is charged
as employee benefits over the vesting unit to which the asset belongs is less than
period, in accordance with Guidance its carrying amount, the carrying amount
Note No 18 “Share Based Payments”, is reduced to its recoverable amount and
issued by the ICAI. the reduction is treated as an impairment
loss and is recognised in the profit & loss
(v) Other short term benefits account. If at the balance sheet date there
Expense in respect of other short-term is an indication that a previously assessed
benefits is recognised on the basis of the impairment loss no longer exists, the
amount paid or payable for the period recoverable amount is reassessed and the
during which services are rendered by asset is reflected at the recoverable amount
the employee. subject to a maximum of depreciated
historical cost and is accordingly reversed in
Contribution made towards the profit & loss account.
Supernnuation Fund (funded by
payments to Life Insurance Corporation 17. Contingent liabilities and provisions
of India (LIC)) are charged to the profit & Depending upon the facts of each case and
loss account on accrual basis. after due evaluation of legal aspects, claims
14. Leases against the Company are accounted for as
either provisions or disclosed as contingent
Assets subject to operating leases are
liabilities. In respect of statutory dues disputed
included under fixed assets or current assets
and contested by the Company, contingent
as appropriate. Rent (Lease) income is
liabilities are provided for and disclosed as per
recognised in the profit & loss account on a
straight-line basis over the lease term. Costs, original demand without taking into account
including depreciation, are recognised as an any interest or penalty that may accrue
expense in the profit & loss account. thereafter. The Company makes a provision
when there is a present obligation as a result
15. Employees stock option plan (ESOP) of a past event where the outflow of economic
Accounting value of stock options is resources is probable and a reliable estimate
determined on the basis of “intrinsic value” of the amount of obligation can be made.
86

Possible future or present obligations that split, and reverse share split (consolidation
may but will probably not require outflow of of shares).
resources or where the same cannot be
For the purpose of calculating diluted
reliably estimated, is disclosed as contingent
earning per share, the net profit or loss
liability in the Financial Statements.
for the period attributable to equity
18. Earning per share shareholders and the weighted average
Basic earning per share is calculated by number of shares outstanding during the
dividing the net profit or loss for the period period are adjusted for the effects of all
attributable to equity shareholders by the dilutive potential equity shares. The period
weighted average number of equity shares during which, number of dilutive potential
outstanding during the period. The weighted equity shares change frequently, weighted
average number of equity shares outstanding average number of shares are computed
during the period are adjusted for events based on a mean date in the quarter,
including a bonus issue, bonus element in a as impact is immaterial on Earning per
rights issue to existing shareholders, share Share.
SCHEDULE : 25 NOTES TO THE FINANCIAL STATEMENTS
1. Share capital 2008 and October 15, 2008 respectively,

(a) Issued, subscribed and paid-up share for buy back of its shares from the
capital includes open market at a price not exceeding
i) 5,877,850 equity shares of Rs. 2 Rs. 600 per share for an aggregate
amount not exceeding Rs. 110,000
each (originally 1,175,570 equaity
lacs. During the current financial year
shares of Rs. 10 each) fully paid-
the Company completed the buy back
up allotted pursuant to a scheme of
process and further bought back 15,000
amalgamation of DLF United Limited
equity shares (previous year 76,23,567)
with the Company, without payment
under the said buy back programme.
being received in cash.
ii) 1,338,603,595 equity shares of Rs. (d) Upon exercise of Options granted under
the Employees Stock Option Scheme
2 each fully paid issued as bonus
2006 (ESOP), 240,457 (previous year
shares by way of capitalisation of
Nil) equity shares of Rs. 2 each were
free reserves and securities premium
issued at par during the year.
account.
(e) Pursuant to the above mentioned
(b) The calls in arrears have reduced during
transactions the paid-up share capital of
the year by Rs. 163.73 lacs (previous
the Company increased by Rs. 4.08 lacs,
year Rs. 94.55 lacs), comprising share
during the year (previous year : decrease
capital of Rs. 0.44 lacs (previous year
by Rs. 152.21 lacs).
Rs. 0.26 lacs) and securities premium
of Rs. 163.29 lacs (previous year Rs. 2. Reserves and surplus
94.29 lacs), which includes forfeiture of Pursuant to the buyback programme, referred
43,680 partly paid equity shares of Rs. to in note 1(c) above, Capital redemption
2 each having impact in share capital of reserve has been created out of General
Rs. 0.44 lacs and securities premium of reserve for Rs. 0.30 lacs (previous year Rs.
Rs. 228.45 lacs. 152.47 lacs) being the nominal value of shares
(c) In the previous year, Company had bought back under the buyback programme
issued Public Announcement (PA) and in terms of Section 77AA of the Companies
Corrigendum to PA dated September 30, Act, 1956.
87

3. Secured loans 10,00,000 each and 7200 (previous
a) Facilities with banks comprise, term year 7,200), 14% Non Convertible
loans and overdraft facilities which are Redeemable Debentures of face
secured by equitable mortgages of value of Rs. 10,00,000 each, issued
certain freehold and leasehold lands/ to the Life Insurance Corporation
properties of the Company/ subsidiary of India are secured by pari passu
Companies / sellers / lessors, land under charge over certain lands / properties
agreement to sell and/ or against future of the Company / subsidiary
receivables of the Company/subsidiary companies.
companies. ii) 3,000 (previous year nil), 10% Non
Convertible Redeemable Debentures
b) Loan from others comprise of term loans
of Rs. 10,00,000 each and 7,000
from financial institutions which are
(previous year nil), 10.50% Non
secured by equitable mortgages of certain
Convertible Redeemable Debentures
lands/properties of some subsidiary
of Rs. 10,00,000 each, issued to
entities/associates/group companies and
various investors are secured by pari
the receivables and/ or against future
passu/ exclusive charge over certain
receivables of the Company/subsidiary
lands / properties of the Company /
companies.
subsidiary companies.
c) Loans for aircraft, helicopter, wind mill
e) Loans due within one year Rs. 93,914.70
projects and vehicles are secured by
lacs (previous year Rs. 238,181.85
hypothecation of the respective assets, lacs).
thus purchased.
4. Unsecured loans
d) i) 5,000 (previous year 5,000), 13.70%
Non Convertible Redeemable Loans due within one year Rs. 100,000.00
Debentures of face value of Rs. lacs (previous year Rs. 133,500.00 lacs).
5. Following are the details of current investments which were purchased and sold during the
year
a) Mutual funds
S. No Scheme name Total quantity Total value of Total quantity Total value of
purchased (nos.) purchases redeemed (nos.) redemption
(Rs. in lacs) (Rs. in lacs)
1 Kotak Liquid (Institutional Premium) - Daily 719,860,175.02 88,025.22 719,860,175.02 88,025.22
Dividend
2 Kotak Floater Long Term - Daily Dividend 352,671,410.23 35,548.57 352,671,410.23 35,548.57
3 Axis Liquid Fund - Institutional Daily Dividend – 7,300,695.10 73,006.95 7,300,695.10 73,006.95
Reinvestment
4 Axis Treasury Advantage Fund - Institutional 4,550,000.00 45,500.00 4,550,000.00 45,500.00
Daily Dividend – Reinvestment
5 DSP Black Rock Cash Manager Fund - 2,499,956.60 25,002.07 2,499,956.60 25,002.07
Institutional Plan - Daily Dividend
6 DSP Black Rock Money Manager Fund - 2,500,312.53 25,023.13 2,500,312.53 25,023.13
7 DSP Black Rock Liquidity Fund - Institutional 3,349,568.20 33,502.38 3,349,568.20 33,502.38
Plan - Daily Dividend
8 DSP Black Rock Floating Rate Fund - 449,754.79 4,500.00 449,754.79 4,500.00
9 SBI Magnum Insta Cash Fund - Daily Dividend 334,969,660.39 92,008.78 334,969,660.39 92,008.78
Option
88

S. No Scheme name Total quantity Total value of Total quantity Total value of
purchased (nos.) purchases redeemed (nos.) redemption
(Rs. in lacs) (Rs. in lacs)
10 SBI - SHF - Ultra Short Term Fund - Institutional 550,837,409.71 55,112.79 550,837,409.65 55,108.19
11 ICICI Prudential Liquid Super - Institutional Plan 422,809,654.86 422,903.10 422,809,654.86 422,903.10
- Daily Dividend
12 ICICI Prudential Flexible Income Plan Premium 284,194,478.72 57,117.80 284,194,478.72 57,117.80
- Daily Dividend
13 UTI Liquid Cash Plan Institutional 8,737,028.63 89,069.26 8,737,028.63 89,069.26
- Daily Dividend
14 UTI Treasury Adv. Fund - Institutional Plan 2,105,363.91 21,058.15 2,105,363.91 21,058.15
- Daily Dividend
15 Birla Sunlife Cash Plus - Institutional Prem. 2,295,013,564.12 229,948.88 2,295,013,564.12 229,948.88
- Daily Dividend – Reinvestment
16 Birla Sunlife Savings Fund - Institutional 2,068,697,898.94 207,010.46 2,068,697,898.94 207,010.46
- Daily Dividend – Reinvestment
17 Fidelity Cash Fund - Super Institutional 50,038,620.82 5,006.46 50,038,620.82 5,006.46
- Daily Dividend
18 IDFC Cash Fund - Super Institutional Plan C 85,014,461.45 8,503.57 85,014,461.45 8,503.57
- Daily Dividend
19 IDFC Money Manager Fund - TP- Super 85,111,897.35 8,512.47 85,111,897.35 8,512.47
Institutional Plan C - Daily Dividend
20 LIC Liquid Fund - Dividend Plan 45,586,605.77 5,005.45 45,586,605.77 5,005.45
21 LICMF Income Plus Fund - Daily Dividend Plan 50,495,283.09 5,049.53 50,495,283.09 5,049.53
22 Reliance Liquidity Fund - Institutional Plan 11,268,620,866.57 1,127,217.59 11,268,620,866.56 1,127,226.93
- Daily Dividend
23 Reliance Money Manager Fund - Institutional 64,596,189.40 646,695.98 64,596,189.40 646,696.64
6. Particulars regarding partnership firms in which the company is a partner

Name of partnership firms Profit/loss Capital
sharing ratios (Rs. in lacs)
a) DLF Commercial Projects Corporation %
DLF Limited 76 365.00
DLF Housing and Construction Limited 24 4.00
100 369.00
b) DLF Office Developers
DLF Limited 85 1,654.82
Kirtimaan Builders Limited 5 182.87
Ujagar Estates Limited 5 209.87
Alankrit Estates Limited 5 109.24
100 2,156.80
c) DLF South Point
DLF Limited 10 2,152.78
DLF Commercial Developers Limited 80 (14.51)
DLF Housing and Construction Limited 5 (0.91)
DLF Utilities Limited 5 (0.91)
100 2,136.45
d) DLF GK Residency
DLF Home Developers Limited 90 950.00
100 1000.00
89

Name of partnership firms Profit/loss Capital
sharing ratios (Rs. in lacs)
e) Kavicon Partners
DLF Housing and Construction Limited 5 18.16
Nilayam Builders and Developers Limited 5 40.70
100 282.49
f) Rational Builders and Developers
Kirtimaan Builders Limited 5 1.00
Alankrit Estates Limited 5 0.00
100 33.00
g) Saket Courtyard Hospitality
DLF Home Developers Limited 40 3,000.00
Saket Courtyard Hospitality Private Limited 2 100.00
Sky Light Hospitality Private Limited 50 3,500.00
100 7,000.00
7. a) The profit/loss from sale of land/ of the sale agreements in favour of

developed plots/constructed properties the customers. During the year the
in DLF City, Gurgaon (Complex) is Company has purchased 2.32 acres of
accounted as per revenue recognition land (previous year Nil acres) from the
policy 7 stated in Schedule 24 – land owning companies, consequent to
“Significant accounting policies”. The registration of the sale deeds/ transfer
Complex comprises lands owned by of ownership in favour of the customers at
the Company as also those under the average cost of land to the Company
agreements to purchase entered into with and/ or the land owning companies.
subsidiary/ coordinating companies. In c) In terms of the agreement with DLF
terms of such agreements, the Company Housing and Construction Limited and
has purchased 3.32 lacs sq. mts. of Mayur Recreational and Development
plotted area during the year (previous Limited, since merged with the DLF
year 3.01 lacs sq. mts.) from the land Building & Services Private Limited, the
owning companies at the average cost Company has agreed to develop their
of land to the Company and/ or the lands along with its own lands at Loni
land owning companies. The average (Ankur Vihar) into a colony. In terms of
estimated internal development costs the said agreement, the Company is
and external development charges, entitled to realise and retain the entire
in respect of the plots sold have been sale proceeds and pay the cost of land,
written off in terms of accounting policy incidentals etc. plus a sum of Rs. 0.10
9 stated in Schedule 24 – “Significant lacs per acre to the aforesaid land owners
accounting policies”. Final adjustment, on registration of the properties and
if any, is made on completion of the revenue is recognised on proportionate
applicable scheme/ project. realisation basis.
b) The profit/ loss from sale of agricultural d) In respect of Dilshad Garden II Scheme,
land comprising land owned by the profit/loss on sale of developed
the Company and its subsidiary/ plots is accounted by adjusting cost
coordinating companies, covered proportionate to the realisations made.
under agreement to sell the land to the e) The Company on November 3, 2006
Company is accounted for on execution has entered into an agreement to sell
90

in terms of the resolution passed by 10. Employee benefits
the Board of Directors in their meeting
held on March 28, 2006, with one of A. Gratuity (non funded)
its wholly-owned subsidiary company Amount recognised in the profit & loss
namely, DLF Home Developers Limited account is as under
(“DHDL”) to sell a parcel of land of
saleable area consisting 30 million sq. (Rs. in lacs)
ft. built up area under construction / Description 2010 2009
Current service cost 76.99 82.02
to be constructed. Further, DHDL will
Interest cost 72.23 52.87
complete all the finishing work before
Actuarial (gain)/loss recognised (53.78) 154.42
selling the same to its customers. In during the year
terms of the accounting policy 7 in Past service cost - -
Schedule 24 – “Significant accounting 95.44 289.31
policies” to the financial statements on
revenue recognition, revenue in respect Movement in the liability recognised in the
of projects under implementation under balance sheet is as under
these agreements to sell is being (Rs. in lacs)
recognised based on “percentage of Description 2010 2009
completion” method. Present value of defined benefit 902.86 660.81
obligation as at the start of the
8. The Company has entered into business
year
development agreements with DLF Current service cost 76.99 82.02
Commercial Project Corporation and Interest cost 72.23 52.87
Rational Builders and Developers Actuarial (gain)/loss recognised (53.78) 154.42
(partnership firms). As per these during the year
Benefits paid (20.52) (47.26)
agreements, the Company has acquired
Past service cost - -
sole irrevocable development rights in
Present value of defined benefit 977.78 902.86
identified lands which are acquired / to be obligation as at the end of the
acquired by these partnership firms. year
In terms of accounting policy 6 in Schedule 24 For determination of the gratuity liability of the
– “Significant accounting policies” the amount Company, the following actuarial assumptions
paid to these partnership firms pursuant to the were used
above agreements, are classified as stock of
development rights. Description 2010 2009
Discount rate 8.00% 8.00%
9. The following expenses have been directly
Rate of increase in
charged to work-in-progress, adjustable on compensation levels
7.50% 7.50%
sale.
(Rs. in lacs) B. Compensated absences (non funded)
Particulars 2010 2009
Amount recognised in the profit & loss
Salaries, wages and other benefits 805.62 520.94
Legal, professional and
account is as under
4,664.85 6,193.93
consultancy charges
Repairs and maintenance of (Rs. in lacs)
1.16 0.80
machinery Description 2010 2009
Hire charges of machinery - 5.88 Current service cost 94.98 94.58
Power and fuel 0.17 57.06 Interest cost 51.79 32.48
Insurance 98.83 57.58 Actuarial loss recognised during 121.06 172.83
Finance charges 27,079.52 40,159.73 the year
Others 2,569.68 913.00 Past service cost - -
35,219.83 47,908.92 267.83 299.89
91

Movement in the liability recognised in the 11. Related party disclosures
balance sheet is as under a) Relationship:
(i) Subsidiary companies at any time during the year

(Rs. in lacs)
1 Aadarshini Real Estate Developers Private Limited
Description 2010 2009 2 Abhiraj Real Estate Private Limited
Present value of defined benefit 647.32 405.96 3 Adelie Builders & Developers Private Limited
obligation as at the start of the 4 Adrienne Builders & Constructions Private Limited
year 5 Alastair Builders & Developers Private Limited
Current service cost 94.98 94.58 6 Alta Builders & Developres Private Limited
Interest cost 51.79 32.48 7 Alvernia Limited
8 Alvita Builders & Developers Private Limited
Actuarial loss recognised during (w.e.f. June 30, 2009)
121.06 172.83
the year 9 Aman Gocek Insatt Taahhut Turizm Sanayi ve Ticaret AS
Benefits paid (115.15) (58.53) 10 Amancruises (2006) Company Limited
11 Amancruises Company Limited
Past service cost - -
12 Amankila Resorts Limited
Present value of defined benefit 799.99 647.32
13 Amanproducts Limited
obligation as at the end of the
year 14 Amanresorts B.V.
15 Amanresorts International Pte. Limited
16 Amanresorts IPR B.V.
17 Amanresorts Limited
For determination of the liability in respect
18 Amanresorts Limited ( w.e.f. April 02, 2009)
of compensated absences, the Company has 19 Amanresorts Mangement B.V.
used following actuarial assumptions 20 Amanresorts Services Limited
21 Amanresorts Technical Services B.V.
22 Americus Real Estate Private Limited
Description 2010 2009
23 Amishi Builders & Developers Private Limited
Discount rate 8.00% 8.00% 24 Amoda Builders & Developers Private Limited
25 Anbest Holdings Limited
Rate of increase in
7.50% 7.50% 26 Andaman Development Company Limited
compensation levels
27 Andaman Holdings Limited
28 Andaman Resorts Co. Limited
29 Andaman Thai Holding Co. Limited
C. Provident fund 30 Andes Resort Limited SAC
Contribution made by the Company to the 31 Anjuli Builders & Developers Private Limited
32 Annabel Builders & Developers Private Limited
provident fund trust setup by the Company
33 Aradal Company N.V.
during the year is Rs. 192.51 lacs (previous
34 Argent Holdings Limited
year Rs. 199.07 lacs). 35 ARL Marketing Inc.
As at the year end, no interest shortfall in 36 ARL Marketing Limited
37 ASL Management (Palau) Limited
provident fund remains unprovided for as
38 Balina Pansea Company Limited
there is surplus in the fund. In the absence
39 Barbados Holdings Limited
of guidance on actuarial valuation of Fund 40 Bedelia Builders & Construction Private Limited
liability, which is to be issued by the Actuarial 41 Belmount Estate Developers Limited # # #
Society of India, the actuarial valuation liability 42 Berenice Real Estate Private Limited
towards Provident Fund is not feasible. 43 Beverly Park Maintenance Services Limited
Accordingly, other related disclosures in 44 Bhamini Real Estate Developers Private Limited
respect of provident fund have not been 45 Bhoruka Financial Services Limited
furnished. 46 Bhosphorous Investments Limited
92

(i) Subsidiary companies at any time during the year (Contd.) 96 DLF Exotica Hotels Private Limited +++
47 Bhutan Hotels Limited 97 DLF Financial Services Limited
48 Bodrum Development Limited 98 DLF Finvest Limited
49 Breeze Constructions Private Limited 99 DLF Food Courts Private Limited
50 Bhutan Resorts Private Limited 100 DLF Garden City Indore Private Limited
51 Calantha Builders & Developers Private Limited 101 DLF Global Hospitality Limited
52 Callista Builders & Constructions Private Limited 102 DLF Golf Resorts Limited
53 Caraf Builders & Constructions Private Limited 103 DLF Green Power Private Limited ###
(w.e.f. March 19, 2010) 104 DLF Gurgaon Developers Limited (formerly DLF SEZ
54 Carreen Builders & Developers Private Limited Holdings Limited) ( w.e.f. August 31, 2009)
( w.e.f. February 01, 2010) 105 DLF Haryana SEZ (Ambala) Limited
55 Caressa Builders & Constructions Private Limited
106 DLF Haryana SEZ (Gurgaon) Limited
56 Catriona Builders & Constructions Private Limited
107 DLF Hilton Hotels Limited
57 Cee Pee Maintenance Services Limited
108 DLF Hilton Hotels (Mysore) Private Limited
58 Ceylon Holdings B.V.
109 DLF Home Developers Limited
59 Chaitra Realty Limited (up to July 03, 2009)
110 DLF Homes Services Private Limited
60 Chakrita Real Estate Developers Private Limited ++
111 DLF Homes Ambala Private Limited
61 Chandrajyoti Estate Developers Private Limited
112 DLF Homes Durgapur Private Limited
62 City Icon Limited
113 DLF Homes Goa Private Limited
63 Columbo Resort Holdings N.V
114 DLF Homes Kokapet Private Limited
64 Comfort Buildcon Private Limited
65 Current Finance Limited 115 DLF Homes Panchkula Private Limited
66 Cyrilla Builders & Constructions Limited 116 DLF Homes Pune Private Limited
67 Dalmia Promoters & Developers Private Limited 117 DLF Homes Rajapura Private Limited
68 Dankuni World City Limited 118 DLF Hospitality & Recreational Limited
69 Delanco Home & Resorts Private Limited 119 DLF Hotel Holdings Limited
70 Delanco Realtors Private Limited 120 DLF Hotel Venture Private Limited (till October 16, 2009)
71 Deltaland Buildcon Private Limited 121 DLF Hotels & Apartments Private Limited
72 DHDL Wind Power Private Limited 122 DLF Housing & Construction Limited
(formerly Var Infratech Private Limited) 123 DLF Info City Developers (Bangalore) Limited ###
73 Dhoomketu Builders & Developers Private Limited 124 DLF Info City Developers (Chandigarh) Limited
74 Diwakar Estates Limited (w.e.f. March 19, 2010)
75 DLF Ackruti Info Parks (Pune) Limited 125 DLF Info City Developers (Chennai) Limited
[formerly DLF Akruti Info Parks (Pune) Limited] 126 DLF Info City Developers (Hyderabad) Limited ###
76 DLF Airport Hotels Private Limited (till October 16, 2009) 127 DLF Info City Developers (Kolkata) Limited
77 DLF Aspinwal Hotels Private Limited (w.e.f. March 19, 2010)
78 DLF Assets Private Limited (w.e.f. March 19, 2010) 128 DLF Info Park Developers (Chennai) Limited
79 DLF Brands Limited 129 DLF Infra Holding Limited
80 DLF Budget Venture Hotels Private Limited 130 DLF Inns Limited
(till October 16, 2009) 131 DLF International Holdings Pte. Limited
81 DLF Business Hotels Ventures Private Limited
132 DLF International Hospitality Corp.
82 DLF City Centre Limited
133 DLF Jaipur Convention Center Private Limited
83 DLF City Centre Limited
84 DLF Cochin Hotels Private Limited 134 DLF Jaipur Hotels Private Limited (till October 16, 2009)
85 DLF Comfort Hotels Private Limited 135 DLF Land Limited
86 DLF Commercial Complexes Limited 136 DLF Leisure & Entertainment Private Limited
(till October 16, 2009)
87 DLF Commercial Developers Limited
137 DLF Luxury Hotels Limited
88 DLF Conventions & Hotels Private Limited
(till October 16, 2009) 138 DLF Metro Limited
89 DLF Cyber City Developer Limited 139 DLF Minor Restaurants Private Limited
90 DLF Deluxe Hotels Private Limited (till October 16, 2009) (till October 16, 2009)
140 DLF Mumbai Hotels Private Limited (till October 16, 2009)
91 DLF Developers Limited
141 DLF New Delhi Convention Center Limited
92 DLF Emporio Resturants Limited
142 DLF New Gurgaon Homes Developer Private Limited
93 DLF Estate Developers Limited
143 DLF New Gurgaon Offices Developer Private Limited
94 DLF Estates (Delhi) Private Limited ##
95 DLF Exhibition Centre Private Limited 144 DLF New Gurgaon Retail Developer Private Limited
(till October 16, 2009) 145 DLF Phase IV Commercial Developers Limited
93

(i) Subsidiary companies at any time during the year (Contd.) 194 Geocities Airport Infrastructures Private Limited
146 DLF Pleasure Hotels Private Limited 195 G.G.R. Properties Private Limited (till June 24, 2009)
147 DLF Pramerica Life Insurance Co. Limited 196 GMR Constructions Private Limited (till June 24, 2009)
148 DLF Premium Homes Private Limited 197 Goyo Services Limited
149 DLF Projects Limited 198 Grandbay Estate Developers Limited ###
150 DLF Property Developers Limited 199 Guardian International Private Limited
151 DLF Real Estate Builders Limited 200 Gulika Home Developers Private Limited
152 DLF Recreational Foundation Limited 201 Gulliver Enterprises Limited
153 DLF Residential Builders Limited 202 Gyan Real Estate Developers Private Limited
154 DLF Residential Developers Limited 203 Harini Resorts & Properties Private Limited
(till June 24, 2009)
155 DLF Residential Partners Limited
204 Heritage Resorts Private Limited
156 DLF Retail Developers Limited
205 Hiemo Builders & Developers Private Limited
157 DLF Retail Services Limited (w.e.f. February 02, 2010)
158 DLF Rohini Hotels Private Limited (till October 16, 2009) 206 Highvalue Builders Private Limited
159 DLF Service Apartments Limited 207 Hospitality Tradings Limited
160 DLF Services Limited 208 Hotel Finance International Limited
161 DLF SEZ Developers Limited 209 Hotel Sales Service Limited
162 DLF Sikkim Hotels Private Limited (till October 16, 2009) 210 Hotel Sales Service Private Limited
163 DLF Southcourt Hotels Private Limited 211 Incan Valley Holdings Limited
164 DLF Southern Homes Private Limited 212 Irama Estates Private Limited # #
165 DLF SouthernTowns Private Limited 213 Isabel Builders & Developers Private Limited
166 DLF Telecom Limited 214 Jackson Hole Holdings Limited
167 DLF Trust Management Pte. Limited 215 Jai Luxmi Real Estate Private Limited
168 DLF Universal Limited 216 Jalisco Holdings Pte. Limited
169 DLF Utilities Limited 217 Janya Estate Developers Private Limited
170 DLF Wind Power Private Limited (formerly Bestvalue 218 Jawala Real Estate Private Limited
Housing & Construction Private Limited) 219 Juno Retail Private Limited (w.e.f. June 19, 2009)
171 Domus Real Estate Private Limited (till March 01, 2010) 220 K G Infrastructure Private Limited
172 DT Cinemas Limited 221 Kairav Real Estate Private Limited
173 DT Projects Limited [formerly DLF Laing O’Rourke 222 Kapo Retail Private Limited
(India) Limited] (w.e.f. November 11, 2009) 223 Khem Buildcon Private Limited
174 Eastern India Powertech Limited (w.e.f. February 02, 2010)
175 Ecotech Ventures Limited (till October 31, 2009) 224 L P Hospitality Company Limited
176 Edward Keventor(Successors) Private Limited 225 Laman Real Estate Private Limited
177 Eila Builders & Developers Private Limited 226 Lao Holdings Limited
178 Enki Retail Private Limited 227 Lawanda Builders & Developers Private Limited
179 Eros Retail Private Limited 228 Le Savoy Limited
180 Falguni Builders Private Limited 229 Leandra Builders & Developers Private Limited
181 Fonton Limited 230 Life Style Homes Private Limited (till June 24, 2009)
182 Foregiant Agents Limited (till May 18, 2009) 231 Lodhi Property Company Limited
183 Forerum Group Limited 232 Marrakech Investments Limited
184 G.S.R. Properties Private Limited (till June 24, 2009) 233 Mens Buildcon Private Limited
185 G.V.R. Properties Private Limited (till June 24, 2009) 234 Mhaya Buildcon Private Limited
186 Gainway Group Limited (till October 31, 2009) 235 Monroe Builders & Developers Private Limited
187 Gajjala Constructions Private Limited (till June 24, 2009) 236 Mouna Constructions Private Limited (till June 24, 2009)
188 Gajjala Ram Reddy Properties Private Limited 237 Mouna Estates Private Limited (till June 24, 2009)
(till June 24, 2009) 238 Mouna Properties Private Limited (till June 24, 2009)
189 Galaxy Mercantiles Limited 239 Mulvey B.V.
190 Galleria Property Management Services Private Limited 240 Mulvey Venice Sri
191 Ganesar Ginning Co. Private Limited (till July 31, 2009) 241 Naman Consultants Limited
192 Ganika Builders Private Limited 242 Nambi Buildwell Private Limited
193 Gavin Builders & Developers Private Limited 243 Necia Builders & Developers Private Limited
94

(i) Subsidiary companies at any time during the year (Contd.) 296 Sunlight Promoters Private Limited
244 Nellis Builders & Developers Private Limited 297 Tahitian Resorts Limited
245 New Montana Limited (till October 31, 2009) 298 Tangalle Property (Private) Limted
246 NewGen MedWorld Hospitals Limited 299 Toscano Holdings Limited
247 Nilayam Builders & Developers Limited 300 Universal Hospitality Limited
248 NOH (Hotel) Private Limited (Amangalla) 301 Urvasi Infratech Private Limited
249 Nusantara Island Resorts Limited 302 Valini Builders & Developers Private Limited
250 Otemachi Tower Resorts Co. Limited
303 Venezia Estate Developers Limited ###
251 Overseas Hotels Private Limited
304 Villajena Development Company Limited
252 P.T. Amanresorts Indonesia (Amanusa)
305 Vkarma Capital Investment Management Company
253 P.T. Amanusa Resort Indonesia
Private Limited
254 P.T. Indrakila Villatama Development 306 Vkarma Capital Trustee Company Private Limited
255 P.T. Moyo Safari Abadi 307 VSK Investments & Finance Limited
256 P.T. Nusantara Island Resorts
308 Yucatan Holdings Pte. Limited ( w.e.f. May 19, 2009)
257 P.T. Tirta Villa Ayu
309 Zeugma Limited
258 P.T. Villa Ayu
310 Zola Real Estate Private Limited
259 Palawan Holdings Limited
311 Zoria Infratech Private Limited
260 Paliwal Developers Limited
261 Paliwal Real Estate Private Limited (ii) Partnership firms
262 PAT Infrastructures Private Limited 1 DLF Commercial Projects Corporation
263 Pee Tee Property Management Services Limited 2 DLF GK Residency
264 Phraya Riverside (Bangkok) Co. Limited 3 DLF Office Developers
265 Princiere Resorts Limited 4 DLF South Point
266 Prompt Real Estate Private Limited 5 Kavicon Partners
267 Puri Limited 6 Rational Builders and Developers
268 Queensdale Management Limited 7 Saket Courtyard Hospitality (w.e.f. October 20, 2009)
269 Rati Infratech Private Limited (iii) Joint Ventures
270 Red Acres Development Limited 1 Banjara Hills Hyderabad Complex
271 Regency Park Property Management Services Private 2 Delanco Real Estates Private Limited
Limited
3 DLF Gayatri Home Developers Private Limited
272 Regent Asset Finance Limited
273 Regent Land Limited 4 DLF Gurgaon Developers Limited (formerly DLF SEZ
Holdings Limited) (till August 30, 2009)
274 Regional Design & Research B.V.
5 DLF Limitless Developers Private Limited
275 Regional Design & Research N.V.
6 DLF SBPL Developer Private Limited
276 Rhea Retail Private Limited (w.e.f. June 19, 2009)
7 DT Projects Limited [formerly DLF Laing O’Rourke
277 Richmond Park Property Management Services Limited
(India) Limited] (till November 11, 2009)
278 Riveria Commercial Developers Limited 8 GSG DRDL Consortium
279 Rod Retail Private Limited 9 Kujjal Builders Private Limited
280 Saket Courtyard Hospitality Private Limited
10 Mount Mary Residential Project
(w.e.f. October 14, 2009 )
281 Samali Builders & Developers Private Limited 11 Niharika Shopping Mall (till August 31, 2009)
282 Sandesh Constructions Private Limited 12 Saket Courtyard Hospitality (w.e.f. October 20, 2009)
(till June 24, 2009) 13 Star Alubuild Private Limited (w.e.f June 15, 2009)
283 Sandesh Estates Private Limited (till June 24, 2009) 14 Y.G. Realty Private Limited (w.e.f July 02, 2009)
284 Serendib Holdings B.V. 15 Domus Real Estate Private Limited
285 Shivajimarg Properties Limited (w.e.f March 02, 2010)
286 Silver - Two (Bangkok) Company Limited 16 Cleva Builders and Developers Private Limited
287 Silver Oaks Property Management Services Limited (w.e.f. March 31, 2010)
288 Silverlink (Mauritius) Limited 17 Prowess Buildcon Private Limited
(w.e.f. March 31, 2010)
289 Silverlink (Thailand) Company Limited
18 Saket Courtyard Hospitality Private Limited
290 Silverlink Holdings Limited (till October 13, 2009 )
291 Sinonet Holding Limited (iv) Associates
292 Societe Nouvelle de L’Hotel Bora Bora 1 Australian Resorts Limited
293 Solid Buildcon Private Limited 2 DLF Pramerica Asset Managers Private Limited
294 Springhills Infratech Private Limited (formerly DLF Pramerica Advisory Private Limited)
295 Sunbreaze Estate Developers Limited ### (till March 09, 2010)
95

(iv) Associates (Contd.) (vi) Other enterprises under the control of the key
3 DLF Pramerica Trustees Private Limited management personnel and their relatives :
(till March 09, 2010) 1 A.S.G. Realcon Private Limited
4 Ferragamo Retail India Private Limited 2 Adampur Agricultural Farm
5 Giorgio Armani India Private Limited 3 Adept Real Estate Developers Private Limited
6 Islan Aviation Limited 4 AGS Buildtech Private Limited
7 Joyous Housing Limited
5 Altamount Real Estate Developers Private Limited
8 Kyoto Resorts YK
6 Angus Builders & Developers Private Limited
9 Lillion Builders and Developers Private Limited
(till September 23, 2009) 7 Antriksh Properties Private Limited
10 P.T Jawa Express Amanda Indah 8 Anubhav Apartments Private Limited
11 PAMALICAN Island Holdings Inc. 9 Aquarius Builders & Developers Private Limited
12 Pandis (Thailand) Company Limited
10 Arihant Housing Company*
13 Pansea Tourism Company Limited
11 Atria Partners
14 Regional D & R Limited
12 Bansal Development Company Private Limited
15 Revlys SA
13 Belicia Builders & Developers Private Limited
16 Seven Seas Resorts and Leisure Inc.
17 Surin Bay Co. Limited 14 Beryl Builders & Constructions Private Limited
18 Villajena 15 Beverly Park Operation and Maintenance Services
Private Limited
19 Zeus Infrastructure Private Limited
16 Buland Consultants & Investments Private Limited
### Companies which are subsidiaries, merged with the 17 Caraf Builders & Constructions Private Limited
DLF Commercial Developers Limited a 100% subsidiary ( till March 18, 2010)
company w.e.f April 1, 2008 as per merger order of 18 Centre Point Property Management Services Private
respective High Courts filed with the Registrar of Companies Limited
on March 3, 2010. 19 Ch. Lal Chand Memorial Charitable Trust
## Companies which are subsidiaries, merged with the DLF
Home Developers Limited a 100% subsidiary company 20 Cian Builders & Developers Private Limited
w.e.f April 1, 2008 as per merger order of respective High (formerly DLF SEZ Parks Private Limited)
Courts filed with the Registrar of Companies on February 21 DLF Assets Private Limited (till March 18, 2010)
23, 2010. 22 DLF Info City Developers (Chandigarh) Limited
+++ Company already winded up u/s 560, the Registrar of (till March 18, 2010)
Companies approval awaited 23 DLF Info City Developers (Kolkata) Limited
++ Company which is a subsidiary merged with DLF Residential (till March 18, 2010)
Partners Limited w.e.f. September 1, 2008 as per merger 24 Desent Promoters & Developers Private Limited
order of respective High Courts filed with the Registrar of
25 Diana Retail Private Limited
Companies on March 4, 2010.
26 Digital Talkies Private Limited
27 Dilly Builders & Developers Private Limited
(v) Key Management Personnel
Name Designation Relatives (Relation)* 28 Dinky Builders & Developers Private Limited
a) Mr. K.P. Singh Chairman Mrs. Renuka Talwar 29 DLF Building & Services Private Limited
(Daughter) 30 DLF Commercial Enterprises
b) Mr. Rajiv Singh Vice Chairman Mrs. Kavita Singh
(Wife) 31 DLF Foundation
Ms. Savitri Devi Singh 32 DLF Investments Private Limited
(Daughter)
33 DLF M.T.FBD Medical and Community Facility
Ms. Anushka Singh
Charitable Trust
(Daughter)
c) Mr. T.C. Goyal Managing Director Mrs. Sharda Goyal 34 DLF Q.E.C. Educational Charitable Trust
(Wife) 35 DLF Q.E.C. Medical Charitable Trust
d) Ms. Pia Singh Whole-time Mr Dhiraj Sarna
36 DLF Raghvendra Temple Trust
Director (Husband)
e) Mr. K. Swarup Sr. Executive Mrs. Veena Swarup 37 Elanor Builders & Developers Private Limited
Director (Wife) 38 Excel Housing Construction Private Limited
Mr Manish Swarup
(Son) 39 Exe. of The Estate of Lt. Ch. Raghvendra Singh
* Relatives of key management personnel (other than key 40 Exe. of The Estate of Lt. Smt. Prem Mohini
management personnel themselves) with whom there were 41 Family Idol Shri Radha Krishan Ji
transactions during the year
96

(vi) Other enterprises under the control of the key 76 Raghvendra Public Charitable Trust
management personnel and their relatives : (Contd.) 77 Raisina Agencies & Investments Private Limited
42 Family Idol Shri Shiv Ji 78 Rajdhani Investments & Agencies Private Limited
43 Galena Builders & Constructions Private Limited 79 Realest Builders and Services Private Limited
44 Gangrol Agricultural Farm & Orchard 80 Renkon Partners
45 General Marketing Corporation 81 Renuka Pariwar Trust
46 Glaze Builders & Developers Private Limited 82 Sabre Investment Advisor India Private Limited
47 Haryana Electrical Udyog Private Limited 83 Sabre Investment Consultants LLP
48 Herminda Builders & Developers Private Limited 84 Sagarika Real Estate Developers Private Limited
49 Hitech Property Developers Private Limited 85 Sambhav Housing and Development Company *
50 Indira Trust 86 Sanidhya Constructions Private Limited
51 Ishtar Retail Private Limited 87 Sidhant Housing and Development Company *
52 Jhandewalan Ancillaries and Investments Private 88 Singh Family Trust
Limited
89 Sketch Investment Private Limited
53 K. P. Singh HUF
90 Smt. Savitri Devi Memorial Charitable Trust
54 Kohinoor Real Estates Company *
91 Solace Housing and Construction Private Limited
55 Krishna Public Charitable Trust
92 Solange Retail Private Limited
56 Lal Chand Public Charitable Trust
93 Sudarshan Estates Private Limited
57 Lion Brand Poultries
94 Sukh Sansar Housing Private Limited
58 Maaji Properties and Development Company *
95 Sukomal Builders & Developers Private Limited
59 Madhukar Housing and Development Company *
96 Sulekha Builders & Developers Private Limited
60 Madhur Housing and Development Company *
97 Super Mart One Property Management Services
61 Magna Real Estate Developers Private Limited
Private Limited
62 Mallika Housing Company * 98 Super Mart Two Property Management Services
63 Megha Estates Private Limited Private Limited
64 Northern India Theatres Private Limited 99 Trinity Housing and Construction Company *
65 Pace Financial Services 100 Udyan Housing and Development Company *
66 Panchsheel Investment Company * 101 Ultima Real Estate Developers Private Limited
67 Panchvati Estates Private Limited 102 Universal Management & Sales Private Limited
68 Parvati Estates Private Limited 103 Upeksha Real Estate Developers Private Limited
69 Pia Pariwar Trust 104 Uplift Real Estate Developers Private Limited
70 Plaza Partners 105 Urva Real Estate Developers Private Limited
71 Power Overseas Private Limited 106 Uttam Builders and Developers Private Limited
72 Prem Traders & Investments Private Limited 107 Uttam Real Estates Company *
73 Prem’s Will Trust 108 Vishal Foods and Investments Private Limited
74 Pushpak Builders and Developers Private Limited 109 Yashika Properties and Development Company *
75 R.R Family Trust
* A private company with unlimited liability.
b) The following transactions were carried out with related parties in the ordinary course of business
(Rs. in lacs)
Description Subsidiaries/ partnership firms Joint ventures/ Associates
2010 2009 2010 2009
Sale of land and constructed properties 41,144.15 740.99 - -
Sale of gas 706.54 268.18 - -
Sale of development rights 3,651.97 8,297.38 - -
Sale of surplus construction material (including material transfer) 12,483.71 785.26 - -
Development charges 629.88 - - -
Royalty income 2,377.57 - - -
Dividend income 25,009.54 - - -
Sale of fixed assets 15,003.96 1,741.19 - -
Interest income – Loan 41,767.08 95,044.43 422.17 206.04
Interest income – Debentures 3,099.60 776.43 - -
Miscellaneous income# 55.39 31.25 - -
97

(Rs. in lacs)
Description Subsidiaries/ partnership firms Joint ventures/ Associates
2010 2009 2010 2009
Rent received # 736.16 138.53 - -
Maintenance and service charges paid # 537.11 588.64 - -
Expenses recovered # 11,830.09 4,475.22 52.35 2,098.75
Purchase of land, developed plots and material 3,997.20 1,104.17 - -
Rent paid # 42.68 14.67 - -
Interest paid 189.81 141.40 - -
Expenses paid 4,692.31 3,779.89 - 51.69
Technical/ professional charges paid 26.96 1,188.00 - 314.11
Payments under construction contracts 13,647.70 - 2,618.04 29,915.24
Investment purchased 15,076.70 60,808.64 - 20,125.00
Investments sold 2,960.80 1,220.13 - -
Debentures purchased - 68,245.00 - -
Debentures sold - 29,500.00 - -
Profit / (loss) from partnership firms (net) (527.56) (530.69) - -
Loans given 1,018,377.21 858,492.24 633.00 1,003.00
Loan received back 1,154,379.43 845,244.61 499.00 52.00
Guarantees given (net) 237,747.86 126,567.00 13,005.93 -
Advances received under agreement to sell 8,444.02 16,665.89 - 17,600.00
Earnest money paid under agreement to purchase land/ 13,373.46 22,625.26 - -
development rights
Earnest money paid under agreement to purchase land/
33,266.98 29,637.36 - -
development rights refunded
Advances given 4,130.44 2,295.40 3,731.00 517.00
Purchase of development rights - 5,656.29 - -
Loans Taken 4,766.73 1,200.00 - -
Loans refunded - 1,200.00 - -
Claims paid - 875.00 - -
# Figures shown above are net of service tax
(Rs. in lacs)
Balance at the end of the year Subsidiaries/ partnership firms Joint ventures/ associates
2010 2009 2010 2009
Debtors (Including unbilled receivables) 111,358.06 3,684.26 - -
Investments in shares/ partnership firms 239,070.72 226,520.57 21,663.00 21,665.50
Investments in debentures 38,745.00 38,745.00 - -
Interest accrued on debentures 2,806.03 600.92 - -
Loans and advances 746,478.19 794,585.67 13,911.57 9,506.89
Earnest money and part payments under agreement to purchase 448,039.32 469,704.93 - -
land/ development rights/ constructed properties (net of interest
capitalised)
Creditors/ amounts payable 18,209.70 3,602.07 154.67 4,378.81
Guarantees given 626,456.09 388,708.23 13,005.93 -
Advances received under agreement to sell 61,868.90 53,615.29 - -
Earnest money received 23,731.50 23,731.50 - -
Security deposit received 343.78 305.76 - -
Unsecured loan (taken) 4,766.73 - - -
Interest payable 3,036.99 - - -
Interest accrued but not due 117.65 - - -
Security deposit paid 48.22 - - -
98

(Rs. in lacs)
Description Key Management Personnel Enterprises over which KMP
(KMP) and their relatives is able to exercise significant
influence
2010 2009 2010 2009
Purchase of land and material - - 34.34 10.94
Development charges - - 23,201.48 101,235.83
Remuneration paid 2,591.27 1,693.86 - -
Interest income - - - 10.54
Rent paid 21.63 21.63 39.41 41.97
Interest paid - - - 14,432.24
Lease money received - - 23.36 2.09
Expenses recovered - - 6.24 13.56
Miscellaneous income - - - 6.68
Expenses paid - - 792.05 191.06
Loan given - - - 300.00
Loan received back - - - 300.00
Advance received under agreement to sell 1,181.73 279.11 - -
Balance at the end of the year

Unbilled receivables - - - 18,763.13
Security deposit given - - 0.06 5.17
Investment - - 85.80 85.80
Earnest money and part payments under agreement to purchase - - 235.44 303.58
land/ constructed properties
Advance received under agreement to sell 2,104.16 922.43 - -
Amount recoverable/advances - - - 7.00
Creditors/ amounts payable 175.00 94.94 5.02 3,165.23
Managerial commission payable 1,322.35 825.00 - -
Above includes the following material transactions

(Rs. in lacs)
Description Subsidiaries/ partnership firms under control
Transactions during the year Name of the entity 2010 2009
Sale of land and constructed properties DLF Home Developers Limited 41,144.15# 740.99#
Sale of gas DLF Utilities Limited 706.54 268.18
Sale of development rights DLF Homes Ambala Private Limited - 1,135.29
DLF Garden City Indore Private Limited 46.24 1,633.02
DLF Southern Towns Private Limited 511.09 947.70
DLF New Gurgaon Homes Developer Private Limited - 3,600.00
DLF Southern Homes Private Limited 3,094.64 569.21
Sale of surplus construction material DLF Southern Homes Private Limited 2,707.92 -
(including material transfer)
Shivajimarg Properties Limited 1,536.59 -
DLF New Gurgaon Homes Developer Private Limited 4,836.72 -
DLF Cyber City Developers Limited 257.72 646.54
Development charges DLF Assets Private Limited 629.88 -
Royalty income DLF Homes Panchkula Private Limited 2,377.57 -
Dividend income DLF Home Developers Limited 25,009.54 -
Sale of fixed assets DLF Utilities Limited - 1,741.19
Saket Courtyard Hospitality 15,000.00 -
Interest income - loan DLF Retail Developers Limited 19,325.42 37,749.98
DLF Home Developers Limited 4,870.56 22,857.70
Interest income - debentures Jawala Real Estate Private Limited 3,099.60 755.79
99

(Rs. in lacs)
Miscellaneous income# DLF Utilities Limited 5.00 5.00
DLF Housing and Construction Limited 5.00 5.00
Edward Keventor (Successors) Private Limited 5.00 5.00
DLF Services Limited 26.40 -
Rent received # DLF Retail Developers Limited 27.67 83.00
DLF Brands Limited 149.79 27.48
DLF Commercial Developers Limited 5.20 5.20
DT Cinemas Limited 325.00 -
DLF Food Courts Private Limited 150.43 4.88
Maintenance and service charges paid # DT Cinemas Limited - 209.40
DLF Services Limited 229.99 -
DLF Estate Developers Limited 283.45 379.24
Expenses recovered # DLF Cyber City Developers Limited 376.77 686.10
DLF Utilities Limited 5,013.21 2,124.99
DLF Retail Developers Limited 46.72 81.14
DLF Home Developers Limited 4,264.08 312.49
Purchase of land, developed plots and DLF Utilities Limited 1,609.89 915.38
material
DLF Housing & Construction Limited 125.24 188.79
DLF Cyber City Developers Limited 961.44 -
DLF Assets Private Limited 1,181.93 -
Rent paid # DLF Office Developers - 13.55
Lodhi Property Company Limited 41.55 -
Interest expenses Bhoruka Financial Services Limited - 141.40
DT Cinemas Limited 130.73 -
DT Projects Limited [formerly DLF Laing O’Rourke 59.08 -
(India) Limited]
Expenses paid DLF Projects Limited - 3,069.47
DLF Home Developers Limited 0.86 0.20
Technical/professional charges paid DLF Hotel Holdings Limited 26.96 1,188.00
Payments under construction contracts DT Projects Limited [formerly DLF Laing O’Rourke 13,647.70 -
(India) Limited]
Investments purchased DLF Info Park Developers (Chennai) Limited - 32,000.00
DLF Hotel Holdings Limited 8,308.00 16,045.00
DLF Pramerica Life Insurance Company Limited 6,234.50 10,137.00
Investments sold DLF Office Developers 209.50 622.48
DLF South Point 1,262.56 503.65
Kavicon Partners - 94.00
DLF Utilities Limited 1,486.24 -
Debentures purchased Jawala Real Estate Private Limited - 38,745.00
DLF SEZ Developers Limited - 29,500.00
Debentures sold DLF SEZ Developers Limited - 29,500.00
Profit / (loss) on partnership firms (net) DLF Office Developers 265.06 379.98
DLF Commercial Projects Corporation (353.93) (1,009.79)
DLF South Point (3.72) 1.28
Rational Builders & Developers (453.33) (2.87)
100

(Rs. in lacs)
Saket Courtyard Hospitality (52.41) -
Loans given DLF Retail Developers Limited 136,088.90 190,412.04
DLF Commercial Developers Limited 50,551.81 181,562.51
DLF Cyber City Developers Limited 281,249.15 11,744.00
Loan received back DLF Retail Developers Limited 153,910.33 249,828.09
DLF Commercial Developers Limited 61,055.00 196,162.89
Guarantees given (net) DLF Commercial Developers Limited (4,900.00) (44,500.00)
Regency Park Property Management Services Private - 41,100.00
Limited
DLF Cyber City Developers Limited (15,650.00) 117,500.00
Jawala Real Estate Private Limited - (90,000.00)
DLF Home Developers Limited 40,000.00 -
DLF Commercial Complexes Limited (36,567.00) -
DLF Ackruti Info Parks (Pune) Limited 30,534.86 -
[formerly DLF Akruti Info Parks (Pune) Limited]
DT Projects Limited [formerly DLF Laing O’Rourke 28,000.00 -
(India) Limited]
DLF Global Hospitality Limited 179,580.00 -
Advances received under agreement DLF New Gurgaon Homes Developers Private Limited 8,444.02 16,665.89
to sell
Earnest money paid under agreement to DLF Commercial Projects Corporation 8,849.52 16,770.00
purchase land/ development rights
Rational Builders & Developers 3,105.50 5,855.26
Earnest money paid under agreement DLF Commercial Projects Corporation 32,375.22 25,522.28
to purchase land/ development rights
refunded
Rational Builders & Developers 891.76 4,115.08
Advances given (net) DLF Projects Limited 4,130.44 2,295.40
Purchase of development rights DLF Commercial Projects Corporation - 3,000.00
Rational Builders and Developers - 2,266.29
Loan taken DT Cinemas Limited 4,766.73 -
Bhoruka Financial Services Limited - 1,200.00
Loan refunded Bhoruka Financial Services Limited - 1,200.00
Claim paid DLF Hilton Hotels Limited - 875.00
(Rs. in lacs)
Subsidiaries/ partnership firms under control
Balance at the end of the year Name of the entity 2010 2009
Debtors (Including unbilled receivables) DLF Homes Ambala Private Limited 1,135.29 1,135.29
DLF Garden City Indore Private Limited 942.89 896.65
DLF Southern Towns Private Limited 1,458.79 947.70
DLF Southern Homes Private Limited 3,663.86 569.21
DLF Home Developers Limited 28,405.21 -
Investments in shares / partnership firms DLF Info Park Developers Chennai Limited 32,000.00 32,000.00
Edward Keventor (Successors) Private Limited 43,892.06 43,892.06
DLF Hotel Holdings Limited 125,968.00 117,660.00
101

(Rs. in lacs)
Subsidiaries/ partnership firms under control
Investments in debentures Jawala Real Estate Private Limited 38,745.00 38,745.00
Interest accrued on debentures Jawala Real Estate Private Limited 2,789.64 584.53
Loans and advances given DLF Retail Developers Limited 294,018.96 294,363.14
DLF Cyber City Developers Limited 99,488.48 60.54
Earnest money and part payments under DLF Commercial Projects Corporation 348,248.54 371,774.24
agreement to purchase land/ development
rights/ constructed properties (net of
interest capitalised)
Rational Builders & Developers 92,348.60 90,134.86
Creditors/ amounts payable DLF Hotel Holdings Limited 1,737.45 1,712.07
DLF Commercial Projects Corporation 1,888.24 1,534.31
DT Projects Limited [formerly DLF Laing O’Rourke
4,895.19 -
(India) Limited]
DLF Commercial Developers Limited 2,457.88 -
Guarantees given DLF Commercial Developers Limited 43,000.00 43,000.00
Regency Park Property Management Services Private
41,100.00 41,100.00
Limited
DLF Info City Developers (Chennai) Limited 27,700.00 27,700.00
DLF Global Hospitality Limited 179,580.00 -
Advances received under agreement DLF New Gurgaon Homes Developers Private Limited 61,868.90 53,424.89
to sell
DLF Financial Services Limited - 29.75
DLF Utilities Limited - 117.53
Diwakar Estates Limited - 25.27
Earnest money received DLF Home Developers Limited 23,731.50 23,731.50
Security deposit received DT Cinemas Limited - 62.97
DLF Brands Limited 148.00 96.14
Kapo Retail Private Limited 51.94 45.59
DLF Food Courts Private Limited 125.69 84.77
Unsecured loan (taken) DT Cinemas Limited 4,766.73 -
Interest payable DLF Assets Private Limited 3,036.99 -
Interest accrued but not due DT Cinemas Limited 117.65 -
Security deposits paid Lodhi Property Company Limited 44.22 -
(Rs. in lacs)
Description Joint Ventures/ Associates
Interest income on loan Delanco Real Estate Private Limited 330.80 206.04
Joyous Housing Limited 91.37 -
Expenses recovered # DLF New Gurgaon Homes Developer Private Limited - 2,011.47
DT Projects Limited [formerly DLF Laing O’Rourke 52.35 85.06
(India) Limited]
Expenses paid Delanco Real Estate Private Limited - 51.68
Advances received under agreement DLF New Gurgaon Homes Developers Private Limited - 17,600.00
to sell
102

(Rs. in lacs)
Description Joint Ventures/ Associates
Technical/ professional charges paid WSP Engineering Services Limited - 314.11
Payments under construction contracts DT Projects Limited [formerly DLF Laing O’Rourke 2,325.64 29,915.24
(India) Limited]
Star Alubuild Private Limited 292.40 -
Investment purchased DLF Limitless Developers Private Limited - 20,125.00
Guarantees given Kujjal Builders Private Limited 11,900.00 -
Loans given Delanco Real Estate Private Limited 633.00 1,003.00
Loan received back Delanco Real Estate Private Limited 499.00 52.00
Advances given Joyous Housing Limited 3,731.00 517.00
(Rs. in lacs)
Joint Ventures/ Associates
Investments in shares DLF Limitless Developers Private Limited 20,125.50 20,125.50
Delanco Real Estate Private Limited 1,500.00 1,500.00
Loans and advances Delanco Real Estate Private Limited 2,647.37 2,215.65
Joyous Housing Limited 11,104.48 7,291.24
Creditors/ amounts payable DT Projects Limited [formerly DLF Laing O’Rourke - 4,376.88
(India) Limited]
Star Alubuild Private Limited 154.46 -
(Rs. in lacs)
Description Enterprises over which KMP is able to exercise significant influence
Transactions during the year Name of the Entity 2010 2009
Purchase of land and material DLF Building & Services Private Limited 34.34 10.94
Development charges DLF Assets Private Limited 23,201.48 101,235.83
Interest income DLF Q.E.C. Medical Charitable Trust - 10.54
Rent paid # Realest Builders & Services Limited 4.89 9.67
DLF Q.E.C. Medical Charitable Trust 14.20 13.13
DLF Q.E.C. Educational Charitable Trust 18.93 17.51
Interest paid DLF Assets Private Limited - 14,432.85
Lease money received DLF Assets Private Limited 23.36 2.09
Expenses recovered # DLF Assets Private Limited 0.08 1.77
DLF Info City Developers (Chandigarh) Limited 2.04 6.87
DLF Info City Developers (Kolkata) Limited 3.50 4.63
DLF Commercial Enterprises 0.55 0.14
Miscellaneous income # DLF Building & Services Private Limited - 6.68
Expenses paid DLF Q.E.C. Medical Charitable Trust - 22.37
DLF Q.E.C. Educational Charitable Trust - 108.71
Pace Financial Services 4.56 35.24
DLF Foundation 787.49 24.75
Loan given DLF Q.E.C. Medical Charitable Trust - 300.00
Loan received back DLF Q.E.C. Medical Charitable Trust - 300.00
103

(Rs. in lacs)
Balance at the end of the year Name of the Entity 2010 2009
Unbilled receivables DLF Assets Private Limited - 18,763.13
Security deposit given DLF Q.E.C. Medical Charitable Trust - 1.25
Investments Digital Talkies Private Limited 80.68 80.68
Earnest money and part payments DLF Building & Services Private Limited
under agreement to purchase land/ 201.18 269.31
Amount recoverable/advances DLF Info City Developers (Chandigarh) Limited - 6.85
DLF Commercial Enterprises - 0.14
Creditors/ amounts payable DLF Q.E.C. Educational Charitable Trust 0.77 101.70
DLF Q.E.C. Medical Charitable Trust 0.10 20.87
DLF Building & Services Private Limited 0.94 -
Plaza Partners 2.84 2.84
Amount payable DLF Assets Private Limited - 3,039.44
(Rs. in lacs)
Description Key Management Personnel (KMP) and their relatives

Transactions during the year Name of the KMP and their relatives 2010 2009
Remuneration paid Mr. K.P. Singh 500.66 306.52
Mr. Rajiv Singh 543.17 332.30
Mr. K. Swarup 393.19 181.14
Mr. T.C. Goyal 831.70 559.42
Ms. Pia Singh 322.54 284.48
Rent paid Mrs. Veena Swarup 21.63 21.63
Advance received under agreement to sell Mr. T.C. Goyal 302.76 -
Mrs. Sharda Goyal 437.08 -
Mr. Dhiraj Sarna 244.17 279.11
Mr. K. Swarup 144.47 -
Balance at the end of the year
Creditors/ amounts payable Mr. K.P. Singh - 7.22
Mr. Rajiv Singh - 10.73
Ms. Pia Singh - 1.99
Mr. K. Swarup 175.00 75.00
Managerial commission payable Mr. K.P. Singh 398.59 250.00
Mr. T.C. Goyal 400.00 225.00
Ms. Pia Singh 125.00 100.00
Mr. Dhiraj Sarna 1,087.30 843.13
104

12. Information pursuant to clause 32 of the listing agreements with stock exchanges
(Rs. in lacs)
a. Loans and advances in the nature of loans to Subsidiaries/ Balance as on Maximum balance
Associates/Joint ventures/ partnership firms/others March 31 during the year
Name of the entity Status 2010 2009 2010 2009
1 Kairav Real Estate Private Limited Subsidiary 4,953.72 5,193.92 6,414.78 5,193.92
2 DLF Housing and Construction Limited Subsidiary 918.88 940.00 965.50 940.00
3 DLF Commercial Developers Limited Subsidiary 1,672.84 10,882.20 28,396.94 105,507.38
4 DLF Retail Developers Limited Subsidiary 293,355.62 293,784.17 340,532.61 341,612.39
5 DLF Home Developers Limited Subsidiary 31,658.53 275,153.06 278,817.22 275,153.06
6 Paliwal Developers Limited Subsidiary 1,690.24 1,134.27 1,690.24 1,749.23
7 Beverly Park Maintenance Services Limited Subsidiary 41,792.02 34,944.00 41,792.02 46,963.09
8 DLF Cyber City Developers Limited Subsidiary 99,675.32 - 99,675.32 14,021.54
9 Breeze Construction Private Limited Subsidiary 14,854.16 13,681.45 14,854.16 13,681.45
10 DLF Utilities Limited Subsidiary 38,516.11 11,666.29 38,516.11 11,666.29
11 VSK Investment and Finance Limited Subsidiary 13,873.20 14,240.62 14,240.62 14,240.62
12 DLF Brands Limited Subsidiary 11,058.80 5,911.56 11,058.80 72,085.72
13 DT Cinemas Limited Subsidiary 2,407.43 4,240.62 5,403.91 4,240.62
14 DLF Services Limited Subsidiary 45.85 604.63 1,988.39 604.63
15 DLF Estate Developers Limited Subsidiary 1,294.25 955.88 1,294.25 1,328.50
16 NewGen MedWorld Hospitals Limited Subsidiary 50.51 46.64 50.51 46.64
17 Dalmia Promoters and Developers Private Limited Subsidiary 827.93 762.32 827.93 762.32
18 DLF Finvest Limited Subsidiary - 31.00 31.34 611.41
19 Eastern India Powertech Limited Subsidiary 44,527.14 38,855.68 44,527.14 38,855.68
20 DLF Hotel Holdings Limited Subsidiary 8,370.43 - 8,370.43 10,478.78
21 DLF SEZ Developers Limited Subsidiary 370.78 318.03 373.42 318.03
22 Edwards Keventor (Successors) Private Limited Subsidiary 1,413.57 7,494.79 7,622.29 7,494.79
23 Bhoruka Financial Services Limited Subsidiary - 3,762.13 3,762.13 3,960.00
24 DLF Info City Developers (Chennai) Limited Subsidiary 581.33 1,527.45 22,700.56 2,954.00
25 Delanco Real Estate Private Limited Joint Venture 2,647.37 2,215.65 2,647.37 2,215.65
26 DLF Ackruti Info Parks (Pune) Limited Subsidiary - 14,176.52 14,452.56 14,176.52
27 DLF Emporio Restaurants Limited Subsidiary 2,411.04 408.30 2,411.04 408.30
28 DLF Financial Services Limited Subsidiary - 0.69 0.69 0.69
29 Galleria Property Management Services Private Limited Subsidiary 3,989.74 2,637.93 3,989.74 3,922.43
30 Regency Park Property Management Services Private Subsidiary 106.13 1,237.77 2,035.77 20,230.13
Limited
31 DLF City Centre Limited Subsidiary 110.50 5,952.37 6,918.17 5,952.37
32 DLF Food Court Private Limited Subsidiary 1,272.27 240.58 1,272.27 240.58
33 Jawala Real Estate Private Limited Subsidiary 7,781.38 2,534.68 7,781.38 2,534.68
34 DLF Property Developers Limited Subsidiary 374.40 61.70 513.70 146.00
35 DLF Commercial Complexes Limited Subsidiary 43,411.24 21,965.25 49,698.75 21,965.25
36 DLF Land Limited Subsidiary 1,118.61 - 1,118.61 -
37 DLF Real Estate Builders Limited Subsidiary 252.04 - 252.04 -
38 DLF Residential Partners Limited Subsidiary 885.14 - 885.14 -
39 DLF Residential Developers Limited Subsidiary 417.97 - 417.97 -
40 DLF Wind Power Private Limited (formerly Bestvalue
Housing and Construction Private Limited) Subsidiary 69.66 - 69.66 -
41 Diwakar Estates Limited Subsidiary - - 1.00 -
42 DLF Info Park Developers Chennai Limited Subsidiary 72.32 - 72.32 -
43 Caressa Builders & Construction Private Limited Subsidiary 1.05 - 1.05 -
105

(Rs. in lacs)
a. Loans and advances in the nature of loans to Subsidiaries/ Balance as on Maximum balance
Associates/Joint ventures/ partnership firms/others March 31 during the year
Name of the entity Status 2010 2009 2010 2009
44 Shivajimarg Properties Limited Subsidiary 1,009.17 - 1,009.17 -
45 Chandrajyoti Estate Developers Private Limited Subsidiary 20.13 - 20.13 -
46 DLF New Gurgaon Offices Developers Private Limited Subsidiary 2.04 - 2.04 -
47 DLF GK Residency Partnership 2,029.47 2,679.60 4,846.60 2,679.60
48 DLF Q.E.C. Medical Charitable Trust Other - - - 300.00
● There are no transactions of loans and advances to subsidiaries, associate firms/ companies in which Directors are interested other than
as disclosed above.
● There are no loans and advances in the nature of loans where there is no repayment schedule or repayment beyond seven years or no
interest or interest below Section 372A of the Companies Act, 1956.
13. Operating leases

A) Assets given on lease *
(Rs. in lacs)
Class of assets Gross block as on Depreciation Cumulative
March 31, 2010 for the year Depreciation
2009-10 March 31, 2010
a) Fixed assets (Leasehold land and building) 35,701.44 559.76 612.48
b) Current assets (Constructed buildings and related equipments
including land)
Lease hold 3,054.27 52.12 949.84
Free hold 12,345.09 284.59 570.60
* Includes partly self occupied properties.
B) The Company has leased facilities under non- cancelable operating leases. The future minimum
lease payment in respect of these leases as at March 31, 2010 are:
(Rs. in lacs)
Minimum lease payments receivables: March 31, 2010 March 31, 2009
(i) Not later than one year 8,690.15 6,446.58
(ii) Later than one year and not later than five years 7,469.84 9,766.17
(iii) Later than 5 years - -
Total 16,159.99 16,212.75
14. Investments in Joint Ventures
S. No Joint venture Location Principal activities Ownership

interest
1 Niharika Shopping Mall Joint Venture* (till August 31, 2009) Mumbai Development and construction 50%
of shopping mall
2 Mount Mary Residential Project Mumbai Development and construction 50%
of residential building
3 Delanco Real Estate Private Limited New Delhi Real estate consulting and 50%
brokerage
4 DLF Limitless Developers Private Limited New Delhi Development and construction 50%
of townships
5 DLF Gurgaon Developers Limited (formerly DLF SEZ New Delhi Development and construction 50%
Holdings Limited) (till August 30, 2009) of townships
106

A) The Company’s share of the assets, liabilities, income and expenditure of the significant joint ventures
(under jointly controlled operations) are as follows:
(Rs. in lacs)
a) Amount in respect of Niharika Shopping Mall Joint Venture* – Balance Sheet
2010 2009
(till August 31, 2009)
Reserves and surplus - 1.54
Secured loans - 3,437.01
Unsecured loans - -
Fixed assets (less accumulated depreciation) - 5.44
Inventories - 7,766.38
Cash and bank - 220.50
Sundry debtors - 2.54
Loans and advances - 978.01
Current liabilities and provisions - 334.30
Amount in respect of Niharika Shopping Mall Joint Venture – Statement of Profit & Loss Account
Selling, general and administrative expenses 0.86 0.49
Interest received - 0.01
Net profit / (loss) after tax & prior period item (0.86) (0.48)
* The Company has exit from the joint venture on August 31, 2009
b) Amounts in case of Mount Mary Project (under jointly controlled operations) is Rs. Nil, as the
project has not yet commenced.
B) The Company’s share of the assets, liabilities, income and expenditure of the significant joint ventures
(under jointly controlled entities) are as follows:
(Rs. in lacs)
a) Amount in respect of Delanco Real Estate Private Limited – Balance Sheet 2010 2009
Reserves and surplus 652.29 537.27
Secured loans 5.31 9.69
Unsecured loans 1,174.83 1,028.15
Fixed assets (less accumulated depreciation) 15.45 23.67
Investments 1.30 0.80
Sundry debtors 197.96 19.00
Cash and bank 17.57 110.39
Loans and advances 2,441.67 2,214.83
Current liabilities and provisions 341.53 293.59
Amount in respect of Delanco Real Estate Private Limited – Profit & Loss Account
Income from operations 317.25 302.91
Other income 319.00 244.78
Finance expenses 166.34 104.49
Net profit / (loss) after tax & prior period item 115.03 (77.64)
107

(Rs. in lacs)
b) Amount in respect of DLF Limitless Developers Private Limited – Balance Sheet 2010 2009
Cash and bank 9,687.48 4.74
Other current assets 730.24 -
Current liabilities and provisions 165.03 8.21
Reserves and surplus 927.18 (128.96)
Amount in respect of DLF Limitless Developers Private Limited – Profit & loss account
Interest received 1,621.64 -
Net profit / (loss) after tax & prior period item 1,056.14 (13.91)
(Rs. in lacs)
c) Amount in respect of DLF Gurgaon Developers Limited (formerly DLF SEZ Holdings 2010 2009
Limited) – Balance Sheet (till August 30, 2009)
Cash and bank - 1.89
Current liabilities and provisions - 1.62
Reserves and surplus - 2.23
Amount in respect of DLF Gurgaon Developers Limited (formerly DLF SEZ Holdings
Limited) – Profit & loss account
Selling, general and administrative expenses - 1.64
Net profit / (loss) after tax & prior period item - (1.67)
Note: Disclosure of financial data as per Accounting Standard - 27 “Financial Reporting of interest in the joint venture” is made based
on the audited financial statements of the above mentioned Joint Venture Operations or Joint venture entities, as the case
may be.
15. Employees stock options scheme, 2006 (ESOP)

a) During the year ended March 31, 2007, the Company had announced an Employees stock
options scheme (the “Scheme”) for all eligible employees of the Company, its subsidiaries, joint
ventures and associates. Under the Scheme, 17,000,000 equity shares have been earmarked to
be granted under the Scheme and the same will vest as follows:
Block I Block II Block III

Year 2 Year 4 Year 6
10% of the total grant 30% of the total grant 60% of the total grant
Pursuant to the above Scheme, the employee will have the option to exercise the right within
three years from the date of vesting of shares at Rs. 2 per share, being its exercise price.
b) As per the Scheme, the Remuneration Committee has granted options as per details below:
Grant No. Date of grant Number of options granted Outstanding options as on

March 31, 2010 (Net of
options exercised/forfeited)
I June 27, 2007 3,734,057 2,461,680
(3,734,057) (3,184,900)
II October 10, 2007 308,077 129,883
(308,077) (291,177)
III July 01, 2008 1,645,520 1,321,860
(1,645,520) (1,514,040)
108

Grant No. Date of grant Number of options granted Outstanding options as on
March 31, 2010 (Net of
options exercised/forfeited)
IV October 10, 2008 160,059 87,620
(160,059) (157,659)
V July 01, 2009 3,355,404 3,300,441
(-) (-)
VI October 10, 2009 588,819 520,860
(-) (-)
According to the Guidance Note 18 on “Share Based Payments” issued by ICAI, Rs. 4,167.92
lacs have been provided during the year as proportionate cost of ESOPs.
c) Outstanding stock options for equity shares of the Company under the “Employees Stock Options
Scheme”:
Particulars 2010
Grant No. Date of grant Exercise Numbers Number of options Total
price Rs. outstanding committed to be granted
in the future
I July 1, 2007 2 2,461,680 - 2,461,680
(3,184,900) (293,300) (3,478,200)
II October 10, 2007 2 129,883 - 129,883
(291,177) (88,259) (379,436)
III July 01, 2008 2 1,321,860 - 1,321,860
(1,514,040) (-) (1,514,040)
IV October 10, 2008 2 87,620 - 87,620
(157,659) (-) (157,659)
V July 01, 2009 2 3,300,441 - 3,300,441
(-) (-) (-)
VI October 10, 2009 2 520,860 - 520,860
(-) (-) (-)
d) In accordance with the guidance note - 18 “Share based payments” issued by ICAI the following
information relates to the stock options granted by the Company.
2010
Particulars Stock options Range of Weighted- Weighted-average
(numbers) exercise prices average exercise remaining
(Rs.) prices (Rs.) contractual life
(years)
Outstanding, beginning of the year 5,529,335 2 - -
(4,962,810) (2) (-) (-)
Add: Granted during the year 3,944,223 2 2 -
(1,276,929) (2) (2) (-)
Less: Forfeited during the year 1,311,546 2 2 -
(710,404) (2) (2) (-)
Less: Exercised during the year 270,637 2 2 -
(-) (-) (-) (-)
Less: Lapsed during the year - - - -
(-) (-) (-) (-)
Outstanding, end of the year 7,822,344 2 2 5.05
(5,529,335) (2) (2) (5.22)
Exercisable at the end of the year 69,031 2 2 -
(-) (-) (-) (-)
109

e) The following table summarizes information about stock options outstanding as at March 31,
2010:
Options outstanding Options exercisable
Range of Numbers Weighted average Weighted average Numbers Weighted
exercise remaining exercise price average
prices contractual life exercise price
2 7,822,344 5.05 2 69,031 2
(2) (5,529,335) (5.22) (2) (-) (-)
(Figures in brackets pertain to previous year.)
The Company has calculated the employee compensation cost using the Intrinsic value of
the stock Options measured by a difference between the fair value of the underline equity
shares at the grant date and the exercise price. Had compensation cost been determined in a
manner consistent with the fair value method, based on Black – Scholes model, the employees
compensation cost would have been lower by Rs. 348.09 lacs and proforma profit after tax would
have been Rs. 76,735.64 lacs (higher by Rs. 229.77 lacs). On a proforma basis, the basic and
diluted earnings per share would have been Rs. 4.52 and Rs. 4.51 respectively.
The fair value of the options granted is determined on the date of the grant using the “Black-
Scholes option pricing model” with the following assumptions:
Grant I Grant ll Grant lll Grant IV Grant V Grant VI
Dividend yield (%) 0.28 0.28 0.57 0.73 0.86 0.64
Expected life (no. of years) 6.50 6.50 5.50 5.50 5.50 5.50
Risk free interest rate (%) 8.37 8.09 9.46 8.17 6.75 7.26
Volatility (%) 82.30 82.30 52.16 59.70 86.16 81.87
16. Cash settled options

Under the Employee Shadow Option Scheme (the “Scheme”), employees are entitled to get cash
compensation based on the average market price of equity share of the Company, upon exercise of
shadow option on a future date. As per the scheme, shadow options will vest as follows:-
Trench Date of Grant Vesting at the end Vesting at the end Vesting at the end
of year 2 of year 3 of year 4
I July 1, 2007* 50% - 50%
II September 1, 2007* 50% - 50%
III July 01, 2008 50% 50% -
IV October 10, 2008 50% 50% -
V July 01, 2009 100% - -
Details of outstanding options and the expenses recognised under the employee shadow option
scheme is as under :-
No of Shadow Exercise Average Fair value of Total expenses charged Liability as on March
options price market price shadow option to Profit & Loss 31, 2010 (Included in
outstanding as Account (Included in Schedule 14-Provision –
on March 31, Schedule-17 – Employee Employee Benefits)
2010 benefits)
(No.) Rs./Option Rs./Option Rs./Option Rs. in lacs Rs. in lacs
483,701 2 307.15 305.15 1,021.29 841.40
(487,490) (2) (160.30) (158.30) (379.13) (379.13)

* For trench I & II 50% options have already been vested in the current financial year ended March 31, 2010, hence remaining 50%
are disclosed above.
110

17 a) The Company uses forward contracts and Swaps to hedge its risks associated with fluctuations
in foreign currency and interest rates. The use of Forward contracts and Swaps is covered
by Company’s overall strategy. The Company does not use Forward covers and Swaps for
speculative purposes.
As per the strategy of the Company, foreign currency loans are covered by comprehensive
hedge, considering the risks associated with the hedging of such loans, which effectively fixes
the principal and interest liability of such loans and further there is no additional risk involved post
hedging of these loans.
The following are the outstanding forward contracts and swaps as at March 31, 2010:
(Rs. in lacs)
For hedging any risks 2010 2009
Secured Loans 314,102.06 69,998.93
Interest on Secured Loans 503.41 -
Unsecured Loans - -
Interest on Unsecured Loans - -
b) The detail of foreign currency exposure that are not hedged by derivative instrument or otherwise
included in the creditors is as mentioned below:-
(Amount in lacs)
2010 2009
INR USD* INR USD
Secured Loans 6,895.79 152.76 5,662.55 111.14
Interest on Secured Loans 14.08 0.31 19.98 0.39
Unsecured Loans - - - -
Interest on Unsecured Loans - - - -
* Conversion rate applied 1 USD = Rs. 45.14 (previous year Rs. 50.95)
18 Contingent liabilities, not provided for, exist in respect of

(Rs. in lacs)
2010 2009
a) Guarantees issued by the Company on behalf of :
Others 13,005.93 12,000.00
b) Claims against the Company (including unasserted claims) not acknowledged as debts 13,778.33 12,097.05
c) Income tax demand in excess of provisions (pending in appeals) 50,992.28 53,283.03
d) Undertaking to buy back preference shares in subsidiary/ associate companies * 186,629.82 170,939.57
* 29.81 acres of land of the Company and 55.8475 acres of land of subsidiary companies is also pledged as collateral securities
against these undertakings. Further subsequent to the balance sheet date on May 5, 2010, preference shares amounting to
Rs. 50,132.44 lacs have been redeemed by one of the subsidiary company.
19. The Company is primarily engaged in the business of colonisation and real estate development, which
as per Accounting Standard 17 on “Segment Reporting” issued by the ICAI is considered to be the
only reportable business segment. The Company is primarily operating in India which is considered
as a single geographical segment.
20. Capital expenditure commitments
(Rs. in lacs)
2010 2009
38,105.38 21,510.34
111

21. Directors’ remuneration*
(Rs. in lacs)
2010 2009
Salaries and bonus 595.51 586.60
Commission – Whole-time directors 1,325.00 825.00
Commission – Non-executive directors 140.00 140.00
Directors fees 29.80 30.00
Provident and other funds 75.42 87.05
Other perquisites and benefits 595.34 165.21
2,761.07 1,833.86
* Exclusive of provisions for gratuity, compensated absence, premium for personal accident insurance policy, Share based payments,
made in the financial statements as per accounting policy number 13 and 15 as stated in Schedule 24.
Computation of net profits in accordance with Section 349 of the Companies Act, 1956 and commission
payable to directors
(Rs. in lacs)
Profit before tax as per the Profit & Loss Account 94,308.68
Add: Directors’ remuneration (including Directors’ fee) 2,761.07
Add: Loss on sale of fixed assets 26.11
Add: Assets written off /discarded 14.97
Add: Provision for doubtful debts and advances 4,114.27
Less: Profit on sale of fixed assets (327.66)
Less: Profit on sale of investments (45.07)
Net profit as per Section 349 of the Companies Act, 1956 100,852.37
Commission
Whole-time Directors 1,325.00
Non-executive Directors 140.00
Overall limit of managerial remuneration allowed as per Section 198 of the Companies Act, 1956 11,093.76
Managerial remuneration paid 2,761.07
22. Dividend to non-resident shareholders (in foreign currency)

(Rs. in lacs)
2010 2009
Number of shareholders 4 3
Number of shares held 17,010 16,465
Dividend remitted 0.34 0.33
Year to which it relates 2009 2008
23. Expenditure in foreign currency (on cash basis)

(Rs. in lacs)
2010 2009
Travelling 344.36 189.79
Professional charges 7,629.93 2,667.51
Interest paid 6,726.87 245.73
Others 1,105.36 3,196.29
112

24. Receipts in foreign currency (on cash basis)
(Rs. in lacs)
2010 2009
Receipts from customers (against agreements to sell) 12,162.78 9,918,74
Interest from customers (under agreement to sell) 82.72 9.44
25. CIF value of import

(Rs. in lacs)
2010 2009
Material (including material purchased in high seas) 1,807.36 7,268.50
Others 184.05 -
26. Payment to auditors

(Rs. in lacs)
2010 2009
Audit fee 70.68 57.29
Tax audit fee 6.00 6.00
Tax matters 56.60 -
Certification and other matters 62.37 32.76
Service tax 20.14 11.36
215.79 107.41
27. Details of stocks, purchases and turnover

Land and plots (including development 2010 2009
cost)
Area Amount Area Amount
(In acres) (Rs. in lacs) (In acres) (Rs. in lacs)
Opening stock 6.47 368.43 7.59 646.48
Purchases/ transfer 6.64 218.67 1.98 199.73
Sales 6.24 561.88 3.10 4,205.39
Closing stock 6.87 163.91 6.47 368.43
28. Details of capital work-in-progress as on March 31, 2010

(Rs. in lacs)
2010 2009
Land 121,928.21 121,928.21
Development and construction expenses 30,782.91 27,867.51
Finance charges 17,740.26 15,020.74
Advances to contractors and others 1340.63 402.24
Softwares – under development / implementation 58.74 554.58
171,850.75 165,773.28
29. (a) Wind mill projects of the Company are entitled for tax holiday under Section 80-IA of the Income
Tax Act, 1961. Accordingly, the computation of tax (current and deferred) has been done as per
Accounting Standard 22 “Accounting for taxes on Income” and Accounting Standard Interpretation
3, issued by the ICAI.
(b) The Company’s profits from Special Economic Zone (“SEZ”) business are exempt under
Section 80-IAB of the Income Tax Act, 1961 and the dividend declared out of such SEZ profits are
exempt from Dividend Distribution Tax under the provisions of Section 115-O(6) of the Income
Tax Act, 1961.
113

In line with the above provisions, the Company has provided dividend tax only on the proportionate
amount of dividend declared out of non SEZ profits and after adjustment of the dividend received
from its wholly owned subsidiary company in terms of provisions of Section 115-O(1A)(i) of the
Income Tax Act, 1961.
30. On May 6, 2009, the Company received an assessment order for the AY 2006 – 2007, from the
Income Tax authorities creating an additional tax demand amounting to Rs. 48,274.34 lacs on the
Company. The Company has filed an appeal against the order and based on advice from experts, is
confident that the additional tax demanded will not be sustained by the appellate authorities. Pending
the order of the appellate authorities, no provision has been made in the current year for the additional
tax so demanded and the same has been disclosed as a contingent liability.
31. Based on the information available with the Company, there are no dues outstanding in respect of
Micro, Small and Medium enterprises at the balance sheet date. No amounts were payable to such
enterprises which were outstanding for more than 45 days. Further, no interest during the year has
been paid or payable in respect thereof. The above disclosure has been determined to the extent such
parties have been identified on the basis of information available with the Company. This has been
relied upon by the auditors.
32. Utilisation of money raised by Public issue (IPO) of the Company upto March 31, 2010
(Rs. in lacs)
S. No Nature of expenditure 2010 2009
1 Acquisition of land and development rights 566,955 566,955
2 Development and construction costs for existing projects 63,625 63,625
3 Prepayment of loans 257,802 257,795
4 Issue related expenses 30,298 30,298
Total 918,680 918,673
The Company has fully utilised the IPO proceeds for the purposes as stated in the ‘Objects of the
Issue’ clause of the Prospectus dated June 18, 2007.
33. Events after Balance Sheet date
Subject to the approval of shareholders and other requisite approvals, the Board of Directors approved
in their meeting held on July 28, 2010, the proposal for further issue of equity shares by its wholly
owned subsidiary – DLF Brands Limited (DBL) under the Unlisted Public Companies (Preferential
Allotment) Rules, 2003 to M/s. Ishtar Retail Private Limited, a promoter group company. Upon further
issue of equity shares, DBL will cease to be subsidiary of DLF Limited. Pending further approvals no
effect has been given to the proposal in the above financial statements.
34. Previous year figures have been regrouped/ recast wherever considered necessary to make them
comparable with those of the current year.

New Delhi
July 28, 2010
114

BALANCE SHEET ABSTRACT AND COMPANY’ S GENERAL BUSINESS PROFILE
i) Registration details
Registration Number 2484
Balance Sheet Date 31 March, 2010 State Code 05
ii) Capital Raised during the year

(Amount in Rs. Thousands)
Public Issue Nil Right Issue Nil
Bonus Issue Nil Private Placement 481
iii) Position of Mobilization and Deployment of Funds

Total Liabilities (including shareholding fund) 289,294,183 Total Assets 289,294,183
Sources of Funds
Paid-up Capital 3,394,782 Reserves & Surplus * 124,905,298
Secured Loans 115,901,859 Unsecured Loans 10,476,673
Deferred Tax Liabilities (Net) 605,406 *Inclusive of revaluation
Reserves 25,008
Application of Funds
Net Fixed Assets 34,475,261 Investments 65,588,807
Net Current Assets 155,219,950 Misc. Expenditure Nil
Accumulated Losses Nil
iv) Performance of Company

Turnover and other income 32,204,315 Total Expenditure 22,773,447
Turnover 24,192,081
Other Income 8,012,234
Profit before Tax 9,430,868 Profit after tax 7,673,752
Earnings per shares in Rs. 4.51 Dividend Rate % 100%
v) Generic Names of Three principal products/ Not applicable, since the Company is neither engaged in
services of the Company : manufacturing activities nor in service rendering.

New Delhi
July 28, 2010
115

Auditors’ Report
To 2. We did not audit the financial statements
of some consolidated entities, whose
The Board of Directors of DLF Limited
Financial Statements reflect total assets of
Rs. 819,788.95 lacs as at March 31, 2010,
We have audited the attached consolidated total revenues of Rs. 40,639.72 lacs and
Balance Sheet of DLF Limited, its subsidiaries, cash outflows of Rs. 10,282.99 lacs for the
associates and joint ventures (as per list appearing year then ended. These financial statements
in Note 17 on Schedule 24 and hereinafter and other financial information have been
collectively referred to as the ‘Group’), as at audited by other auditors whose reports
March 31, 2010 and also the consolidated Profit have been furnished to us and our opinion in
& Loss Account and the consolidated Cash Flow respect thereof is based solely on the reports
Statement for the year ended on the date annexed of such other auditors.
thereto (collectively referred as the ‘Consolidated
Financial Statements’). These Consolidated 3. The Consolidated Financial Statements
Financial Statements are the responsibility of include total assets of Rs. 176,684.45 lacs,
the management and have been prepared by the revenues of Rs. 24,889.89 lacs and total
management on the basis of separate Financial cash outflows of Rs. 437.14 lacs of Silverlink
Statements and other financial information Holdings Limited (“Silverlink”), a subsidiary of
regarding components. Our responsibility is to the Company which has been consolidated
express an opinion on these Consolidated Financial based on the audited consolidated financial
Statements based on our audit. statements of Silverlink as at December 31,
We conducted our audit in accordance with 2009. No further adjustment is considered
auditing standards generally accepted in India. necessary in the Consolidated Financial
Those standards require that we plan and perform Statements as the management has
the audit to obtain reasonable assurance whether confirmed that no material event, affecting
the Consolidated Financial Statements are free the financial position of the subsidiary and its
of material misstatement. An audit includes constituents, has occurred during the period
examining, on a test basis, evidence supporting from January 1, 2010 to March 31, 2010.
the amounts and disclosures in the Consolidated 4. Without qualifying our opinion, we draw
Financial Statements. An audit also includes attention to note no. 16 of Schedule 24 to the
assessing the accounting principles used and
Consolidated Financial Statements, relating
significant estimates made by management, as
to an observation of the auditors of Silverlink
well as evaluating the overall Financial Statement
on existing and previous shareholders of
presentation. We believe that our audit provides a
Silverlink having an ongoing claim against
reasonable basis for our opinion.
the Silverlink which include repurchase of
We report that; shares held by the shareholders in exchange
1. The Consolidated Financial Statements for secured convertible notes to be issued
have been prepared by the management by the Silverlink, the entitlement to appoint a
in accordance with the requirements of Director on the board of Silverlink, injunction
Accounting Standard 21 on ‘Consolidated to restrain from taking additional secured
Financial Statements’, Accounting Standard loans above US$2 million (Rs. 90.28 Crores)
23 on ‘Accounting for Investments in and damages in relation to the above
Associates in Consolidated Financial breaches. These claims originated in the
Statements’ and Accounting Standard 27 years prior to acquisition of Silverlink by the
on ‘Financial Reporting of Interests in Joint Company and based on the advice of the
Venture’, notified pursuant to the Companies legal counsel, the management is of the view
(Accounting Standards) Rules, 2006. that the Company has reasonable chance to
117
Consolidated_Balance-Sheet.indd 117 8/26/2010 11:43:47 PM

defend the claims and a settlement is being a) the consolidated Balance Sheet, of the
explored. Based on current information, state of affairs of the Group as at March
the management is not able to quantify the 31, 2010;
potential financial impact on the Company
b) the consolidated Profit & Loss Account,
should the above shareholders succeed in
of the profit for the year ended on that
their claims against the Silverlink. No impact
date; and
of the same has been considered in these
financial statements since the resulting c) the consolidated Cash Flow Statement,
liability, if any, is considered contingent by of the cash flows for the year ended on
management. that date.
Based on our audit and consideration of reports of

other auditors on the separate financial statements
of some consolidated entities and on the other for Walker, Chandiok & Co
financial information of the components, and to Chartered Accountants
the best of our information and according to the Firm Registration No: 001076N
explanations given to us, we are of the opinion that
the attached Consolidated Financial Statements
give a true and fair view in conformity with the per David Jones
accounting principles generally accepted in India, New Delhi Partner
in the case of: July 28, 2010 Membership No. 98113
118

Consolidated Balance Sheet as at March 31, 2010
(Rs. in lacs)
Schedule 2010 2009
SOURCES OF FUNDS
Shareholders’ funds
Share capital 1 625,933.99 173,541.94
Reserves and surplus 2 2,417,338.50 2,241,839.82
3,043,272.49 2,415,381.76
Minority interests 62,777.51 63,362.66
Loan funds
Secured loans 3 1,930,158.61 1,326,231.02
Unsecured loans 4 237,506.38 305,782.28
2,167,664.99 1,632,013.30
Deferred tax liability (net) 5 25,149.11 -

5,298,864.10 4,110,757.72
APPLICATION OF FUNDS
Goodwill 126,798.91 226,508.50
Fixed assets
Gross block 6 1,788,445.59 848,668.83
Less: Accumulated depreciation and amortisation 132,645.83 57,429.53
Net block 1,655,799.76 791,239.30
Capital work-in-progress (including capital advances) 1,112,881.95 568,820.11
Deferred tax asset (net) 5 - 4,139.12
Investments 7 550,519.96 140,249.67
Current assets, loans and advances

Stocks 8 1,248,059.10 1,092,824.24
Sundry debtors 9 161,896.41 216,482.15
Cash and bank balances 10 92,823.22 119,561.00
Loans and advances 11 759,330.10 971,199.46
Other current assets 12 468,467.44 762,173.69
2,730,576.27 3,162,240.54
Less: Current liabilities and provisions
Current liabilities 13 463,696.91 414,034.39
Provisions 14 414,015.84 368,405.13
877,712.75 782,439.52
Net current assets 1,852,863.52 2,379,801.02
5,298,864.10 4,110,757.72
Notes to the consolidated financial statements 24
The schedules referred to above form an integral part of the consolidated financial statements
Ashok Kumar Tyagi Subhash Setia T.C.Goyal Rajiv Singh

This is the Consolidated Balance Sheet referred to in our report of even date

119

Consolidated Profit & Loss Account for the year ended March 31, 2010
(Rs. in lacs)
Schedule 2010 2009
INCOME
Sales and other income 15 785,089.77 1,043,135.69
785,089.77 1,043,135.69
EXPENDITURE
Cost of revenues 16 257,953.74 322,949.48
Establishment expenses 17 46,677.45 45,367.91
Finance charges 18 111,003.91 55,483.69
Other expenses 19 86,498.77 76,219.64
Depreciation, amortisation and impairment 20 32,493.28 23,896.40
534,627.15 523,917.12
Profit before tax and minority interests / share of profit(loss) in associates 250,462.62 519,218.57
Tax expense 21 70,224.92 67,535.89
Profit before minority interests / share of profit(loss) in associates 180,237.70 451,682.68
Share of profit / (loss) in associates 81.83 (2,110.05)
Minority interests 1,078.62 (2,754.13)
Profit after tax, minority interests and before prior period items 181,398.15 446,818.50
Prior period items
Income tax (net) (1,601.59) (598.31)
Deferred tax (6,269.73) -
Other expenses (1,419.73) 720.34
Depreciation (124.07) 19.44
Net profit after tax, minority interest and prior period items 171,983.03 446,959.97
Balance as per last balance sheet 1,107,993.38 876,600.23
Transfer to capital reserve - (153,852.37)
Balance available for appropriation 1,279,976.41 1,169,707.83
APPROPRIATION
Transfer to general reserve 16,668.21 15,477.70
Transfer to capital redemption reserve 35.00 741.75
Proposed dividend on equity / preference shares 36,168.53 34,220.38
Tax on dividend 5,509.43 2,938.21
Excess provision of previous year written back (0.06) (2,980.54)
Transfer to debenture redemption reserve 25,001.16 11,316.95
Balance carried to reserves and surplus 1,196,594.14 1,107,993.38
1,279,976.41 1,169,707.83
EARNING PER SHARE 22
Notes to the consolidated financial statements 24
The schedules referred to above form an integral part of the consolidated financial statements

This is the Consolidated Profit & Loss Account referred to in our report of even date

120

Consolidated Cash Flow Statement for the year ended March 31, 2010
(Rs. in lacs)
2010 2009
A. CASH FLOW FROM OPERATING ACTIVITIES
Net profit before taxation and minority interest 250,462.62 519,218.57
Adjustments for:
Depreciation, amortisation and impairment 32,493.28 23,896.40
(Profit) / loss on sale of fixed assets, net (5,790.59) 446.99
Interest / guarantee charges 111,003.91 55,483.69
Provision for doubtful debts and advances 8,189.10 6,323.33
Advance / assets written off (including preliminary expenses) 5,847.56 553.50
Exchange gain (net) (1,012.47) (725.48)
Prior period items (1,419.73) 720.34
Profit on sale of investments, net (854.52) (7,512.51)
Provision for diminution of current investment - 1,189.90
Unclaimed balances and provisions written back (2,416.19) (1,196.02)
Amortisation of deferred employees compensation, net 4,147.20 3,786.35
Amount forfeited on properties (3,202.52) (738.27)
Provision for employee benefits 2,207.95 2,800.00
Interest / dividend income (25,590.23) (23,531.16)
Operating profit before working capital changes 374,065.37 580,715.63
Movements in working capital :
(Increase) / decrease in trade and other receivables 589,194.76 (334,057.05)
(Increase) / decrease in inventories (91,253.39) (75,252.44)
Increase / (decrease) in current liabilities and provisions 76,376.45 (42,819.86)
Cash (used in) / generated from operations 948,383.19 128,586.28
Direct taxes paid (net of refunds) (85,601.73) (111,154.57)
Net cash generated from operating activities (A) 862,781.46 17,431.71
B. CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of fixed assets (including Capital work-in-progress) (1,390,757.06) (337,831.49)
Proceeds from sale of fixed assets 58,306.70 12,950.22
Interest / dividend received 12,742.17 10,220.15
Purchase of investments (1,823,417.22) (61,736.43)
Proceeds from sale of investment 1,512,523.89 17,386.00
Net cash generated used in investing activities (B) (1,630,601.52) (359,011.55)
C. CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issue of debentures (net) 106,703.70 184,266.08
Proceeds from long-term borrowings 1,109,768.57 798,961.64
Repayment of long-term borrowings (614,018.81) (620,251.92)
Proceeds from issuance of preference shares 452,387.97 44,640.00
Proceeds from short term borrowings (net) (64,346.67) 48,161.54
Proceeds from issue of capital including securities premium 4.81 94.55
Dividend paid (35,442.25) (34,333.83)
Dividend tax paid (2,892.08) (2,862.92)
Buy back of equity shares (77.80) (14,235.65)
Interest / guarantee charges paid (210,341.67) (160,100.45)
121

Consolidated Cash Flow Statement (Contd.)
(Rs. in lacs)
2010 2009
Net cash generated from financing activities (C) 741,745.77 244,339.04
Net decrease in cash and cash equivalents (A + B + C) (26,074.29) (97,240.80)
Cash and cash equivalents at the beginning of the year 109,615.12 206,855.92
Cash and cash equivalents at the end of the year 83,540.83 109,615.12
Net decrease in cash and cash equivalents (26,074.29) (97,240.80)
Note:
Cash and bank balance (as per Schedule 10 to the financial statements) 92,823.22 119,561.00
Less: Fixed deposit (pledged / under lien / earmarked) 6,911.03 6,054.88
Margin money 2,048.94 3,055.48
Unclaimed dividend 160.38 110.04
Exchange gain / (loss) 162.04 725.48
83,540.83 109,615.12
Note : Figure in brackets indicate cash outflows.

This is the Consolidated Cash Flow Statement referred to in our report of even date

122

Schedules forming part of Consolidated Financial Statements for
the year ended March 31, 2010
(Rs. in lacs)
2010 2009
SCHEDULE: 1 SHARE CAPITAL
Authorised
50,000 (previous year 50,000) cumulative redeemable preference shares of Rs.100 each 50.00 50.00
50,000.00 50,000.00
Issued
Subscribed and paid

Add : New issue under exercise of ESOP 2,40,457 (previous year nil) equity shares of Rs. 2 each 4.81 -
Less : Call-in-arrears - 0.44
Less : Forfeited 43,680 (previous year nil) equity shares of Rs. 2 each 0.87 -
Less : Buy back of 76,38,567 (previous year 7,623,567) equity shares of Rs. 2 each 152.77 152.47
Net Paid up 1,697,390,890 (previous year 1,697,209,113) equity shares of Rs. 2 each 33,947.82 33,943.74
Preference share capital issued by subsidiary companies
591,986.17 139,598.20
(Refer Note 22 of Schedule 24)
625,933.99 173,541.94
(Rs. in lacs)
SCHEDULE : 2 RESERVES AND SURPLUS
Reserves
Capital reserve 283,466.48 167,832.37
Capital redemption reserve* 2,977.82 2,942.51
Amalgmation reserve 74.30 74.30
Securities premium 906,348.29 905,083.13
Forfeiture of shares 66.55 -
Statutory reserve fund

As per last balance sheet 11,316.95 203.09
Transfer to general reserve - (203.09)
36,318.11 11,316.95
Revaluation reserve 1,899.18 1,591.96
Foreign currency translation reserve (5,055.96) (3,787.73)
General reserve
Transfer from statutory reserve fund 2.04 203.09
Buy back of equity shares (premium paid) (77.50) (14,083.18)
Transfer to capital redemption reserve account* (0.30) (152.47)
57,419.59 40,827.14
Employees’ stock option scheme
Employees’ stock options outstandings 29,489.44 23,795.94
Less: Deferred employees compensation (18,683.84) (15,830.13)
10,805.60 7,965.81
Surplus
As per profit & loss account 1,196,594.14 1,107,993.38
Amalgamation adjustment (73,575.60) -
1,123,018.54 1,107,993.38
2,417,338.50 2,241,839.82
* Refer note 2 of Schedule 24
123

Schedules forming part of Consolidated Financial Statements (Contd.)
(Rs. in lacs)
2010 2009
SCHEDULE: 3 SECURED LOANS
From banks
Term loans 1,253,374.44 888,292.97
Overdraft facilities 13,877.90 78,224.57
1,267,252.34 966,517.54
From others
GE Capital Services India 3,528.07 5,150.26
Infrastructure Development Finance Company Limited 15,000.00 15,000.00
GE Money Financial Services Limited 4,424.93 -
Housing Development Finance Corporation Limited 409,886.03 83,200.00
Axis Bank Limited -Trust Series 8,000.00 123,350.94
SREI Infrastructure Finance Limited - 562.20
TML Finance Service Limited - 318.90
Others 66.34 130.28
440,905.37 227,712.58
Debentures
90 (previous year 90), 10% non - cumulative non-redeemable debentures of Rs. 1,000 each 0.90 0.90
5,000 (previous year 5,000) 13.70% non-convertible redeemable debentures of Rs. 1,000,000
50,000.00 50,000.00
each redeemable on August 18, 2013
7,200 (previous year 7,200) 14% non-convertible redeemable debentures of Rs. 1,000,000 each
72,000.00 72,000.00
redeemable on February 24, 2014
Nil (previous year 1,000) 14% non-convertible redeemable debentures of Rs. 1,000,000 each
- 10,000.00
redeemable on January 03, 2010
3,000 (previous year nil) 10% non-convertible redeemable debentures of Rs. 1,000,000 each
30,000.00 -
7,000 (previous year nil) 10.50% non-convertible redeemable debentures of Rs. 1,000,000 each
70,000.00 -
222,000.90 132,000.90
1,930,158.61 1,326,231.02
(Refer note 3 of Schedule 24)
(Rs. in lacs)
SCHEDULE: 4 UNSECURED LOANS
Fixed deposits 35.00 111.50
Interest accrued and due 1.07 0.72
36.07 112.22
Other term loans and advances
Directors - subsidiary company 15.34 15.34
Banks
Standard Chartered Bank 26,245.92 27,143.42
The Hong Kong Shanghai Banking Corporation Limited 3,880.61 4,380.09
Oriental Bank of Commerce 299.88 -
Others
Axis Bank Limited (“Trustees”) - 50,000.00
Commercial papers 100,000.00 77,500.00
ICICI Home Finance Company Limited - 27,500.00
Indian Loan Receivable Trust - 15,000.00
Other body corporate(s) 9,728.02 18,657.33
Interest accrued and due 242.97 2,698.40
Debentures
20,116 (previous year 20,116) 12.50% Compulsory convertible debentures of Rs. 225,000 each 45,261.00 45,261.00
22,972 (previous year 22,972) 12% Compulsory convertible debentures of Rs. 50,000 each 11,486.00 11,486.00
124

(Rs. in lacs)
2010 2009
SCHEDULE: 4 UNSECURED LOANS (Contd.)
2,520 (previous year nil) Class B Compulsory convertible debentures of Rs. 100,000 each 2,520.00 -
14,18,370 (previous year nil) Series I Compulsory convertible debentures of Rs. 1,000 each 14,183.70 -
From a share holder of a subsidiary company 9,197.04 11,618.65
237,506.38 305,782.28
(Refer note 4 of Schedule 24)
(Rs. in lacs)
SCHEDULE : 5 DEFERRED TAX LIABILITY / (ASSET)
Deferred tax liability arising on account of :
Depreciation 42,460.33 7,847.22
Pre-construction period interest allowed in current year 8,051.49 4,381.26
Others 0.93 0.93
Gross deferred tax liability 50,512.75 12,229.41
Deferred tax asset arising on account of :

Brought forward losses / unabsorbed depreciation 21,086.51 14,603.10
Expenditure debited to profit & loss account but allowable for tax purposes in subsequent years 502.86 601.75
Doubtful debts and advances 2,757.24 280.04
Dimunition in the value of investments 18.28 27.42
Employee benefits 987.24 855.50
Others 11.51 0.72
Gross deferred tax asset 25,363.64 16,368.53
Net deferred tax liability / (asset) 25,149.11 (4,139.12)
Aggregate of net deferred tax liabilities jurisdictions 39,242.73 9,186.27
Aggregate of net deferred tax assets jurisdictions (14,093.62) (13,325.39)
Net liability / (asset) 25,149.11 (4,139.12)
(Rs. in lacs)
Gross block 2009 Additions on Additions / Disposals / 2010
acquisition of adjustments adjustments
subsidiaries during the during the
year year
Intangible assets
Computer softwares 3,970.20 - 1,011.87 566.84 4,415.23
Patent, trademark and franchise rights - - 661.86 - 661.86
Tangible assets
Land
Lease hold 214,805.92 6,269.61 6,891.63 40,039.91 187,927.25
Free hold 99,777.82 85.59 54,312.91 8,881.27 145,295.05
Buildings and related equipments 288,441.32 668,844.84 191,549.07 28,892.15 1,119,943.08
Plant and machinery 199,883.72 20,497.10 19,763.55 1,233.27 238,911.10
Furniture, fixtures and equipments 22,108.66 14,784.15 24,268.60 3,223.81 57,937.60
Air conditioners and coolers 206.76 - 70.93 21.38 256.31
Vehicles 3,791.08 135.86 214.01 181.17 3,959.78
125

(Rs. in lacs)
Gross block 2009 Additions on Additions / Disposals / 2010
acquisition of adjustments adjustments
subsidiaries during the during the
year year
Leasehold improvement 3,778.66 - 5,363.92 528.52 8,614.06
Aircraft and helicopter 11,895.80 - 8,628.47 - 20,524.27
Leased plant and machinery 8.89 - - 8.89 -
Total - Current year 848,668.83 710,617.15 312,736.82 83,577.21 1,788,445.59
- Previous year 516,255.90 - 350,165.45 17,752.52 848,668.83
Depreciation and amortisation

Intangible assets
Computer softwares 511.41 - 794.24 138.26 1,167.39
Patent, trademark and franchise rights - - 22.06 - 22.06
Tangible assets
Land-Lease hold 178.60 - 151.37 - 329.97
Buildings and related equipments 9,726.06 32,500.93 6,317.25 638.76 47,905.48
Plant and machinery 41,396.94 5,553.40 21,396.73 536.95 67,810.12
Furniture, fixtures and equipments 1,933.37 3,094.49 4,745.63 86.53 9,686.96
Air conditioners and coolers 76.75 - 12.53 8.16 81.12
Vehicles 1,103.39 44.54 391.70 152.11 1,387.52
Leasehold improvement 749.77 - 935.32 95.69 1,589.40
Aircraft and helicopter 1,750.77 - 915.04 - 2,665.81
Leased assets
Leased plant and machinery 2.47 - - 2.47 -
Total - Current year 57,429.53 41,193.36 35,681.87 1,658.93 132,645.83
- Previous year 34,349.11 - 27,435.73 4,355.31 57,429.53
Net block
Intangible assets
Computer softwares 3,458.79 3,247.84
Patent, trademark and franchise rights - 639.80
Tangible assets
Land
Lease hold 214,627.32 187,597.28
Free hold 99,777.82 145,295.05
Buildings and related equipments 278,715.26 1,072,037.60
Plant and machinery 158,486.78 171,100.98
Furniture, fixtures and equipments 20,175.29 48,250.64
Air conditioners and coolers 130.01 175.19
Vehicles 2,687.69 2,572.26
Leasehold improvement 3,028.89 7,024.66
Aircraft and helicopter 10,145.03 17,858.46
Leased assets
Leased plant and machinery 6.42 -
Total - Current year 791,239.30 1,655,799.76
- Previous year 481,906.79 791,239.30
126

(Rs. in lacs)
SCHEDULE : 7 INVESTMENTS Class* 2010 2009 2010 2009
Share (No.) Share (No.) Book value Book value
Long Term
In Shares (Quoted) (Trade)
Ackruti City Limited Equity 430,621 430,621 2,267.51 2,267.81
Symphony International Holding Limited Equity 50,000,000 50,000,000 22,479.60 25,820.00
Aggregate Book value of Quoted Investments (Trade) 24,747.11 28,087.81
Aggregate Market value of Quoted Investments (Trade) 17,307.28 10,661.61
In shares / CCDs (Unquoted) (Trade)
Abheek Real Estate Private Limited Equity 3,000 - 0.30 -
Adeline Builders & Developers Private Limited Equity 2,000 - 0.20 -
Alankrit Estates Limited Equity 3 3 -** -**
Alvita Builders & Developers Private Limited Equity - 500 - 0.05
Anuroop Builders and Developers Private Limited Equity 10,000 10,000 1.00 1.00
Armand Builders & Constructions Private Limited Equity 2,000 - 0.20 -
ASC Spring Creek LLC Equity 3,253,277 - 139.41 -
Bansal Development Company Private Limited Equity 16,320 16,320 1.64 1.64
Bodrum Demirbuku Equity 125,000 125,000 130.42 149.51
Cadence Builders & Constructions Private Limited Equity - 2,000 - 0.20
D.E. Shaw Composite Fund Equity 4,000,000 4,000,000 1,798.37 2,065.60
Digital Talkies Private Limited Equity 8,850 8,850 88.50 88.50
Digital Talkies Private Limited Preference 80,680 80,680 80.68 80.68
Eigen Technical Services Limited Equity - 10,000 - 1.00
Elvira Builders & Constructions Private Limited Equity 2,000 - 0.20 -
Fadey Builders & Developers Private Limited Equity - 2,000 - 0.20
Felicite Builders & Constructions Private Limited Equity 203,000 219,400 20.30 21.94
Flora Real Estate Private Limited Equity - 500 - 0.05
Garv Developers Private Limited Equity 10,000 10,000 1.00 1.00
Garv Promoters Private Limited Equity 10,000 10,000 1.00 1.00
Garv Realtors Private Limited Equity 10,000 10,000 1.00 1.00
Grism Builders and Developers Private Limited Equity 10,000 10,000 1.00 1.00
Hansel Builders & Developers Private Limited Equity 2,000 - 0.20 -
Hemadri Real Estate Developers Private Limited Equity 3,000 - 0.30 -
Ishayu Builders and Developers Private Limited Equity 4,000 4,000 0.40 0.40
Ivory Consultancy Limited Equity - 10,000 - 1,000.00
Jayanti Real Estate Developers Private Limited Equity 4,000 - 0.40 -
Kirtimaan Builders Limited Equity 2 2 -** -**
Lada Estates Private Limited Equity 2,000 - 0.20 -
Lear Builders & Developers Private Limited Equity 2,000 - 0.20 -
Luvkush Builders Private Limited Equity 10,000 10,000 1.00 1.00
Luxurious Bus Seats Company Private Limited Equity 98,250 98,250 550.20 550.20
Magna Real Estate Developers Private Limited Equity 10,000 10,000 1.01 1.01
Magna Real Estate Developers Private Limited Preference 4,000 4,000 4.03 4.03
Melosa Builders & Developers Private Limited Equity 2,000 - 0.20 -
Milos Resort Holdings Limited Equity - 1,000 - 0.44
Mohak Real Estate Private Limited Equity 3,000 3,000 0.30 0.30
Nachiketa Real Estate Private Limited Preference 12,000 12,000 12.00 12.00
Nadish Real Estate Private Limited Equity 10,000 10,000 1.00 1.00
Nairne Builders and Developers Private Limited Equity 2,000 - 0.20 -
Northern India Theaters Private Limited (Rs. 100 each) Equity 90 90 0.09 0.09
Pariksha Builders & Developers Private Limited Equity 3,000 - 0.30 -
Peace Buildcon Private Limited Equity 10,000 10,000 1.00 1.00
Prudent Management Strategies Private Limited Equity 90,100 90,100 500.05 500.14
Pyrite Builders & Constructions Private Limited Equity 2,000 - 0.20 -
127

(Rs. in lacs)
Qabil Builders & Constructions Private Limited. Equity 2,400 2,000 0.24 0.20
Rachelle Builders & Constructions Private Limited Equity 2,000 - 0.20 -
Radiant Sheet Metal Components Private Limited Equity 98,500 98,500 650.10 650.10
Realest Builders and Services Private Limited Equity 50,012 50,012 5.03 5.03
Ripple Infrastructure Private Limited Equity 90,100 90,100 500.05 500.14
Rochelle Builders & Constructions Private Limited Equity 2,000 - 0.20 -
SKH Construct Well Private Limited Equity 92,550 92,550 499.77 499.77
SKH Infrastructure Developers Private Limited Equity 92,550 92,550 499.77 499.77
Skyrise Home Developers Private Limited Equity 10,000 10,000 1.00 1.00
Star Alubuild Private Limited CCD 24 - 239.89 -
Super Mart One Property Management Services Private Equity 40,000 40,000 4.03 4.03
Limited
Super Mart One Property Management Services Private Preference 3,000 3,000 3.02 3.02
Limited
Thalia Infratech Private Limited Equity 36,000 36,000 3.60 3.60
Turan Infratech Private Limited Equity 36,000 36,000 3.60 3.60
Ujagar Estates Limited Equity 2 2 -** -**
Urbana Limited Equity 1,000,000 1,000,000 622.93 380.64
Vibodh Developers Private Limited Equity 10,000 10,000 1.00 1.00
Vinesh Home Developers Private Limited Equity 10,000 10,000 1.00 1.00
Vismay Builders and Developers Private Limited Equity 10,000 10,000 1.00 1.00
Webcity Builders and Developers Private Limited Equity 3,000 3,000 0.30 0.30
YG Realty Private Limited Equity - 39,524 - 3.95
YG Realty Private Limited CCD 1,292,952 3,266,480 12,929.52 25,630.10
19,304.75 32,674.23
Less : Provision for diminution in value 169.18 169.18
19,135.57 32,505.05
In Associates (Trade unquoted)
Australian Resort Limited Equity 9,000,002 9,000,002 -** -**
DLF Pramerica Advisory Services Private Limited Equity - 5,850,000 - 585.00
Ferragamo Retail India Private Limited Equity 7,350,000 7,350,000 735.00 735.00
Giorgio Armani India Private Limited Equity 2,940,000 2,940,000 294.00 98.00
Islan Aviation Limited Equity 903,996 903,996 -** -**
Joyous Housing Limited (Rs. 100 each) Equity 37,500 37,500 37.50 37.50
Kyoto Resorts YK Equity 333 333 727.37 835.46
Lillion Builders and Developers Private Limited Equity - 3,100 - 0.31
P.T. Jawa Express Amanda Indah Equity 9,161 9,161 -** -**
Pamalican Island Holdings Inc. Equity 2,098 2,098 6.13 7.05
Regional D & R Limited Equity 6 6 -** -**
Revlys SA Equity 159,999 159,999 977.72 1,123.00
Seven Seas Resorts and Leisure Inc. Equity 31,914,275 151,600,000 764.31 877.88
Seven Seas Resorts and Leisure Inc. Preference 39,567,424 188,256,000 947.29 1,088.05
Surin Bay Co. Limited Equity 449,998 449,998 4,130.01 4,743.71
Villajena Equity 50,000 50,000 290.13 333.25
Zeus Infrastructure Private Limited Equity 48,500 100,000 4.85 10.00
8,914.31 10,474.21
Add: Profit in associates (net) 4,490.30 6,794.34
13,404.61 17,268.55
In Investment properties 3,543.45 13,307.00
128

(Rs. in lacs)
In Trusts
Belaire Receivables Trust 6,943.81 8,633.31
Zensi Real Estate Trust 59,514.02 9,381.58
66,457.83 18,014.89
In Government Securities
GOI 06.05% 02FEB19 50,000,000 50,000,000 467.46 465.16
GOI 06.07% 15MAY14 6,500,000 - 62.34 -
GOI 06.25% 02JAN18 3,200,000 - 29.19 -
GOI 07.02% 17AUG16 4,320,000 - 41.96 -
GOI 07.38% 03SEP15 1,000,000 1,000,000 9.67 9.64
GOI 07.40% 03MAY12 5,000,000 - 51.20 -
GOI 07.56% 03NOV14 7,500,000 - 76.13 -
GOI 07.59% 12APR16 50,000,000 - 520.36 -
GOI 07.94% 24MAY21 50,000,000 - 528.69 -
GOI 07.95% 18FEB26 50,000,000 - 527.79 -
GOI 07.99% 09JUL17 100,000,000 50,000,000 1,064.44 539.73
GOI 10.25% 01JUN12 32,150,000 - 344.17 -
GOI 11.83% 12NOV14 26,630,000 20,000,000 321.76 252.24
GOI 12.00% 21OCT11 100,000,000 200,000,000 1,067.99 2,212.71
GOI 12.25% 02JUL10 45,000,000 45,000,000 507.04 439.54
GOI 12.40% 20AUG13 3,000,000 - 34.99 -
National Saving Certificate 1.97 0.51
5,657.15 3,919.53
In Treasury Bills
91 DAYS T BILL(01MY09) - 20,000,000 - 199.23
91 DAYS T BILL(12JU09) - 20,000,000 - 198.24
91 DAYS T BILL (15MY09) - 70,000,000 - 696.24
91 DAYS T BILL(24AP09) - 45,000,000 - 448.72
- 1,542.43
In Infrastructure Bonds
REC 07.60% 22JAN13 50,000,000 - 500.00 -
IRFC 08.46% 15JAN14 50,000,000 50,000,000 495.38 494.51
POWER GRID CIL 09.20% 12MAR18 50,000,000 50,000,000 500.00 500.00
PFC 08.70% 09JUL10 20,000,000 20,000,000 200.00 200.00
PFC 08.90% 15MAR15 20,000,000 - 202.53 -
IL&FS 09.25% 17AUG16 50,000,000 - 500.00 -
PFC 10.75% 15JUL11 12,000,000 12,000,000 123.06 125.28
PFC 11.40% 28NOV13 38,000,000 38,000,000 409.38 415.97
2,930.35 1,735.76
In Fixed Deposits:
AXIS Bank 267.00 -
CITI Bank 210.00 201.00
HDFC Bank 44.00 22.00
521.00 223.00
In Partnership firms
DLF GK Residency - 100.00
- 100.00
Short Term
In Shares (Quoted) (Non-trade) #
ABB India Limited Equity 4,155 - 34.49 -
Andhra Cements Limited Equity - 12 - -**
Axis Bank Limited Equity 4,895 540 57.19 2.24
129

(Rs. in lacs)
Bajaj Auto Limited Equity 4,281 520 86.10 3.22
Balarampur Chini Mills Limited Equity 3,496 715 3.23 0.38
Bharat Electronics Limited Equity - 385 - 3.40
Bharat Heavy Electricals Limited Equity 4,281 303 102.12 4.56
Bharat Petroleum Corporation Limited Equity - 333 - 1.25
Bharti Airtel Limited Equity 17,097 684 53.33 4.28
Bombay Dyeing and Manufacturing Company Limited Equity 1,296 - 7.14 -
Cairn India Limited Equity 34,036 2,030 103.90 3.74
Century Textiles Limited Equity - 179 - 0.39
Cipla Limited Equity 15,332 1,230 51.68 2.70
Crompton Greaves Limited Equity 15,327 2,406 40.00 2.96
Dishman Pharma and Chemical Limited Equity 1,158 - 2.46 -
EIH Limited Equity 177,681 177,681 215.16 153.69
Gail India Limited Equity 7,279 787 29.83 1.92
Glenmark Pharmaceutical Limited Equity - 213 - 0.33
Grasim Industries Limited Equity 644 181 18.12 2.85
Great Eastern Shipping Company Limited Equity 954 - 2.80 -
HDFC Bank Limited Equity 5,788 288 111.84 2.79
Hero Honda Motors Limited Equity 249 598 4.84 6.40
Hindustan Unilever Limited Equity 21,699 1,354 51.80 3.23
Housing Development Finance Corporation Limited Equity 2,147 - 58.24 -
ICICI Bank Limited Equity 12,022 840 114.51 2.80
Indian Oil Corporation Limited Equity - 311 - 1.20
Infosys Technologies Limited Equity 6,714 306 175.58 4.05
Infrastructure Development Finance Company Limited Equity 14,016 - 22.56 -
Ispat Profiles India Limited Equity - 250 - 0.03
ITC Limited Equity 39,942 2,611 105.07 4.83
IVRCL Infrastructures & Projects Limited Equity - 280 - 0.34
Jaiprakash Associates Limited Equity 10,498 - 15.70 -
Jindal Steel & Power Limited Equity 5,565 - 39.08 -
KEC International Limited Equity 266 262 1.55 0.40
Larsen & Toubro Limited Equity 6,893 426 112.10 2.86
Mahindra & Mahindra Limited Equity - 395 - 1.51
Maruti Suzuki India Limited Equity 437 374 6.19 2.90
Mphasis Limited Equity - 683 - 1.36
National Thermal Power Corporation Limited Equity 13,130 1,509 27.18 2.71
Nestle India Limited Equity - 220 - 3.42
Orient Abrasives Limited Equity - 62,000 - 4.38
Oil and Natural Gas Corporation Limited Equity 1,726 - 18.96 -
Petron Engineering Construction Limited Equity - 5,000 - 2.16
Power Grid Corporation of India Limited Equity 5,430 1,391 5.82 1.33
Punjab National Bank Equity 473 781 4.79 3.21
Ranbaxy Laboratories Limited Equity 3,240 - 15.39 -
Reliance Communications Limited Equity 82,157 80,902 140.23 141.45
Reliance Industries Limited Equity 17,002 494 182.64 7.52
Reliance Infrastructure Limited Equity 580 254 5.79 1.31
Reliance Media Works Limited (formerly Adlabs Films
Equity 115,943 115,943 75.83 196.00
Limited)
Reliance Media World Limited Equity 115,943 - - -
Reliance Power Limited Equity 228,633 228,633 341.81 146.25
Siemens Limited Equity 5,779 543 42.77 1.46
130

(Rs. in lacs)
SPICEJET Limited Equity 65,674 - 38.29 -
State Bank of India Equity 2,314 193 48.09 2.06
Steel Authority of India Limited Equity - 2,850 - 2.75
Sterlite Industries India Limited Equity 3,019 721 25.59 2.56
Sun Pharmaceutical Industries Limited Equity 1,225 275 21.92 3.06
TATA Chemicals Limited Equity 1,636 - 5.35 -
TATA Consultancy Services Limited Equity 7,794 789 60.84 4.25
TATA Motors Limited Equity 3,589 749 27.12 1.35
TATA Power Company Limited Equity 5,555 387 76.24 2.96
TATA Steel Limited Equity 5,550 1,029 35.08 2.12
Union Bank of India Equity - 1,154 - 1.69
Unitech Limited Equity - 19,500 - 0.03
Voltas Limited Equity - 712 - 0.33
Wipro Limited Equity 3,743 - 26.46 -
# Valued at lower of cost or market value 2852.80 756.97
In Mutual fund (Quoted) # #

Axis Liquid Fund 7,500.72 -
Axis Treasury Advantage Fund 35,365.26 -
Birla Sun Life Cash Plus 12.36 120.88
Birla Sun Life Short Term Fund 62,835.17 -
Birla Sun Life Savings Fund 7,384.15 5,071.93
DSP Black Rock Cash Flex Fund - 4,518.40
DSP Black Rock Floating Rate Fund 29,130.14 -
DWS Insta Cash Plus Fund 171.04 -
GFCD IDFC Money Manager Fund 77.71 -
HDFC Liquid Fund-Growth 43.01 96.25
ICICI Prudential Liquid Plan-Growth 12.24 110.55
ICICI Prudential Ultra Short Term Plan Super Premium
65,137.20 -
Fund
JP Morgan India Treasury Fund 7,862.67 -
Kotak Floater Long Term Fund 40,143.53 -
Reliance Money Manager Fund 64,274.56 -
Reliance Liquid Fund 1,284.65 111.14
SBI Magnum Insta Cash - 120.88
SBI Premier Liquid Fund - 1,561.86
Tata Liquid Super High Investment Plan Fund 170.69 -
UTI Short Term Income Fund 50,065.88 -
UTI Treasury Advantage Fund 28,581.66 -
400,052.64 11,711.89
# # Aggregate market value as on March 31, 2010 Rs. 4,00,118.75 lacs (previous year Rs. 11,717.91 lacs)
In Mutual fund (Unquoted)
Urban Infrastructure Opportunities Fund 11,069.60 11,069.60
Thai Farmers Bank - Open End Equity(Fixed Inc.) 6.51 7.19
11,076.11 11,076.79
In Funds
Vkarma Capital Fund 5.10 -
5.10 -
In Call Options 136.24 -
550,519.96 140,249.67
* Equity shares of Rs. 10 each , Preference shares of Rs. 100 each unless otherwise stated.
** Rounded off to ‘zero’
131

(Rs. in lacs)
2010 2009
SCHEDULE: 8 STOCKS
Land and plots including related development cost 640,154.03 549,409.06
Development rights: payments under agreement to purchase land / development rights /
586,689.74 525,997.32
Rented buildings (including land and related equipments)
On leasehold land 3,054.27 3,054.27
On freehold land 12,345.09 10,785.05
15,399.36 13,839.32
Less: Depreciation on buildings and related equipments 1,520.44 1,183.73
13,878.92 12,655.59
Food and beverages 2,315.86 2,218.39
Stores and spares 3,166.58 2,073.73
Stock-in-trade - Retail chain outlets 1,853.97 470.15
1,248,059.10 1,092,824.24
(Rs. in lacs)
SCHEDULE : 9 SUNDRY DEBTORS
(Considered good unless otherwise stated)
Debts over six months
Secured 1,668.43 188.97
Unsecured - considered good 113,306.12 83,645.29
- considered doubtful 15,181.59 13,805.38
130,156.14 97,639.64
Other debts
Secured 4,288.66 2,824.27
Unsecured - considered good 42,633.20 129,823.62
177,078.00 230,287.53
Less: Doubtful and provided for 15,181.59 13,805.38
161,896.41 216,482.15
(Rs. in lacs)
SCHEDULE : 10 CASH AND BANK BALANCES
Cash in hand 498.31 372.77
Cheques in hand 256.20 966.30
Bank balances:
With scheduled banks in
Current accounts* 63,331.06 24,150.89
Pledged accounts 478.02 462.24
Fixed deposit accounts
Pledged / under lien / earmarked 6,911.03 6,054.88
Margin money 2,048.94 3,055.48
Others 16,791.50 81,379.24
With non-scheduled banks in current account 2,508.16 3,119.20
92,823.22 119,561.00
* includes unutilised money from public issue Rs. nil (previous year Rs. 6.96 lacs)
132

(Rs. in lacs)
SCHEDULE :11 LOANS AND ADVANCES
(Unsecured, considered good unless otherwise stated)
Advances recoverable in cash or in kind or for value to be received
Secured 6,191.06 2,655.58
Unsecured [including Rs. 7,423.50 lacs (previous year Rs. 435.61 lacs) doubtful] 329,215.93 532,685.32
335,406.99 535,340.90
Security deposits 42,082.45 39,367.08
Taxes paid 388,664.16 358,442.15
Share / debenture application money 600.00 38,484.94
766,753.60 971,635.07
Less: Doubtful and provided for 7,423.50 435.61
759,330.10 971,199.46
(Rs. in lacs)
2010 2009
SCHEDULE : 12 OTHER CURRENT ASSETS
Investment in lease [net of unearned finance income Rs. 1,906.91 lacs (previous year
3,144.76 8,430.04
Rs. 4,048.80 lacs)]
Assets held for leasing 4,767.32 -
Interest accrued
Customers 13,763.26 7,111.17
Banks / fixed deposits 1,273.71 1,710.75
Unbilled receivable* 436,734.15 738,003.18
* Refer accounting policy 10 of Schedule 23 of significant accounting policies 468,467.44 762,173.69
(Rs. in lacs)
SCHEDULE :13 CURRENT LIABILITIES
Sundry creditors 152,492.90 232,489.58
Realisation under agreement to sell 116,872.19 15,366.66
Advance from recreational facility members 2,784.19 9,336.77
Security deposits 90,000.56 48,070.52
Uncashed dividend * 160.38 110.04
Interest accrued but not due on loans 23,699.66 28,765.95
Other liabilities 77,687.03 79,894.87
463,696.91 414,034.39
* Not due for credit to “Investor Education and Protection Fund”
(Rs. in lacs)
SCHEDULE : 14 PROVISIONS
Proposed dividend * 50,945.38 33,998.49
Tax on dividend* 5,518.65 2,901.30
Income-tax 349,992.31 326,153.79
Employee benefits 7,559.50 5,351.55
414,015.84 368,405.13
* Includes Rs. 16,220.67 lacs (previous year Rs. Nil) proposed dividend / dividend tax there on of DLF Assets Private Limited,
subsidiary company, declared before acquisition.
133

(Rs. in lacs)
2010 2009
SCHEDULE : 15 SALES AND OTHER INCOME
a) Sales and other receipts
Sale of land and plots (including sale of development right) 11,466.91 36,368.35
Revenue from constructed properties 443,125.51 417,188.54
Income from development charges 100,656.61 394,465.94
Sale of fitouts under finance lease (including finance charges) 780.44 9,894.72
Rent 72,456.39 50,541.95
Service and maintenance income 44,270.26 31,775.24
Revenue from retail chain outlets 2,293.05 150.51
Revenue from food court / restaurant business 2,343.21 1,097.45
Revenue from hotel business 22,712.83 29,962.35
Revenue from power generation 26,191.35 25,732.53
Revenue from cinemas operations 5,214.81 1,380.85
Revenue from recreational facility 2,834.74 3,069.61
Revenue from insurance business 4,738.52 1,172.37
Amount forfeited on properties 3,202.52 738.27
742,287.15 1,003,538.68
b) Income from investments
Current (other than trade)
Dividend from mutual funds 3,177.17 868.28
Dividend - others 267.55 45.87
Long term (trade)
Dividend 4.31 5.62
Interest on debentures 0.55 22.83
Income from investment in trust 358.54 -
Profit / (loss) from partnership firms - (1.49)
3,808.12 941.11
c) Other income
Interest from:
Bank deposits 1,490.13 2,578.70
Income-tax refunds 1,432.73 6.55
Customers 11,368.23 9,009.85
Loans and deposits 7,339.02 10,124.82
Others 510.54 870.13
22,140.65 22,590.05
Exchange gain (net) 1,012.47 725.48
Profit on disposal of fixed assets 7,026.91 55.14
Income from display of advertisements 33.68 519.77
Unclaimed balances and excess provisions written back 2,416.19 1,196.02
Profit from sale of investment 1,727.93 8,504.33
Commission 176.21 247.45
Miscellaneous income 4,460.46 4,817.66
38,994.50 38,655.90
785,089.77 1,043,135.69
134

(Rs. in lacs)
2010 2009
SCHEDULE : 16 COST OF REVENUES
Cost of land, plots and constructed properties (including cost of development right) 173,994.14 183,876.53
Cost of development charges 33,156.86 92,985.48
Cost of fitouts under finance lease - 9,069.57
Cost of power generation 7,156.33 2,416.92
Foods and beverages and facility management expenses - hotel business 6,734.93 8,540.43
Consumption of food and beverages - food court and restaurants 926.52 250.24
Cost of goods sold - retail chain outlets 1,362.04 99.85
Cost of service and maintenance 27,434.96 23,346.01
Cost of cinema operations 2,285.53 664.94
Cost of recreational facility 1,577.66 1,432.04
Cost of insurance business 3,324.77 267.47
257,953.74 322,949.48
(Rs. in lacs)
SCHEDULE : 17 ESTABLISHMENT EXPENSES
Salaries, wages and bonus 40,698.05 39,839.14
Contribution to provident and other funds 1,206.19 948.59
Amortisation of deferred employees compensation (net) 4,147.20 3,786.35
Staff welfare 626.01 793.83
46,677.45 45,367.91
(Rs. in lacs)
SCHEDULE : 18 FINANCE CHARGES
Interest
Fixed periods loans
Debentures 19,630.74 5,757.16
Other term loans 53,705.21 37,069.61
73,335.95 42,826.77
Others 24,093.12 2,506.80
97,429.07 45,333.57
Guarantee, finance and bank charges 13,574.84 10,150.12
111,003.91 55,483.69
(Rs. in lacs)
SCHEDULE : 19 OTHER EXPENSES
Rent 4,952.29 4,236.52
Rates and taxes 2,111.54 1,553.04
Power, fuel and electricity 1,641.39 2,703.49
Building 760.53 472.58
Constructed properties / colonies 462.83 173.05
Machinery 1,022.78 1,394.20
Others 3,257.16 2,692.33
Operating and maintenance of windmill 2,037.84 78.68
Insurance 1,181.32 881.50
Commission and brokerage 9,397.02 12,152.58
Advertisement and publicity 11,338.45 8,191.19
Travelling and conveyance 2,631.49 2,913.64
Running and maintenance
Vehicle 346.90 592.10
Aircraft & helicopter 1,222.73 2,956.44
135

(Rs. in lacs)
SCHEDULE : 19 OTHER EXPENSES (Contd.) 2010 2009
Printing and stationery 715.28 950.73
Director’s fee 530.46 447.03
Sales promotion 2,851.89 2,051.57
Communication 1,556.83 1,773.34
Legal and professional (including audit fees) 11,433.95 13,318.88
Charity and donations 3,484.10 313.73
Claims and compensation 1,379.92 530.31
Loss on disposal of fixed assets 1,236.32 502.13
Loss on sale of short term investments 4.69 991.82
Loss on sale of long term investments 868.72 -
Advance / assets written off 5,700.19 389.58
Preliminary expenses written off 147.37 163.92
Provision for doubtful debts and advances 8,189.10 6,323.33
Provision for diminution of current investment - 1,189.90
Miscellaneous expenses 6,035.68 6,282.03
86,498.77 76,219.64
(Rs. in lacs)
SCHEDULE : 20 DEPRECIATION ,AMORTISATION AND IMPAIRMENT

On fixed assets (net of capitalisation) 32,119.73 23,591.24
On current asset 336.71 268.32
On investment properties 36.84 36.84
32,493.28 23,896.40
(Rs. in lacs)
SCHEDULE : 21 PROVISION FOR TAX

Income tax 77,616.65 74,086.78
Deferred tax (7,391.73) (7,446.27)
Fringe benefit tax, (net of recovery) - 895.38
70,224.92 67,535.89
(Rs. in lacs)
SCHEDULE : 22 EARNING PER SHARE
Profit after tax, minority interest and before prior period items 181,398.15 446,818.50
Prior period items :
Income-tax (net) (1,601.59) (598.31)
Depreciation (124.07) 19.44
Deferred tax (6,269.73) -
Other expenses (1,419.73) 720.34
171,983.03 446,959.97
Weighted average number of equity shares 1,697,243,145 1,703,074,486
Number of equity shares used to compute diluted earning per share 1,700,592,070 1,703,615,271
136

SCHEDULE : 23 SIGNIFICANT ACCOUNTING POLICIES
1. Nature of operations i) Consolidated Financial Statements

DLF Limited (‘DLF’ or the ‘Company’), a public normally include consolidated balance
limited company, together with its subsidiaries, sheet, consolidated statement of profit
joint ventures and associates (collectively & loss, consolidated statement of cash
referred to as the ‘Group’) is engaged primarily flows and notes to the Consolidated
in the business of colonisation and real estate Financial Statements and explanatory
development. The operations of the Group statements that form an integral part
span all aspects of real estate development, thereof. The Consolidated Financial
from the identification and acquisition of Statements are presented, to the extent
land, to planning, execution, construction possible, in the same format as that
and marketing of projects. The Group is also adopted by the parent for standalone
engaged in the business of generation of financial statements.
power, provision of maintenance services, ii) The Consolidated Financial Statements
hospitality & recreational activities, life include the financial statements of the
insurance and retail chain outlets. Company and all its subsidiaries, which
2. Basis of accounting are more than 50 per cent owned or
controlled and partnership firms where
The Consolidated Financial Statements are the Company’s share in the profit sharing
prepared under historical cost convention ratio is more than 50 per cent during the
on an accrual basis, in accordance with the year. Investments in entities that were
generally accepted accounting principles not more than 50 per cent owned or
in India and to comply with the Accounting controlled and partnership firms where
Standards prescribed in the Companies the profit sharing ratio was not more
(Accounting Standards) Rules, 2006 issued than 50 per cent during the year have
by the Central Government in exercise of the been accounted for in accordance with
power conferred under sub-section (I) (a) of the provisions of Accounting Standard
Section 642 and the relevant provisions of the 13 ‘Accounting for Investments’, or
Companies Act, 1956 (the ‘Act’). Accounting Standard 23 ‘Accounting
3. Principles of consolidation for Investments in Associates in
The Consolidated Financial Statements Consolidated Financial Statements’,
include the financial statements of DLF or Accounting Standard 27 ‘Financial
Limited, its subsidiaries, joint ventures, Reporting of Interests in Joint Ventures’
partnership firms and associates. The (as applicable) notified pursuant to the
Consolidated Financial Statements of the Companies (Accounting Standards)
Group have been prepared in accordance Rules, 2006.
with Accounting Standard AS - 21 iii) The Consolidated Financial Statements
‘Consolidated Financial Statements’, AS - 23 have been combined on a line-by-line
‘Accounting for Investments in Associates basis by adding the book values of like
in Consolidated Financial Statements’ and items of assets, liabilities, income and
AS - 27 ‘Financial Reporting of Interests expenses after eliminating inter-group
in Joint Ventures’, as applicable issued balances / transactions and resulting
by the Institute of Chartered Accountants elimination of unrealised profits in
of India (‘ICAI’) and notified pursuant to full. The amounts shown in respect of
the Companies (Accounting Standards) reserves comprise the amount of the
Rules, 2006. The Consolidated Financial relevant reserves as per the balance
Statements are prepared on the following sheet of the parent Company and its
basis: share in the post-acquisition increase in
137

the relevant reserves of the entity to be in relation to the information contained in
consolidated. Financial interest in joint the Consolidated Financial Statements.
ventures has been accounted for under Further, additional statutory information
the proportionate consolidation method. disclosed in separate financial statements
iv) Investments in associates are of the subsidiary and / or a parent having
accounted for using the equity method. no bearing on the true and fair view of the
The excess of cost of investment over Consolidated Financial Statements has
the proportionate share in equity of the not been disclosed in the Consolidated
Associate as at the date of acquisition Financial Statements.
of stake is identified as Goodwill and 4. Use of estimates
included in the carrying value of the The preparation of Consolidated Financial
investment in the Associate. The Statements in conformity with generally
carrying amount of the investment accepted accounting principles requires
is adjusted thereafter for the post management to make estimates and
acquisition change in the share of net assumptions that affect the reported amounts
assets of the Associate. However, the of assets and liabilities and disclosure of
share of losses is accounted for only contingent liabilities on the date of the
to the extent of the cost of investment. Consolidated Financial Statements and the
Subsequent profits of such Associates results of operations for the reporting periods.
are not accounted for unless the Although these estimates are based upon
accumulated losses (not accounted for management’s knowledge of current events
by the Group) are recouped. Where and actions, actual results could differ from
the associate prepares and presents those estimates and revisions, if any, are
Consolidated Financial Statements, recognised in the current and future periods.
such Consolidated Financial Statements
of the associate are used for the 5. Fixed assets, Capital work-in-progress
purpose of equity accounting. In other and depreciation / amortisation
cases, standalone financial statements i) Fixed assets (gross block) are stated
of associates are used for the purpose at historical cost less accumulated
of consolidation. depreciation and impairment. Cost
v) Minority interest represents the amount comprises the purchase price and any
of equity attributable to minority attributable cost of bringing the asset
shareholders / partners at the date to its working condition for its intended
on which investment in a subsidiary / use.
partnership firm is made and its share Building / specific identifiable portion of
of movements in equity since that date. Building, including related equipments
Any excess consideration received from are capitalised when the construction is
minority shareholders of subsidiaries / substantially complete or upon receipt of
minority partners of partnership firms the occupancy certificate, whichever is
over the amount of equity attributable to earlier.
the minority on the date of investment is ii) In respect of certain overseas hotel
reflected under Reserves and Surplus. properties that have commenced
vi) Notes to the Consolidated Financial commercial operations, are stated in
Statements represents notes involving the balance sheet at their revalued
items which are considered material amounts, less any subsequent
and are accordingly duly disclosed. accumulated depreciation and
Materiality for the purpose is assessed subsequent accumulated impairment
138

losses. Revaluations are performed with accordance with the clarification issued
sufficient regularity such that the carrying by the Central Electricity Authority as
amount does not differ materially from per the accounting policy specified
that which would be determined using under the Electricity (Supply) Annual
fair values at the balance sheet date. Accounts Rules, 1985.
Any revaluation increase arising on Depreciation on revalued properties
the revaluation of such hotel properties of certain overseas hotel properties is
is credited to the property revaluation charged to profit or loss. On subsequent
reserve. sale or retirement of a revalued property,
iii)Capital work-in-progress represents the attributable revaluation surplus
expenditure incurred in respect of remaining in the property revaluation
capital projects under development reserve is transferred directly to retained
and is carried at cost. Cost includes earnings.
land, related acquisition expenses, v) Leasehold land under, perpetual lease
development / construction costs, are not being amortised. The leasehold
borrowing costs capitalised and other lands, other than perpetual lease, are
direct expenditure and advances to being amortised on a time proportion
contractors and others. bases over their respective lease
iv) Depreciation on fixed assets (including periods.
buildings and related equipment rented
6. Intangibles
out and included under current assets
as stocks) is provided on a straight Computer Softwares
line method, at the rates and in the Softwares which are not integral part of the
manner prescribed in Schedule XIV to hardware are classified as intangibles and is
the Companies Act, 1956, or based on stated at cost less accumulated amortisation.
the estimated useful lives of assets, Softwares are being amortised over the
whichever is higher, as applicable. estimated useful life of three to five years, as
The useful lives as estimated by the applicable.
management is as follows: Goodwill
Description Estimated useful life The difference between the cost of
(years) Investment to the Group in Subsidiaries and
Leasehold land Over the effective life Joint Ventures and the proportionate share
of the lease
Buildings 25-62
in the equity of the investee company as
Plant and machinery 4-20
at the date of acquisition of stake is
Computers and software 2-6
recognised in the Consolidated Financial
Furniture and fixtures 10-15 Statements as Goodwill or Capital Reserve,
Office equipment 8 as the case may be.
Vehicles 2-10 Other Intangible assets are stated at their
cost of acquisition less accumulated
Depreciation in respect of assets amortisation
relating to the power generating
division of one of the subsidiary 7. Investments
companies is provided on the straight Investments are classified as long term or
line method in terms of the Electricity current, based on management’s intention
(Supply) Act, 1948 on the basis of at the time of purchase. Investments that are
Central Government Notification No. readily realisable and intended to be held
S.O 266 (E) dated March 29, 1994, for not more than a year are classified as
from the year immediately following the current investments. All other investments are
year of commissioning of the assets in classified as long-term investments.
139

Trade investments are the investments made materials, and is valued at lower of cost /
for or to enhance the company’s business estimated cost, and net realisable value.
interests. iv) Development rights represent amount
Current investments are stated at lower of paid under agreement to purchase land
cost and fair value determined on an individual / development rights and borrowing cost
investment basis. Long-term investments are incurred by the Company to acquire
stated at cost and provision for diminution in irrevocable and exclusive licenses /
their value, other than temporary, is made in development rights in identified land and
the financial statements. constructed properties, the acquisition of
Profit / loss on sale of investments is computed which is at an advanced stage.
with reference to the average cost of the v) Cost of construction / development
investment. material is valued at lower of cost or net
In respect of Life Insurance business, realisable value.
investments are made in accordance with the vi) Rented buildings and related equipments
Insurance Act, 1938 and Insurance Regulatory are valued at cost less accumulated
and Development Authority (Investment) depreciation.
Regulations, 2000. These Investments are
recorded at cost on date of purchase including vii) In respect of the power generating
brokerage & statutory levies. division of one of the subsidiary
companies, materials & components
8. Stocks and stores & spares are valued at lower
of cost or net realisable value. The cost
Stocks are valued as under:
is determined on the basis of moving
i) Land and plots other than area weighted average. Loose tools are valued
transferred to constructed properties at at depreciated value. Depreciation has
the commencement of construction are been provided on a straight line method
valued at lower of cost / approximate at the rate of ten percent per annum.
average cost, as revalued on conversion
to stock and net realisable value. Cost viii) Stocks for maintenance and recreational
includes land (including development facilities (including stores and spares)
rights) acquisition cost, borrowing cost, are valued at cost or net realisable value,
estimated internal development costs whichever is lower. Cost of inventories
and external development charges. is ascertained on a weighted average
basis.
ii) Constructed properties other than
Special Economic Zone (SEZ) ix) Inventories at retail chain outlets are
projects include the cost of land valued at lower of cost, computed on
(including development rights and a moving weighted average basis and
land under agreements to purchase), estimated net realisable value after
internal development costs, external providing for cost of obsolescence
development charges, construction costs, and other anticipated losses wherever
overheads, borrowing cost, development considered necessary.
/ construction materials, and is valued at x) Stock of food and beverages is valued
lower of cost / estimated cost and net at cost or net realisable value, whichever
realisable value. is lower. Cost comprises of cost of
iii) In case of SEZ projects, constructed material including freight and other
properties include internal development related incidental expenses and is arrived
costs, external development charges, at on first in first out basis. Slow moving
construction costs, overheads, borrowing inventory is determined on management
cost, development / construction estimates.
140

9. Revenue recognition cost and overheads of such project.
i) Revenue from constructed properties Revenue from lease of land pertaining
to such projects is recognised in
a) Revenue from constructed accordance with the terms of the
properties, other than SEZ Co-developer Agreements / MOU on
projects, is recognised on the accrual basis.
percentage of completion method.
ii) Sale of land and plots
Total sale consideration as per the
duly executed agreement to sell Sale of land and plots (including
/ application (containing salient development rights) is recognised
terms of agreement to sell), is in the financial year in which the
recognised as revenue based on the agreement to sell / application containing
percentage of actual project costs salient terms of agreement to sell is
incurred thereon to total estimated executed. Where the Company has any
project cost, subject to such actual remaining substantial obligations as per
cost incurred being 30 per cent or agreements, revenue is recognised on
more of the total estimated project ‘percentage of completion method’ as
cost. Project cost includes cost of per (i)(a) above.
land, cost of development rights, iii) Construction contracts
estimated construction and a) Revenue from cost plus contracts
development cost, borrowing cost is recognised with respect to the
of such properties. The estimates recoverable costs incurred during the
of the saleable area and costs are period plus the margin in accordance
reviewed periodically and effect with the terms of the agreement.
of any changes in such estimates b) Revenue from fixed price contract
is recognised in the period is recognised under percentage of
such changes are determined. completion method. Percentage of
However, when the total project completion method is determined as
cost is estimated to exceed total a proportion of cost incurred up to the
revenues from the project, the loss reporting date to the total estimated
is recognised immediately. contract cost.
b) For SEZ projects, revenue from iv) Rental Income
development charges is recognised Rental income is recognised in the
on the percentage of completion profit & loss account on accrual basis
method in accordance with the terms in accordance with the terms of the
of the Co-developer Agreements respective lease agreements.
/ Memorandum of Understanding
(‘MOU’), read with addendum, if (v) Power Supply
any. The total development charges a. Revenue from power supply together
is recognised as Revenue on the with claims made on customers
percentage of actual project cost is recognised in terms of power
incurred thereon to total estimated purchase agreements entered into
project cost subject to such actual with the respective purchasers.
cost incurred being 30% or more b. Revenue from energy system
of the total estimated project cost. development contracts is recognised
The estimated project cost includes on percentage of completion
construction cost, development method and accounted for inclusive
and construction material, internal of excise duty recovered, where
development cost, external applicable. Accordingly, revenue
development charges, borrowing is recognised when cost incurred
141

(including appropriate portion of vii) Life Insurance
allocable overheads) on the contract a. Premium is recognised as income
is estimated at 30 per cent or more, when due. Unallocated premium on
of the total cost to be incurred lapsed policies is not recognised as
(including all foreseeable losses and income unless reinstated.
an appropriate portion of allocable
overheads) for the completion of b. For linked business, premium
contract, wherever applicable. income is recognised when the
associated units are allocated. Top
c. Revenue from wind power generation up premium (i.e. premium paid in
projects is recognised on the basis excess of annual target premium as
of actual power sold (net of reactive per policy contract) are recognised
energy consumed), as per the terms as single premium. Fees on linked
of the relevant power purchase policies including fund charges etc.
agreements with the purchasers. are recovered from the linked fund
d. Sale of Certified Emission Reductions and recognised in accordance with
(CERs) and Voluntary Emission terms and conditions of the policies.
Reductions (VERs) is recognised as c. Premium ceded is accounted at the
income on the delivery of the CERs / time of recognition of premium income
VERs to the customer’s account and in accordance with treaty or in principle
receipt of payment. agreement with the reinsurers.
vi) Hospitality services and Recreational viii) Retail Chain Outlets

facility income Income from sales is recognised
when significant risks and rewards in
a. Subscription and non-refundable
respect of ownership of the goods are
membership fee is recognised on
transferred to the customers and is
proportionate basis over the period
stated net of trade discounts, value
of the subscription / membership.
added taxes and estimated sales
b. Revenue from food and beverage return, wherever applicable.
is recorded net of sales tax / value
ix) Others
added tax and discounts.
a. Revenue from design and
c. Sales of merchandise are stated net
consultancy services is recognised
of goods sold on consignment basis on percentage of completion
as agents. method to the extent it is probable
d. Revenue from hotel operations and that the economic benefits will flow
related services is recognised net of to the group and the revenue can be
discounts and sales related taxes in reliably measured.
the period in which the services are b. Revenue in respect of maintenance
rendered. services is recognised on an accrual
e. Income from golf operations, basis, in accordance with the terms
course capitation, sponsorship etc. of the respective contract.
is fixed and recognised as per the c. Dividend income is recorded when
agreement with the parties, as and the right to receive the dividend is
when services are rendered. established.
f. Sale of cinema tickets is stated net of d. Service receipts and interest from
discounts. customers under agreements to
142

sell is accounted for on an accrual made on completion of the applicable
basis except in cases where ultimate project.
collection is considered doubtful. ii) Cost of land and plots includes
e. Interest income is accounted for land (including development rights),
on time proportion basis taking into acquisition cost, estimated internal
account the amount outstanding and development costs and external
the applicable rate of interest. development charges, borrowing cost,
f. Share of profit / loss from firms in which is charged to the profit & loss
which the Company is a partner is account based on the percentage
accounted for in the financial year of land / plotted area in respect of
ending on (or immediately before) which revenue is recognised as per
the date of the balance sheet. accounting policy 9 (ii) above to the
10. Unbilled receivables saleable total land / plotted area of
the scheme, in consonance with the
Unbilled receivables disclosed under concept of matching cost and revenue.
Schedule 11 - “Other Current Assets” Final adjustment is made on completion
represents revenue recognised based on of the specific project.
percentage of completion method (as per
Para no. 9(i) and 9(ii) above), over and 12. Borrowing costs
above the amount due as per the payment Borrowing costs that are attributable to
plans agreed with the customers. the acquisition and / or construction of
11. Cost of revenues qualifying assets are capitalised as part of
the cost of such assets, in accordance with
i) Cost of constructed properties other Accounting Standard 16 “Borrowing Costs”. A
than SEZ projects, includes cost of land qualifying asset is one that necessarily takes
(including cost of development rights a substantial period of time to get ready for
/ land under agreements to purchase), its intended use. Capitalisation of borrowing
estimated internal development costs, costs is suspended in the period during which
external development charges, cost the active development is delayed due to,
of development rights, construction other than temporary, interruption. All other
and development cost, borrowing borrowing costs are charged to the profit &
cost, construction materials, which is loss account as incurred.
charged to the profit & loss account
based on the percentage of revenue 13. Taxation
recognised as per accounting policy 9 (i) Tax expense comprises current income
above, in consonance with the concept tax and deferred tax and is determined
of matching costs and revenue. Final and computed at the standalone entity
adjustment is made on completion of the level. Current income-tax is measured
applicable project. at the amount expected to be paid to the
For SEZ projects, cost of constructed tax authorities in accordance with the
properties includes estimated Indian Income Tax Act and in the overseas
internal development costs, external branches / companies as per the respective
development charges, construction tax laws. Deferred income-tax reflects the
and development cost, borrowing cost, impact of current year timing differences
construction materials, which is charged between taxable income and accounting
to the profit & loss account based on income for the year and reversal of timing
the percentage of revenue recognised differences of earlier years. Deferred tax is
as per accounting policy 9(i) above, in measured based on the tax rates and tax
consonance with the concept of matching laws enacted or substantively enacted at
costs and revenue. Final adjustment is the balance sheet date. Deferred tax assets
143

and deferred tax liabilities across various Leases, where the lessor effectively
countries of operation are not set off against retains substantially all the risks and
each other as the Company does not have benefits of ownership of the leased
a legal right to do so. Deferred tax assets item, are classified as operating
are recognised only to the extent that there leases. Operating lease payments are
is reasonable certainty that sufficient future recognised as an expense in the profit
taxable income will be available against & loss account on straight line basis over
which such deferred tax assets can be the lease term.
realised. In situations where the Group
entity has unabsorbed depreciation or carry b) Where a Group entity is the lessor
forward tax losses, deferred tax assets are Leases which effectively transfer to the
recognised only if there is virtual certainty lessee substantially all the risks and
supported by convincing evidence that benefits incidental to ownership of the
they can be realised against future taxable leased item are classified and accounted
profits. for as finance lease.
At each balance sheet date, the Group Assets subject to operating leases are
re-assesses unrecognised deferred tax included in fixed assets / current assets
assets. It recognises unrecognised deferred / investment properties. Lease income is
tax assets to the extent that it has become recognised in the profit & loss account
reasonably certain, as the case may be, on a straight line basis over the lease
that sufficient future taxable income will be term. Costs, including depreciation are
available against which such deferred tax recognised as an expense in the profit
assets can be realised. & loss account. Initial direct costs such
as legal costs, brokerage costs etc are
14. Lease transactions recognised immediately in the profit &
a) Where a Group entity is the lessee loss account.
Finance leases, which effectively
15. Foreign currency transactions
transfer to the lessee substantially
all the risks and benefits incidental a) Relating to Overseas entities
to ownership of the leased item, are Indian Rupee is the reporting currency for
capitalised at the lower of the fair value the Group. However, reporting currencies
and present value of the minimum lease of certain non-integral overseas
payments at the inception of the lease subsidiaries are different from the
term and disclosed as leased assets. reporting currency of the Group. The
Lease payments are apportioned translation of local currencies into Indian
between the finance charges and Rupee is performed for assets and
reduction of the lease liability based liabilities (excluding share capital, opening
on the implicit rate of return. Finance reserves and surplus), using the exchange
charges are charged directly against rate as at the balance sheet date.
income. Lease management fees, legal Revenues, costs and expenses are
charges and other initial direct costs translated using weighted average
are capitalised. exchange rate during the reporting
If there is no reasonable certainty that period. Share capital, opening reserves
the Group entity will obtain the ownership and surplus are carried at historical
by the end of lease term, capitalised cost. The resultant currency translation
leased assets are depreciated over the exchange gain / loss is carried as foreign
shorter of the estimated useful life of the currency translation reserve under
asset or the lease term. reserves and surplus. Investments in
144

foreign entities are recorded at the the provident fund trust set up by the
exchange rate prevailing on the date of Company is treated as a defined benefit
making the investment. plan since the Company has to meet
Income and expenditure items of integral the interest shortfall, if any. Accordingly,
foreign operations are translated at the the contribution paid or payable and the
monthly average exchange rate of their interest shortfall, if any is recognised
respective foreign currencies. Monetary as an expense in the period in which
items at the balance sheet date are services are rendered by the employee.
translated using the rates prevailing on Certain other entities of the Group, make
the balance sheet date. Non - monetary contribution to the statutory provident
assets are recorded at the rates prevailing fund in accordance with the Employees
on the date of the transaction. Provident Fund and Miscellaneous
b)Relating to Indian entities Provisions Act, 1952 which is a defined
contribution plan and contribution paid or
Transactions in foreign currency are
payable is recognised as an expense in the
accounted for at the exchange rate
period in which the services are rendered.
prevailing on the date of the transaction.
All monetary items denominated in ii) Gratuity
foreign currency are converted into Gratuity is a post employment benefit and
Indian Rupees at the year-end exchange is in the nature of a defined benefit plan.
rate. Income and expenditure of the The liability recognised in the balance
overseas liaison office is translated at sheet in respect of gratuity is the present
the yearly average rate of exchange. value of the defined benefit / obligation at
The exchange differences arising on the balance sheet date less the fair value
such conversion and on settlement of of plan assets, together with adjustments
the transactions is recognised in the for unrecognised actuarial gains or
profit & loss account. losses and past service costs. The
In terms of the clarification provided by defined benefit / obligation is calculated
the Ministry of Corporate Affairs (“MCA”) at or near the balance sheet date by an
vide a notification number G.S.R. 225(E) independent actuary using the projected
on Accounting Standard-11 “Changes in unit credit method.
Foreign Exchange Rates”, the exchange Actuarial gains and losses arising
differences on long term foreign currency from past experience and changes in
monetary items are adjusted in the cost actuarial assumptions are credited or
of depreciable capital assets. charged to the profit & loss account
16. Employee benefits in the year in which such gains or
Expenses and liabilities in respect of employee losses are determined. For certain
benefits are recorded in accordance with the consolidated entities, contributions made
notified Accounting Standard 15 - “Employee to an approved gratuity fund (funded
Benefits”. by contributions to LIC under its group
gratuity scheme) are charged to revenue
i) Provident fund
on accrual basis.
Certain entities of the group make
iii) Compensated absences
contribution to statutory provident fund
trust set up in accordance with the Liability in respect of compensated
Employees Provident Funds and absences becoming due or expected
Miscellaneous Provisions Act, 1952. In to be availed within one year from the
terms of the Guidance on implementing balance sheet date is recognised on the
the revised AS – 15, issued by the basis of undiscounted value of estimated
Accounting Standard Board of the ICAI, amount required to be paid or estimated
145

value of benefit expected to be availed an expense as they fall due. Payments
by the employees. Liability in respect of made to state-managed retirement benefit
compensated absences becoming due or schemes, such as the Singapore Central
expected to be availed more than one year Provident Fund, are dealt with as payments
after the balance sheet date is estimated to defined contribution plans where the
on the basis of an actuarial valuation Group’s obligations under the plans are
performed by an independent actuary equivalent to those arising in a defined
using the projected unit credit method. contribution retirement benefit plan.
Actuarial gains and losses arising from ● Defined benefit liability
past experience and changes in actuarial
assumptions are credited or charged Management estimates the defined
to the profit & loss account in the year benefit liability annually. The actual
in which such gains or losses are outcome may vary due to estimation
determined. uncertainties. The estimate of its defined
benefit liability is based on standard
iv) Superannuation benefit rates of inflation, medical cost trends
Superannuation is in the nature of a and mortality. It also takes into account
defined benefit plan. Certain entities make the Group’s specific anticipation of future
contributions towards superannuation salary increases. Discount factors are
fund (funded by payments to Life determined close to each year-end by
Insurance Corporation of India under its reference to high quality corporate bonds
Group Superannuation Scheme) which that are denominated in the currency in
is charged to revenue on accrual basis. which the benefits will be paid and that
have terms to maturity approximating to
v) Cash Settled Options the terms of the related pension liability.
Accounting value of Cash Settled Estimation uncertainties exist particularly
Options granted to employees under the with regard to medical cost trends,
Employee Shadow / Phantom Option which may vary significantly in future
Scheme is determined on the basis of appraisals of the Group’s defined benefit
intrinsic value representing the excess obligations.
of the average market price, during the
month before the reporting date, over the ● Employee Leave Entitlement
exercise price of the shadow option. The Employee entitlements to annual leave
same is charged as employee benefits are recognised when they accrue to
over the vesting period, in accordance employees. A provision is made for the
with Guidance Note 18 “Share Based estimated liability for annual leave as a
Payments”, issued by the ICAI. result of services rendered by employees
vi) Other short term benefits up to the balance sheet date.
Expense in respect of other short term 17. Employee Stock Option Plan (ESOP)
benefits is recognised on the basis of the
amount paid or payable for the period The accounting value of stock options is
during which services are rendered by determined on the basis of ‘intrinsic value’
the employee. representing the excess of the market
price on the date of the grant over the
vii) Overseas entities exercise price of the shares granted under
the ‘Employee Stock Option Scheme’ of
Post employment benefits
the parent Company, and is amortised as
● Defined contribution ‘Deferred employees compensation’ on a
Payments to defined contribution straight line basis over the vesting period in
retirement benefit plans are charged as accordance with the SEBI (Employee stock
146

option scheme and Employee stock purchase where the outflow of economic resources
scheme) Guidelines, 1999 and Guidance is probable and a reliable estimate of the
Note 18 ‘Share Based payments’ issued by amount of obligation can be made. Possible
the “ICAI”. future obligations or present obligations that
18. Impairment of assets may but will probably not require outflow
Goodwill of resources or where the same cannot be
reliably estimated, is disclosed as contingent
Goodwill is tested for impairment on an annual
liabilities in the consolidated Financial
basis. If on testing, any impairment exists, the
Statements.
carrying amount of Goodwill is reduced to the
extent of any impairment loss and such loss is 20. Earning per share
recognised in the profit & loss account.
Basic earning per share is calculated
Other assets
by dividing the net profit or loss for the
At each balance sheet date, the Group period attributable to equity shareholders
assesses whether there is any indication (after deducting preference dividends and
based on internal / external factors, that an attributable taxes) by the weighted average
asset may be impaired. If any such indication number of equity shares outstanding during
exists, the Group estimates the recoverable the period. The weighted average number
amount of the asset. If such recoverable of equity shares outstanding during the
amount of the asset or the recoverable amount period is adjusted for events including a
of the cash generating unit to which the asset bonus issue, bonus element in a rights
belongs is less than its carrying amount, the issue to existing shareholders, share split,
carrying amount is reduced to its recoverable and reverse share split (consolidation of
amount and the reduction is treated as an shares).
impairment loss and is recognised in the For the purpose of calculating diluted
profit & loss account. If at the balance sheet earning per share, the net profit or loss for
date there is an indication that a previously the period attributable to equity shareholders
assessed impairment loss no longer exists, and the weighted average number of shares
the recoverable amount is reassessed and outstanding during the period are adjusted
the asset is reflected at the recoverable for the effects of all dilutive potential equity
amount subject to a maximum of depreciated shares. The period during which, number
historical cost and is accordingly reversed in of dilutive potential equity shares change
the profit & loss account. frequently, weighted average number of
19. Contingent liabilities and provisions shares are computed based on a mean date
The Group makes a provision when there is a in the quarter as impact is immaterial on
present obligation as a result of a past event earning per share.
SCHEDULE: 24 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Share capital (ii) 1,338,603,595 equity shares of

(a) Issued, subscribed and paid up share Rs. 2 each fully paid issued as bonus
capital includes: shares by way of capitalisation
of free reserves and securities
(i) 5,877,850 equity shares of
premium account.
Rs. 2 each (originally 1,175,570
shares of Rs. 10 each) fully paid (b) The calls in arrears have reduced during
up allotted pursuant to a scheme of the year by Rs. 163.73 lacs (previous
amalgamation of DLF United Limited year Rs. 94.55 lacs), comprising share
with the Company, without payment capital of Rs. 0.44 lacs (previous year
being received in cash. Rs. 0.26 lacs) and securities premium
147

of Rs. 163.29 lacs (previous year agreement to sell and / or against future
Rs. 94.29 lacs), which includes forfeiture receivables of the Company / subsidiary
of 43,680 partly paid equity shares of companies.
Rs. 2 each having impact in share capital b) Loan from others comprise of term
of Rs. 0.44 lacs and securities premium loans from financial institutions which
of Rs. 228.45 lacs. are secured by equitable mortgages
(c) In the previous year, Company had of certain lands / properties of some
issued Public Announcement (PA) and subsidiary entities / associates / group
Corrigendum to PA dated September 30, companies and the receivables and
2008 and October 15, 2008 respectively, / or against future receivables of the
for buy back of its shares from the Company / subsidiary companies.
open market at a price not exceeding c) Loans for aircraft, helicopter, wind mill
Rs. 600 per share for an aggregate projects, plant and machinery and
amount not exceeding Rs. 110,000 vehicles are secured by hypothecation of
lacs. During the current financial year the respective assets, thus purchased.
the Company completed the buyback
d) i) 5,000 (previous year 5,000), 13.70%
process and further bought back 15,000
Non-convertible Redeemable
equity shares (previous year 76,23,567)
Debentures of face value of Rs.
under the said buyback programme.
10,00,000 each and 7,200 (previous
(d) Upon exercise of options granted under year 7,200), 14% Non-convertible
the Employee Stock Option Scheme Redeemable Debentures of face
2006 (ESOP), 240,457 (previous year value of Rs. 10,00,000 each, issued
Nil) equity shares of Rs. 2 each were to the Life Insurance Corporation
issued at par during the year. of India are secured by pari
passu charge over certain lands /
(e) Pursuant to the above transactions the
properties of the Company /
paid-up share capital of the Company
subsidiary companies.
increased by Rs. 4.08 lacs during the
year (previous year : decrease by (ii) 3,000 (previous year nil), 10%
Rs. 152.21 lacs). Non-Convertible Redeemable
Debentures of Rs. 10,00,000
2. Reserves and Surplus each and 7,000 (previous year
nil), 10.50% Non-Convertible
Pursuant to the buyback programme referred
Redeemable Debentures of
to in note 1(c) above, Capital redemption
Rs. 10,00,000 each, issued to
reserve has been created out of General
various investors are secured by
reserve for Rs. 0.30 lacs (previous year Rs.
pari passu / exclusive charge over
152.47 lacs) being the nominal value of shares
certain lands / properties of the
bought back under the buyback programme Company / subsidiary companies.
in terms of Section 77AA of the Companies
Act, 1956. 4. Unsecured Loans
a) 12.50% compulsory convertible
3. Secured loans debentures of Rs. 225,000 each are
a) Facilities with banks comprise, term convertible into equity shares of Rs. 10
loans and overdraft facilities which are each on the expiry of 7 years from the
secured by equitable mortgages of date of their respective allotment.
certain freehold and leasehold lands / b) 12% compulsory convertible debentures
properties of the Company / subsidiary of Rs. 50,000 each are convertible into
companies / sellers / lessors, land under equity shares of Rs. 10 each on the
148

expiry of 6 years from the date of their Standard Interpretation 3, issued by the
respective allotment. ICAI.
c) 12.50% compulsory convertible b) Profits from Special Economic Zone
debentures of Rs. 75,000 each are (“SEZ”) business of the Company and
convertible into equity shares of Rs. 10 three of subsidiary companies are
each on the expiry of 7 years from the exempt under Section 80-IAB of the
date of their respective allotment. Income Tax Act, 1961. The dividend
d) 12.50% compulsory convertible declared out of such SEZ profits are also
debentures of Rs. 27,500 each are exempt from Dividend Distribution Tax
convertible into equity shares of Rs. 10 under the provisions of Section 115-O(6)
each on the expiry of 7 years from the of the Income Tax Act, 1961.
date of their respective allotment. In line with the above provisions, the
e) Class B compulsory convertible Company has provided dividend tax
debentures of Rs. 1,00,000 each shall only on the proportionate amount of
be automatically and mandatorily be dividend declared out of non SEZ
converted into two equity shares of profits and after adjustment of the
Rs. 10 each in accordance with the dividend received from its wholly
terms and conditions mentioned in owned subsidiary company in terms of
the investment agreement dated provisions of Section 115-O(1A)(i) of
July 4, 2009. the Income Tax Act, 1961
f) Compulsory convertible debentures – 7. Employee Benefits
Series – I of Rs. 1,000 each, convertible a) Gratuity (Non Funded)
into 1 Class B equity shares of Rs. 10
each at a premium of Rs. 990 each after Amount recognised in the Profit & Loss Account is
17 years from the date of respective as under:
allotment. Interest is payable at the ((Rs. in lacs)
lower of (i) the rate of 15% per annum, Description 2010 2009
or (ii) the maximum rate of SBI PLR Current service cost 380.22 530.88
plus 300 basis point (on the date of Interest cost 184.29 107.35
board meeting in which CCDs were Actuarial (gain) / loss recognised (133.53) 104.45
issued) and shall start accruing from the during the year
Past service cost (65.02) -
3rd anniversary of the date of issue.
Total 365.96 742.68
5. A subsidiary of the company has purchased
land with an obligation to provide built up Movement in the liability recognised in the balance
area to third parties in consideration of sheet is as under:
settlement of disputes, claims, rights and ((Rs. in lacs)
entitlements of such parties. As the cost in Description 2010 2009
this respect is not currently ascertainable, Present value of defined benefit 2,517.73 1,412.30
no accrual for these liabilities is considered obligation as at the start of the
year *
necessary at present.
Prior period adjustment (0.66) 0.00
6. a) Wind mill projects of the Company and Current service cost 380.22 597.42
of one of the subsidiary company, are Interest cost 184.29 130.21
entitled for tax holiday under Section Actuarial (gain) / loss recognised (133.53) 114.30
80-IA of the Income Tax Act, 1961. during the year
Benefits paid (171.17) (412.20)
Accordingly, the computation of tax
Past service cost (65.02) -
(current and deferred) has been done as
Present value of defined benefit 2,711.86 1,842.03
per Accounting Standard 22 “Accounting obligation as at the end of the
for taxes on Income” and Accounting year
149

b) Gratuity (Funded) c) Compensated absences (non funded)
((Rs. in lacs) Amount recognised in the Profit & Loss
Changes in Defined Benefit 2010 2009
Account is as under:
Obligation
((Rs. in lacs)
Present value obligation as at the 249.91 85.94
start of the year * Description 2010 2009
Interest cost 20.60 10.26 Current service cost 424.48 581.51
Past service cost - 0.00 Interest cost 151.11 77.27
Current service cost 94.16 54.73 Actuarial loss recognised during 4.63 222.71
the year
Benefits paid (8.53) (10.69) Past service cost 27.08 (4.73)
Actuarial (gains) / losses on (85.05) 16.70 Total 607.30 876.76
obligations
end of the year Movement in the liability recognised in the
Change in Fair Value of Plan Assets balance sheet is as under:
Fair value of Plan assets as at 172.96 67.26
the start of the year * ((Rs. in lacs)
Expected return on plan assets 24.52 7.55 Description 2010 2009
Actuarial gain (0.46) (6.20) Present value of defined benefit 1,732.48 1,014.83
obligation as at the start of the
Contribution 23.30 51.48 year *
Benefits paid (7.95) (10.69) Past service cost 27.08 -
Fair value of Plan assets as at 212.37 109.40 Current service cost 424.48 666.48
the end of the year Interest cost 151.11 94.65
Reconciliation of present value of defined benefit Actuarial loss / (gain) recognised 4.63 209.72
obligation and the fair value of plan assets during the year
Present value obligation as at the 271.09 156.94 Benefits paid (342.85) (439.38)
end of the year
Present value of defined benefit 1,996.93 1,546.30
Fair value of plan assets as at the 185.34** 109.40 obligation as at the end of the
end of the year year
Net asset / (liability) recognised (85.75) (47.54)
in balance sheet
** Excluding Rs. 27.03 lacs of plan assets not recognised in d) Compensated Absences (Funded)
one of the subsidiary company.
((Rs. in lacs)
Amount recognised in the Profit & Loss Account Changes in Defined Benefit 2010 2009
Obligation
Current service cost 94.16 35.67 Present value obligation as at the 298.72 105.74
Interest cost 20.60 7.93 start of the year *
Expected return on plan assets (24.52) (7.11)
Current service cost 165.26 129.07
Net actuarial (gain) / loss (85.05) 9.74
recognised in the year Benefits paid (96.56) (42.06)
Total expenses recognised in the 5.19 46.23 Acturial (gains) / losses on (67.39) (4.36)
Profit & Loss Account obligations
end of the year
Change in Fair Value of Plan Assets
For determination of the gratuity liability of the
Company, the following actuarial assumptions Fair value of Plan assets as at - -
the start of the year *
were used: Expected return on plan assets - -
Actuarial gain - -
Description 2010 2009 Contribution - -
Discount rate (per annum) 8.00% 8.00% Benefits paid 74.31 21.87
Rate of increase in compensation 7.50% 7.50% Fair value of Plan assets as at - -
levels the end of the year
150

((Rs. in lacs) 8. Related party disclosures
Reconciliation of present value 2010 2009
of defined benefit obligation (a) Relationship
and the fair value of plan
assets (i) Joint Ventures
Present value obligation as at the 321.35 195.40 1 Banjara Hills Hyderabad Complex
end of the year
2 Delanco Real Estates Private Limited
Fair value of plan assets as at the - -
end of the year 3 DLF Gayatri Home Developers Private Limited
Net asset / (liability) recognised in (321.35) (195.40) 4 DLF Gurgaon Developers Limited
balance sheet (formerly DLF SEZ Holdings Ltd) (till August 30, 2009)
5 DLF Limitless Developers Private Limited
Amount recognised in the 2010 2009
6 DLF SBPL Developer Private Limited
Profit & Loss Account
Current service cost 165.26 48.46 7 DT Projects Limited [formerly DLF Laing O’Rourke (India)
Past service cost - 3.00 Limited] (till November 11, 2009)
8 GSG DRDL Consortium
Expected return on plan assets - 0.00 9 Kujjal Builders Private Limited
Net actuarial (gain) / loss (67.39) 13.02 10 Mount Mary Residential Project
recognised in the year 11 Niharika Shopping Mall (till August 31, 2009)
Total expenses recognised in the 119.19 68.65
12 Saket Courtyard Hospitality (w.e.f. October 20, 2009)
Profit & Loss Account
* Opening liability includes liability in respect of entities acquired 13 Star Alubuild Private Limited (w.e.f June 15, 2009)
during the year. 14 Y.G. Realty Private Limited (w.e.f July 02, 2009)
15 Domus Real Estate Private Limited (w.e.f March 02, 2010)
16 Cleva Builders and Developers Private Limited
For determination of the liability in respect of (w.e.f. March 31, 2010)
compensated absences, the following actuarial 17 Prowess Buildcon Private Limited (w.e.f. March 31, 2010)
assumptions were used: 18 Saket Courtyard Hospitality Private Limited
(till October 13, 2009)
Description 2010 2009
(ii) Associates
Discount rate (per annum) 8.00% 8.00%
Rate of increase in compensation 7.50% 7.50% 1 Australian Resorts Limited
levels 2 DLF Pramerica Asset Managers Private Limited
(formerly DLF Pramerica Advisory Private Limited)
(till March 09, 2010)
e) Provident fund 3 DLF Pramerica Trustees Private Limited
Contribution made by the group (till March 09, 2010)
companies, to the Provident Fund 4 Ferragamo Retail India Private Limited
Trust setup by the Company and to the 5 Giorgio Armani India Private Limited
Employee Provident Fund Commissioner 6 Islan Aviation Limited
during the year is Rs. 1,557.92 lacs 7 Joyous Housing Limited
(previous year Rs. 1,318.26 lacs). 8 Kyoto Resorts YK
9 Lillion Builders and Developers Private Limited
Relating to Provident Fund Trust, at (till September 23, 2009)
the year end, no interest shortfall in 10 P.T Jawa Express Amanda Indah
provident fund remains unprovided 11 Pamalican Island Holdings Inc
for as there is surplus in the fund. In 12 Pandis (Thailand) Company Limited
the absence of guidance on actuarial
13 Pansea Tourism Company Limited
valuation of Fund liability, which is to
14 Regional D & R Limited
be issued by the Actuarial Society of
15 Revlys SA
India, the actuarial valuation liability
16 Seven Seas Resorts and Leisure Inc
towards provident fund is not feasible.
17 Surin Bay Co. Limited
Accordingly , other related disclosures
18 Villajena
in respect of provident fund have not
19 Zeus Infrastructure Private Limited
been furnished.
151

(iii) Key Management Personnel (of the Parent Company) 28 Dinky Builders & Developers Private Limited
Name Designation Relatives (Relation)* 29 DLF Building & Services Private Limited
a) Mr. K.P. Singh Chairman Ms. Renuka Talwar 30 DLF Commercial Enterprises
(Daughter) 31 DLF Foundation
b) Mr. Rajiv Singh Vice Mrs. Kavita Singh
32 DLF Investments Private Limited
Chairman (Wife)
Ms. Savitri Devi Singh 33 DLF M.T.FBD Medical and Community Facility Charitable
(Daughter) Trust
Ms. Anushka Singh 34 DLF Q.E.C. Educational Charitable Trust
(Daughter) 35 DLF Q.E.C. Medical Charitable Trust
c) Mr. T.C. Goyal Managing Mrs. Sharda Goyal 36 DLF Raghvendra Temple Trust
Director (Wife)
37 Elanor Builders & Developers Private Limited
d) Ms. Pia Singh Whole Time Mr.Dhiraj Sarna
Director (Husband) 38 Excel Housing Construction Private Limited
e) Mr. K. Swarup Sr. Executive Mrs Veena Swarup 39 Exe. of The Estate of Lt. Ch. Raghvendra Singh
Director (Wife) 40 Exe. of The Estate of Lt. Smt. Prem Mohini
Mr Manish Swarup 41 Family Idol Shri Radha Krishan Ji
(Son)
42 Family Idol Shri Shiv Ji
* Relatives of key management personnel (other than key
management personnel themselves) with whom there were 43 Galena Builders & Constructions Private Limited
transactions during the year. 44 Gangrol Agricultural Farm & Orchard
45 General Marketing Corporation
(iv) Other enterprises under the control of the key
46 Glaze Builders & Developers Private Limited
management personnel (of the parent company)
and their relatives : 47 Haryana Electrical Udyog Private Limited
1 A.S.G. Realcon Private Limited 48 Herminda Builders & Developers Private Limited
2 Adampur Agricultural Farm 49 Hitech Property Developers Private Limited
3 Adept Real Estate Developers Private Limited 50 Indira Trust
4 AGS Buildtech Private Limited 51 Ishtar Retail Private Limited
5 Altamount Real Estate Developers Private Limited 52 Jhandewalan Ancillaries and Investments Private Limited
6 Angus Builders & Developers Private Limited 53 K. P. Singh HUF
7 Antriksh Properties Private Limited 54 Kohinoor Real Estates Company *
8 Anubhav Apartments Private Limited 55 Krishna Public Charitable Trust
9 Aquarius Builders & Developers Private Limited 56 Lal Chand Public Charitable Trust
10 Arihant Housing Company* 57 Lion Brand Poultries
11 Atria Partners 58 Maaji Properties and Development Company *
12 Bansal Development Company Private Limited 59 Madhukar Housing and Development Company *
13 Belicia Builders & Developers Private Limited 60 Madhur Housing and Development Company *
14 Beryl Builders & Constructions Private Limited 61 Magna Real Estate Developers Private Limited
15 Beverly Park Operation and Maintenance Services 62 Mallika Housing Company *
Private Limited 63 Megha Estates Private Limited
16 Buland Consultants & Investments Private Limited 64 Northern India Theatres Private Limited
17 Caraf Builders & Constructions Private Limited 65 Pace Financial Services
18 Centre Point Property Management Services Private 66 Panchsheel Investment Company *
Limited 67 Panchvati Estates Private Limited
19 Ch.Lal Chand Memorial Charitable Trust 68 Parvati Estates Private Limited
20 Cian Builders & Developers Private Limited 69 Pia Pariwar Trust
(Formerly DLF SEZ Parks Private Limited) 70 Plaza Partners
21 DLF Assets Private Limited (till March 18, 2010)
71 Power Overseas Private Limited
22 DLF Info City Developers (Chandigarh) Limited
72 Prem Traders & Investments Private Limited
23 DLF Info City Developers (Kolkata) Limited 73 Prem’s Will Trust
(till March 18, 2010) 74 Pushpak Builders and Developers Private Limited
24 Desent Promoters & Developers Private Limited 75 R.R Family Trust
25 Diana Retail Private Limited 76 Raghvendra Public Charitable Trust
26 Digital Talkies Private Limited 77 Raisina Agencies & Investments Private Limited
27 Dilly Builders & Developers Private Limited 78 Rajdhani Investments & Agencies Private Limited
152

(iv) Other enterprises under the control of the key 95 Sukomal Builders & Developers Private Limited
management personnel (of the parent company) 96 Sulekha Builders & Developers Private Limited
and their relatives : (Contd.)
97 Super Mart One Property Management Services Private
79 Realest Builders and Services Private Limited
Limited
80 Renkon Partners 98 Super Mart Two Property Management Services Private
81 Renuka Pariwar Trust Limited
82 Sabre Investment Advisor India Private Limited 99 Trinity Housing and Construction Company *
83 Sabre Investment Consultants LLP 100 Udyan Housing and Development Company *
84 Sagarika Real Estate Developers Private Limited 101 Ultima Real Estate Developers Private Limited
85 Sambhav Housing and Development Company * 102 Universal Management & Sales Private Limited
86 Sanidhya Constructions Private Limited 103 Upeksha Real Estate Developers Private Limited
87 Sidhant Housing and Development Company * 104 Uplift Real Estate Developers Private Limited
88 Singh Family Trust 105 Urva Real Estate Developers Private Limited
89 Sketch Investment Private Limited 106 Uttam Builders and Developers Private Limited
90 Smt.Savitri Devi Memorial Charitable Trust 107 Uttam Real Estates Company *
91 Solace Housing and Construction Private Limited 108 Vishal Foods and Investments Private Limited
92 Solange Retail Private Limited 109 Yashika Properties and Development Company *
93 Sudarshan Estates Private Limited
94 Sukh Sansar Housing Private Limited * Private companies with unlimited liability.
(b) The following transactions were carried out with related parties in the ordinary course of
business (net of Service-tax, if any)
(Rs. in lacs)
Description #Joint ventures and Key Management Personnel Enterprises over which
Associates (KMP) and their relatives KMP is able to exercise
significant influence
2010 2009 2010 2009 2010 2009
Sale of assets 7,500.00 - - - - -
Interest received 456.08 1,528.85 - - - 10.54
Rent and licence fee received - 84.62 - - 586.38 100.18
Directors remuneration - - 2,625.10 1,721.95 - -
Expenses recovered 288.45 2,080.33 - - 49.43 110.51
Expenses paid 166.75 141.46 - - 984.24 336.52
Technical fess and professional - 157.06 - - - -
charges paid
Payment for construction work 6,250.71 30,082.73 - - - -
Rent paid - 15.11 21.63 21.63 208.22 41.97
Loan taken 10,261.14 320.30 - - - -
Loan refunded 10,037.00 46.75 - - - -
Interest paid 1,096.72 198.76 - - - 16,045.88
Miscellaneous receipts (Income) 2.60 21.40 - - 260.37 6.68
Loans and advances given 773.78 2,332.39 - - - 300.00
Loans refunded back 249.50 868.00 - - - 300.00
Advances given 3,731.00 517.00 - - - -
Share application money paid - 196.00 - - -
Advance received under agreement 10,800.00 17,600.00 1,181.73 976.54 - 22,900.00
to sell
Guarantees given 7,050.05 - - - - 80,000.00
Sale of constructed properties - - - - 100,656.74 394,465.95
Purchase of land and material - - - - 34.34 10.94
Purchase of development rights - - - - 40,575.10 -
Purchase of Investment - - - - 159,700.00 -
Issue of CCPS - - - - 159,700.00 -
153

c) Balance at the end of the year
(Rs. in lacs)
Description #Joint ventures and Key Management Personnel Enterprises over which
Associates (KMP) and their relatives KMP is able to exercise
significant influence
2010 2009 2010 2009 2010 2009
Investments 8,914.31* 10,474.21* - - 174.30 174.30
Share application money - 196.00 - - - -
Earnest money and part payments - - - - 235.44 303.58
under agreement to purchase of land /
Advance received under agreement - - 3,201.07 2,019.34 - -
to sell
Creditors / payables 11,485.98 5,967.34 175.00 94.94 5.02 3,500.76
Managerial commission payable - - 1,322.35 825.00 - -
Loans (liability)-Unsecured loan 2,206.08 1,765.79 - - - -
Security deposit given - - - - 0.06 5.17
Advances / Amount recoverable 17,660.08 9,162.78 - - - 64,897.12
Guarantees given 7,050.05 - - - - 80,000.00
Loans and interest receivable 3,090.26 1,830.63 - - - -
Sundry debtors - - - - - 266,215.34
Unbilled receivables - - - - - 219,986.43
# Complete transactions have been reported before inter group elimination.

* Excluding profit.
(Rs. in lacs)
Description Joint Ventures / Associates
Sale of fixed assets Saket Courtyard Hospitality 7,500.00 -
Interest received Thalia Infratech Private Limited - 1,028.06
Turan Infratech Private Limited - 257.46
Delanco Real Estate Private Limited 165.40 103.02
Kujjal Builders Private Limited 83.70 43.87
Joyous Housing Limited 91.37 -
Ferragamo Retail India Private Limited 111.11 94.64
Rent and licence fee received WSP Engineering Services Private Limited - 84.62
Expenses recovered DLF New Gurgaon Homes Developers Private Limited - 2,011.47
DLF Limitless Developers Private Limited 244.99 -
DT Projects Limited [formerly DLF Laing O’Rourke (India) Limited.] 26.18 42.53
Expenses paid Delanco Real Estate Private Limited 165.00 122.80
Technical fees & professional WSP Engineering Services Private Limited - 157.06
charges paid
Payment for Construction Work DT Projects Limited [formerly DLF Laing O’Rourke (India) Limited.] 4,755.43 30,082.73
Star Alubuild Private Limited 1,495.28 -
Rent paid DT Projects Limited [formerly DLF Laing O’Rourke (India) Limited.] - 15.11
Loan taken Delanco Real Estate Private Limited 261.14 320.30
DLF Limitless Developers Private Limited 10,000.00 -
Loan refunded Delanco Real Estate Private Limited 37.00 46.75
Interest paid Delanco Real Estate Private Limited 286.44 198.76
DLF Limitless Developers Private Limited 810.28 -
Miscellaneous receipts (Income) WSP Engineering Services Private Limited - 18.65
DLF Limitless Developers Private Limited 2.10 2.50
154

(Rs. in lacs)
Loans and advances given Delanco Real Estate Private Limited 316.50 501.50
DLF Gayatri Home Developers Private Limited 203.50 -
Ferragamo Retail India Private Limited - 1,250.00
Loans refunded back Ferragamo Retail India Private Limited - 525.00
Thalia Infrastech Private Limited - 317.00
Delanco Real Estate Private Limited 249.50 -
Advances given Joyous Housing Limited 3,731.00 517.00
Share application money paid Ferragamo Retail India Private Limited - 196.00
Advance received under DLF New Gurgaon Homes Developers Private Limited - 17,600.00
agreement to sell
Giorgio Armani India Private Limited 1,100.05 -
0 (Rs. in lacs)
Investments Surin Bay Co. Limited 4,130.01 4,743.71
Revlys SA 977.72 1,123.00
Seven Seas Resort & Leisure Inc 1,711.60 1,965.93
Share application money Ferragamo Retail India Private Limited - 196.00
Creditors / payables DT Projects Limited [formerly DLF Laing O’Rourke (India) Limited] - 5,965.62
Loans (liability)-Unsecured Loan Delanco Real Estate Private Limited 2,206.08 1,767.79
Advances / amount recoverable Joyous Housing Limited 11,022.24 7,291.24
Saket Courtyard Hospitality 6,041.60 -
Giorgio Armani India Private Limited 1,100.05 -
Loans and interest receivable Delanco Real Estate Private Limited 1,323.69 1,107.84
Ferragamo Retail India Private Limited 854.18 -
(Rs. in lacs)
Interest received DLF Q.E.C. Medical Charitable Trust - 10.54
Rent and licence fee received DLF Assets Private Limited 586.38 100.18
Expenses recovered DLF Assets Private Limited 0.08 96.99
Caraf Builders & Constructions Private Limited 43.18 -
Expenses paid DLF Assets Private Limited 190.78 145.32
Pace Financial Services 4.56 35.24
DLF Foundation 787.49 -
Rent paid DLF Q.E.C. Medical Charitable Trust 14.20 17.51
DLF Q.E.C. Educational Charitable Trust 18.93 13.13
Realest Builders and Services Private Limited 5.39 9.67
DLF Info City Developers (Chandigarh) Limited 168.81 -
Interest paid DLF Assets Private Limited - 16,045.88
Miscellaneous receipts (Income) DLF Building & Services Private Limited - 6.68
DLF Assets Private Limited 227.78 -
Caraf Builders & Constructions Private Limited 31.08 -
155

(Rs. in lacs)
Loans and advances given DLF Q.E.C. Medical Charitable Trust - 300.00
Loans refunded back DLF Q.E.C. Medical Charitable Trust - 300.00
Advance received under DLF Assets Private Limited - 22,900.00
agreement to sell
Guarantees given DLF Assets Private Limited - 80,000.00
Sale of constructed properties DLF Assets Private Limited 100,656.74 394,465.95
Purchase of land and material DLF Building & Services Private Limited 34.34 10.94
Purchase of development rights DLF Assets Private Limited 40,575.10 -
(Rs. in lacs)
Investments Digital Talkies Private Limited 169.18 169.18
Earnest money and part payments DLF Building & Services Private Limited 201.17 269.31
under agreement to purchase land
/ constructed properties
Creditors / payables DLF Assets Private Limited - 3,374.98
DLF Q.E.C. Educational Charitable Trust 0.77 -
DLF Building & Services Private Limited 0.94 -
Plaza Partners 2.84 -
Security deposit given DLF Q.E.C. Educational Charitable Trust - 3.86
DLF Q.E.C. Medical Charitable Trust - 1.25
Advances / amount recoverable Caraf Builders & Constructions Private Limited - 64,760.95
Guarantees given DLF Assets Private Limited - 80,000.00
Sundry debtors DLF Assets Private Limited - 266,215.34
Unbilled receivables DLF Assets Private Limited - 219,986.43
(Rs. in lacs)
Remuneration paid Mr. K.P. Singh 500.66 306.52
Mr. K Swarup 393.19 181.14
Mr. T.C. Goyal 831.70 559.42
Ms. Pia Singh 322.54 284.48
Rent paid Mrs. Veena Swarup 21.63 21.63
Advance received under agreement to sell Mr. T. C. Goyal 302.76 -
Mr. Dhiraj Sarna 244.17 976.54
Mr. K. Swarup 144.47 -
(Rs. in lacs)
Balance at the end of the year Name of the KMP and their relatives 2010 2009
Creditors / amounts payable Mr. K.P. Singh - 7.22
Mr. Rajiv Singh - 10.73
Ms. Pia Singh - 1.99
Mr. K. Swarup 175.00 75.00
156

(Rs. in lacs)
Managerial commission payable Mr. K.P. Singh 398.59 250.00
Mr. T.C. Goyal 400.00 225.00
Ms. Pia Singh 125.00 100.00
Mr. Dhiraj Sarna 2,184.21 1,940.04
9. The Group is primarily engaged in the business of colonisation and real estate development, which as
per Accounting Standard 17 on ‘Segment Reporting’ is considered to be the only reportable business
segment. The Group is primarily operating in India which is considered as a single geographical
segment.
10. Information to be disclosed in accordance with AS 19 ‘Leases’, as issued by the ICAI.
A. Assets given on lease*
(Rs. in lacs)
Class of Assets Gross Block Depreciation Cumulative
As on March for the year Depreciation as on
31, 2010 2009-10 March 31, 2010
i) Fixed assets
Land & Building including interiors 978,490.94 24,422.56 47,332.78
ii) Current assets

(Constructed buildings including land
and related equipments)
Lease hold 3,054.27 52.12 949.84
Free hold 12,345.09 284.59 570.60
*(includes partly self occupied)
i) Operating Lease
The company has leased facilities under non- cancelable operating leases. The future minimum
lease payment receivables in respect of these leases as at March 31, 2010 are:
(Rs. in lacs)
Minimum lease payments receivables 2010 2009
(i) Upto one year 96,871.96 56,962.27
(ii) Two to five years 86,159.57 63,823.50
(iii) More than 5 years 3,693.07 3,668.82
186,724.60 124,454.59
ii) Finance Lease

The minimum finance lease payments for the initial lease period are as under:
(Rs. in lacs)
Principal
Not later than one year 274.88 960.56
Later than one year but not later than five years 2,197.55 5,518.86
Later than five years 672.33 1,950.62
Interest
Not later than one year 442.70 1,029.51
Later than five years 54.56 406.38
157

B) Assets taken on Lease
i) Operating Lease
The minimum operating lease payments for the initial lease period are as under:
(Rs. in lacs)
Not later than one year 5,393.13 5,003.21
Later than five years 8,709.90 3,625.13
Lease payment made during the year recognised in the statement of 6,591.72 2,481.84
profit & loss account
Sub-lease payment received recognised in the statement of profit & loss
account 682.53 399.19
In respect of DT Cinemas Limited, a subsidiary of DLF Limited, the buildings for ‘Multiplex
Theatres’ are taken on lease with the initial lease terms ranging from 3 to 4.5 years. These leases
are further renewable subject to enhancement of rent by 10% on the expiry of the lease period.
There are no restrictions imposed for sub–leasing as per the lease arrangement. The Company
sub leases the areas in the multiplexes for food courts.
ii) Finance Lease
The minimum finance lease payments for the initial lease period are as under:
(Rs. in lacs)
Principal
Later than one year but not later than five years 18.87 12.54
Later than five years - -
Interest
Later than one year but not later than five years 0.35 1.36
Later than five years - -
11. Employee Stock Option Scheme, 2006 (ESOP)
a) During the year ended March 31, 2007, the Company had announced an Employee Stock Option
Scheme (the “Scheme”) for all eligible employees of the Company, its subsidiaries, joint ventures
and associates. Under the Scheme, 17,000,000 equity shares have been earmarked to be
granted under the Scheme and the same will vest as follows:
Block I Block II Block III

Year 2 Year 4 Year 6
10% of the total grant 30% of the total grant 60% of the total grant
Pursuant to the above scheme, the employee will have the option to exercise the right within
three years from the date of vesting of shares at Rs. 2 per share, being its exercise price.
158

b) As per the scheme, the Remuneration Committee has granted options as per details below:
Grant Date of grant Number of options Outstanding options as on
No. granted March 31, 2010
(Net of options
exercised / forfeited)
I June 27, 2007 3,734,057 2,461,680
(3,734,057) (3,184,900)
II October 10, 2007 308,077 129,883
(308,077) (291,177)
III July 01, 2008 1,645,520 1,321,860
(1,645,520) (1,514,040)
IV October 10, 2008 160,059 87,620
(160,059) (157,659)
V July 01, 2009 3,355,404 3,300,441
(-) (-)
VI October 10, 2009 588,819 520,860
(-) (-)
According to the Guidance Note 18 on “Share Based Payments” issued by ICAI, Rs. 4,167.92
lacs have been provided during the year as proportionate cost of ESOPs.
c) Outstanding stock options for equity shares of the Company under the “Employee Stock Option
Scheme”:
Particulars 2010
Grant Date of grant Exercise price Numbers Number of options Total
No. Rs. outstanding committed to be
granted in the future
I July 1, 2007 2 2,461,680 - 2,461,680
(3,184,900) (293,300) (3,478,200)
II October 10, 2007 2 129,883 - 129,883
(291,177) (88,259) (379,436)
III July 01, 2008 2 1,321,860 - 1,321,860
(1,514,040) (-) (1,514,040)
IV October 10, 2008 2 87,620 - 87,620
(157,659) (-) (157,659)
V July 01, 2009 2 3,300,441 - 3,300,441
(-) (-) (-)
VI October 10, 2009 2 520,860 - 520,860
(-) (-) (-)
(d) In accordance with the Guidance Note - 18 “Share based payments” issued by ICAI the following
information relates to the stock options granted by the Company.
2010
Particulars Stock options Range of Weighted-average Weighted-average
(numbers) exercise prices exercise prices remaining contractual
(Rs.) (Rs.) life (years)
Outstanding, beginning of 5,529,335 2 - -
the year (4,962,810) (2) (-) (-)
Add: Granted during the year 3,944,223 2 2 -
(1,276,929) (2) (2) (-)
Less: Forfeited during the 1,311,546 2 2 -
year (710,404) (2) (2) (-)
Less: Exercised during the 270,637 2 2 -
year (-) (-) (-) (-)
Less: Lapsed during the year - - - -
(-) (-) (-) (-)
Outstanding, end of the year 7,822,344 2 2 5.05
(5,529,335) (2) (2) (5.22)
Exercisable at the end of the 69,031 2 2 -
year (-) (-) (-) (-)
159

e) The following table summarises information about stock options outstanding as at March 31,
2010:
Options outstanding Options exercisable

Range of Numbers Weighted average Weighted average Numbers Weighted average
exercise price remaining exercise price exercise price
(Rs.) contractual life (Rs.) (Rs.)
2 7,822,344 5.05 2 69,031 2
(2) (5,529,335) (5.22) (2) (-) (-)
The Company has calculated the employee compensation cost using the intrinsic value of
the stock Options measured by a difference between the fair value of the underline equity
shares at the grant date and the exercise price. Had compensation cost been determined
in a manner consistent with the fair value method, based on Black – Scholes model, the
employees compensation cost would have been lower by Rs. 348.09 lacs and proforma profit
after tax would have been Rs. 172,212.80 lacs (higher by Rs. 229.77 lacs). On a proforma
basis, the basic and diluted earnings per share would have been Rs. 10.15 and Rs. 10.13
respectively.
The fair value of the options granted is determined on the date of the grant using the “Black-
Scholes option pricing model” with the following assumptions:
Grant I Grant ll Grant lll Grant IV Grant V Grant VI

Dividend yield (%) 0.28 0.28 0.57 0.73 0.86 0.64
Expected life (no. of years) 6.50 6.50 5.50 5.50 5.50 5.50
Risk free interest rate (%) 8.37 8.09 9.46 8.17 6.75 7.26
Volatility (%) 82.30 82.30 52.16 59.70 86.16 81.87
12. Cash Settled Options
a) Under the Employee Shadow Option / Employee Phantom Options Scheme, employees are
entitled to get cash compensation based on the average market price of Equity Share of the
Company, upon exercise of Shadow option on a future date. As per the scheme, Shadow options
/ phantom options will vest as follows :
Trench Date of Grant Vesting at the end Vesting at the end Vesting at the end
of year 2 of year 3 of year 4
Employee Shadow option scheme
I July 1, 2007* 50% - 50%
II September 1, 2007* 50% - 50%
III July 01, 2008 50% 50% -
IV October 10,2008 50% 50% -
V July 01, 2009 100% - -
Employee phantom option scheme
2008-09 50% - 50%
160

b) Details of outstanding options and the expenses recognised under the Employee Shadow Option
Scheme / Employee Phantom Options Scheme is as under:-
No. of Shadow Exercise Average Fair value Total expenses charged Liability as on March
options price market price of shadow to Profit & Loss Account 31, 2010 (Included in
outstanding as on option (Included in Schedule-17 – Schedule 14-Provision
March 31, 2010 Employee benefits) – Employee Benefits)
(No.) Rs. / Rs. / Option Rs. / Rs. in lacs Rs. in lacs
Option Option
1,460,740 2 307.15 305.15 2,290.29 2,443.61
(1,531,493) (2) (160.30) (158.30) (1,106.25) (1,112.76)
(Figures in brackets pertain to previous year)

* For trench I & II 50% options have already been vested in the current financial year 2009-10, hence remaining 50% are
disclosed above.
13. Investment in Joint Ventures

The interest of the Group in major Joint Ventures is listed below:
S. Joint venture Location Principal activities Ownership

No. interest
1. Niharika Shopping Mall Joint venture Mumbai Development and construction of shopping mall 50%
2. DT Projects Limited Gurgaon Construction 50%
[formerly DLF Laing O’ Rourke (India)
Limited] (till November 11, 2009)
3. Kujjal Builders Private Limited New Delhi Construction and development of hotels 50%
4. Delanco Real Estate Private Limited New Delhi Real estate consulting and brokerage 50%
5. Mount Mary Residential Projects Mumbai Development and construction of residential 50%
projects
6. DLF Limitless Developers Private New Delhi Construction and development of townships 50%
Limited
7. GSG DRDL Consortium Hyderabad Development and construction of shopping Malls 50%
8. DLF Gurgaon Developers Limited New Delhi Construction and Development of townships 50%
(formerly DLF SEZ Holdings Limited)
9. DLF Gayatri Home Developers Private Hyderabad Development and construction of residential 50%
Limited (formerly Arsh Real Estates projects
Private Limited)
10. DLF SBPL Developers Private Limited New Delhi Construction and development of townships 50%
11. Saket Courtyard Hospitality Private Gurgaon Hotel business 50%
Limited (till October 13, 2009)
12. Banjara Hills Hyderabad Complex Hyderabad Development and construction of shopping mall 50%
13. Star Alubuild Private Limited Gurgaon Construction and manufacturer of construction 31.46%
(w.e.f. June 15, 2009) material
14. Y.G. Realty Private Limited Gurgaon Development and construction of commercial 50%
(w.e.f. July 2, 2009) projects
15. Domus Real Estate Private Limited New Delhi Development and construction of residential 50%
(w.e.f. March, 2 2010) projects
16. Cleva Builders and Developers Private New Delhi Real estate business 50%
Limited (w.e.f. March 31, 2010)
17. Prowess Buildcon Private Limited New Delhi Development and construction of residential 50%
(w.e.f. March 31, 2010) projects
18. Saket Courtyard Hospitality Gurgaon Hotel operations 50%
(w.e.f. October 20, 2009)
161

14. Contingent liabilities not provided for:
(Rs. in lacs)
a) Guarantees on behalf of third parties 14,527.08 13,180.23
b) Claims against the group (including unasserted claims) not acknowledged as 19,534.15 16,347.37
debts *
c) Demand in excess of provisions (pending in appeals):
Income-tax 58,924.54 61,123.49
Other taxes 25,723.82 6,216.90
d) Liabilities under export obligations in EPCG scheme 1,097.61 1,029.44
*Interest on certain claims may be payable as and when the outcome of the related claim is determined and has not been included
above.
(Rs. in Lacs)
15. 2010 2009
Capital expenditure commitments 584,006.14 131,278.45
16. Certain existing and previous shareholders of Silverlink Holding Limited, (“Silverlink”), having ongoing
claims against Silverlink which include repurchase of shares held by the shareholders in exchange
for secured convertible notes to be issued by Silverlink. These claims originated in the years prior to
acquisition of Silverlink by the Company and based on the advice of the legal counsel, the Management
has a reasonable chance to defend the claims. The Court in Singapore has passed an interim order
on April 28, 2010 wherein they have held that Silverlink was in breach of its contract. However it has
not quantified any amount and parties are in the process of filing their response with the court. Since
the liability is contingent in nature based on the uncertainty with regard to the issuance of notes, the
terms and conditions thereof and their subsequent redemption, a reliable estimate of the amount of
the obligation cannot be made as the final terms and conditions related to the notes are subject to
court decision and further appeals.
17. Consolidated financial statements comprise the financial statements of DLF Limited and its subsidiaries,
joint ventures and associates during the year ended March 31, 2010 listed below:
A) Subsidiaries
(i) Subsidiaries having accounting year ended March 31, 2010 with the percentage of ownership
of DLF Group.
S. Name of Entity Country of Proportion of
No. Incorporation ownership (%) as at
March 31, 2010
1 Aadarshini Real Estate Developers Private Limited India 100.00
2 Abhiraj Real Estate Private Limited India 100.00
3 Adelie Builders & Developers Private Limited India 100.00
4 Adrienne Builders & Constructions Private Limited India 100.00
5 Alastair Builders & Developers Private Limited India 100.00
6 Alta Builders & Developers Private Limited India 100.00
7 Alvernia Limited * Cyprus 100.00
8 Alvita Builders and Developers Private Limited (w.e.f. June 30, 2009) India 100.00
9 Americus Real Estate Private Limited India 100.00
10 Amishi Builders & Developers Private Limited India 100.00
11 Amoda Builders & Developers Private Limited India 100.00
12 Anjuli Builders & Developers Private Limited India 100.00
13 Annabel Builders & Developers Private Limited India 100.00
162

March 31, 2010
14 Argent Holdings Limited British Virgin 100.00
Islands
15 Bedelia Builders & Constructions Private Limited India 100.00
16 Berenice Real Estate Private Limited India 100.00
17 Beverly Park Maintenance Services Limited India 100.00
18 Bhamini Real Estate Developers Private Limited India 90.00
19 Bhoruka Financial Services Limited India 99.68
20 Breeze Constructions Private Limited India 100.00
21 Calantha Builders & Developers Private Limited India 100.00
22 Callista Builders & Constructions Private Limited India 100.00
23 Caraf Builders & Constructions Private Limited (w.e.f. March 19, 2010) India 100.00
24 Caressa Builders and Constructions Private Limited India 100.00
25 Carreen Builders & Developers Private Limited (w.e.f. February 1, 2010) India 100.00
26 Catriona Builders & Constructions Private Limited India 100.00
27 Cee Pee Maintenance Services Limited India 100.00
28 Chaitra Realty Limited (till July 3, 2009) India 63.82
29 Chandrajyoti Estate Developers Private Limited India 100.00
30 City Icon Limited* Cyprus 100.00
31 Comfort Buildcon Private Limited India 100.00
32 Cyrilla Builders & Constructions Limited India 100.00
33 DLF Housing and Construction Limited India 100.00
34 Dalmia Promoters and Developers Private Limited India 100.00
35 Dankuni World City Limited India 100.00
36 Delanco Home & Resorts Private Limited India 90.00
37 Delanco Realtors Private Limited India 80.00
38 Deltaland Buildcon Private Limited India 80.00
39 DHDL Wind Power Private Limited (formerly Var Infratech Private Limited) India 100.00
40 Dhoomketu Builders & Developers Private Limited India 100.00
41 Diwakar Estates Limited India 100.00
42 DLF Ackruti Info Parks (Pune) Limited India 67.00
43 DLF Airport Hotels Private Limited (till October 16, 2009) India 100.00
44 DLF Aspinwal Hotels Private Limited India 90.00
45 DLF Assets Private Limited (w.e.f. March 19, 2010) India 100.00
46 DLF Brands Limited (formerly DLF Retail Brands Private Limited) India 100.00
47 DLF Budget Venture Hotels Private Limited (till October 16, 2009) India 100.00
48 DLF Business Hotels Venture Private Limited India 100.00
49 DLF City Centre Limited India 100.00
50 DLF City Centre Limited* Cyprus 100.00
51 DLF Cochin Hotels Private Limited India 100.00
52 DLF Comfort Hotels Private Limited India 100.00
53 DLF Commercial Complexes Limited India 100.00
54 DLF Commercial Developers Limited India 100.00
55 DLF Conventions and Hotels Private Limited (till October 16, 2009) India 100.00
56 DLF Cyber City Developers Limited India 100.00
57 DLF Delux Hotels Private Limited (till October 16, 2009) India 100.00
58 DLF Developers Limited India 100.00
59 DLF Emporio Restaurants Limited India 100.00
60 DLF Estate Developers Limited India 100.00
61 DLF Exhibition Centre Private Limited (till October 16, 2009) India 100.00
62 DLF Exotica Hotels Private Limited* India 100.00
63 DLF Financial Services Limited India 100.00
163

March 31, 2010
64 DLF Finvest Limited India 100.00
65 DLF Food Courts Private Limited India 100.00
66 DLF Garden City Indore Private Limited India 51.00
67 DLF Global Hospitality Limited Cyprus 100.00
68 DLF Golf Resort Limited India 100.00
69 DLF Gurgaon Developers Limited India 100.00
(formerly DLF SEZ Holdings Limited) (w.e.f. August 31, 2009)
70 DLF Haryana SEZ (Ambala) Limited India 100.00
71 DLF Haryana SEZ (Gurgaon) Limited India 100.00
72 DLF Hilton Hotels Limited India 74.00
73 DLF Hilton Hotels (Mysore) Private Limited India 74.00
74 DLF Home Developers Limited India 100.00
75 DLF Homes Ambala Private Limited India 100.00
76 DLF Homes Durgapur Private Limited India 100.00
77 DLF Homes Goa Private Limited India 100.00
78 DLF Homes Kokapet Private Limited India 100.00
79 DLF Homes Panchkula Private Limited India 51.00
80 DLF Homes Pune Private Limited India 100.00
81 DLF Homes Rajapura Private Limited India 51.00
82 DLF Homes Services Private Limited India 100.00
83 DLF Hospitality and Recreational Limited India 100.00
84 DLF Hotel Holdings Limited India 100.00
85 DLF Hotel Venture Private Limited (till October 16, 2009) India 100.00
86 DLF Hotels & Apartments Private Limited India 100.00
87 DLF Info City Developers (Chandigarh) Limited (w.e.f. March 19, 2010) India 100.00
88 DLF Info City Developers (Chennai) Limited India 100.00
89 DLF Info City Developers (Kolkata) Limited (w.e.f. March 19, 2010) India 100.00
90 DLF Info Park Developers (Chennai) Limited India 100.00
91 DLF Infra Holdings Limited India 100.00
92 DLF Inns Limited India 100.00
93 DLF International Holdings Pte Limited Singapore 100.00
94 DLF International Hospitality Corp British Virgin 100.00
Islands
95 DLF Jaipur Convention Center Private Limited India 100.00
96 DLF Jaipur Hotels Private Limited (till October 16, 2009) India 100.00
97 DLF Land Limited India 100.00
98 DLF Leisure and Entertainment Private Limited (till October 16, 2009) India 100.00
99 DLF Luxury Hotels Limited India 100.00
100 DLF Metro Limited India 100.00
101 DLF Minor Restaurants Private Limited (till October 16, 2009) India 100.00
102 DLF Mumbai Hotels Private Limited (till October 16, 2009) India 100.00
103 DLF New Delhi Convention Center Limited India 100.00
104 DLF New Gurgaon Homes Developers Private Limited India 82.73
105 DLF New Gurgaon Offices Developers Private Limited India 100.00
106 DLF New Gurgaon Retail Developers Private Limited India 100.00
107 DLF Phase-IV Commercial Developers Limited India 100.00
108 DLF Pleasure Hotels Private Limited India 100.00
109 DLF Pramerica Life Insurance Company Limited India 74.00
110 DLF Premium Homes Private Limited India 100.00
111 DLF Projects Limited India 100.00
112 DLF Property Developers Limited India 100.00
113 DLF Real Estates Builders Limited India 100.00
164

March 31, 2010
114 DLF Recreational Foundation Limited India 85.00
115 DLF Residential Builders Limited India 100.00
116 DLF Residential Developers Limited India 100.00
117 DLF Residential Partners Limited India 100.00
118 DLF Retail Developers Limited India 100.00
119 DLF Retail Services Limited India 100.00
120 DLF Rohini Hotels Private Limited (till October 16, 2009) India 100.00
121 DLF Service Apartments Limited India 100.00
122 DLF Services Limited India 100.00
123 DLF SEZ Developers Limited India 100.00
124 DLF Sikkim Hotels Private Limited (till October 16, 2009) India 100.00
125 DLF Southcourt Hotels Private Limited India 100.00
126 DLF Southern Homes Private Limited India 51.00
127 DLF Southern Towns Private Limited India 51.00
128 DLF Telecom. Limited India 100.00
129 DLF Trust Management Pte Limited Singapore 100.00
130 DLF Universal Limited India 100.00
131 DLF Utilities Limited India 99.77
132 DLF Wind Power Private Limited India 100.00
(formerly Bestvalue Housing and Construction Private Limited)
133 Domus Real Estate Private Limited (till March 1, 2010) India 100.00
134 DT Cinemas Limited India 100.00
135 DT Projects Limited (formerly DLF Laing O’Rourke (India) Limited) India 100.00
(w.e.f. November 11, 2009)
136 Eastern India Powertech Limited India 100.00
137 Edward Keventer (Successors) Private Limited India 100.00
138 Eila Builders & Developers Private Limited India 100.00
139 Enki Retail Private Limited India 100.00
140 Eros Retail Private Limited India 100.00
141 Falguni Builders Private Limited India 100.00
142 Fonton Limited British Virgin 100.00
Islands
143 Foregiant Agents Limited (till May 18, 2009) British Virgin 89.93
Islands
144 G.G.R. Properties Private Limited (till June 24, 2009) India 100.00
145 G.S.R. Properties Private Limited (till June 24, 2009) India 100.00
146 G.V.R. Properties Private Limited (till June 24, 2009) India 100.00
147 Gajjala Constructions Private Limited (till June 24, 2009) India 100.00
148 Gajjala Ram Reddy Properties Private Limited (till June 24, 2009) India 100.00
149 Galaxy Mercantiles Limited India 71.00
150 Galleria Property Management Services Private Limited India 72.24
151 Ganesar Ginning Company Private Limited (till July 31, 2009) India 100.00
152 Ganika Builders Private Limited India 100.00
153 Gavin Builders & Developers Private Limited India 100.00
154 Geocities Airport Infrastructures Private Limited India 100.00
155 GMR Constructions Private Limited (till June 24, 2009) India 100.00
156 Gulika Home Developers Private Limited India 100.00
157 Gyan Real Estate Developers Private Limited India 100.00
158 Harini Resorts and Properties Private Limited (till June 24, 2009) India 100.00
159 Hiemo Builders & Developers Private Limited (w.e.f. February 2, 2010) India 100.00
160 Highvalue Builders Private Limited India 100.00
161 Isabel Builders & Developers Private Limited India 80.00
165

March 31, 2010
162 Jai Luxmi Real Estate Private Limited India 92.50
163 Janya Estates Developers Private Limited India 100.00
164 Jawala Real Estate Private Limited India 100.00
165 Juno Retail Private Limited (w.e.f June 19, 2009) India 100.00
166 K G Infrastructure Private Limited India 100.00
167 Kairav Real Estate Private Limited India 100.00
168 Kapo Retail Private Limited India 70.00
169 Khem Buildcon Private Limited (w.e.f. February 2, 2010) India 100.00
170 Laman Real Estates Private Limited India 100.00
171 Lawanda Builders & Developers Private Limited India 100.00
172 Leandra Builders & Developers Private Limited India 100.00
173 Life Style Homes Private Limited (till June 24, 2009) India 100.00
174 Mens Buildcon Private Limited India 100.00
175 Mhaya Buildcon Private Limited India 100.00
176 Monroe Builders & Developers Private Limited India 100.00
177 Mouna Constructions Private Limited (till June 24, 2009) India 100.00
178 Mouna Estates Private Limited (till June 24, 2009) India 100.00
179 Mouna Properties Private Limited (till June 24, 2009) India 100.00
180 Nambi Buildwell Private Limited India 100.00
181 Necia Builders & Developers Private Limited India 100.00
182 Nellis Builders & Developers Private Limited India 100.00
183 NewGen MedWorld Hospitals Limited India 100.00
184 Nilayam Builders and Developers Limited India 100.00
185 Overseas Hotels Limited British Virgin 100.00
Islands
186 Paliwal Developers Limited India 100.00
187 Paliwal Real Estate Private Limited India 100.00
188 Pat Infrastructures Private Limited India 100.00
189 Pee Tee Property Management Services Limited India 100.00
190 Prompt Real Estate Private Limited India 100.00
191 Rati Infratech Private Limited India 100.00
192 Red Acres Development Limited British Virgin 100.00
Islands
193 Regency Park Property Management Services Private Limited India 62.21
194 Rhea Retail Private Limited (w.e.f. June 19, 2009) India 70.00
195 Richmond Park Property Management Services Limited India 100.00
196 Riveria Commercial Developers Limited India 100.00
197 Rod Retail Private Limited India 100.00
198 Saket Courtyard Hospitality Private Limited (w.e.f. October 14, 2009) India 100.00
199 Samali Builders & Developers Private Limited India 100.00
200 Sandesh Constructions Private Limited (till June 24, 2009) India 100.00
201 Sandesh Estates Private Limited (till June 24, 2009) India 100.00
202 Shivajimarg Properties Limited India 100.00
203 Silver Oaks Property Management Services Limited India 100.00
204 Sinonet Holding Limited British Virgin 100.00
Islands
205 Solid Buildcon Private Limited India 100.00
206 Springhills Infratech Private Limited India 100.00
207 Sunlight Promoters Private Limited India 100.00
208 Universal Hospitality Limited British Virgin 100.00
Islands
209 Urvasi Infratech Private Limited India 100.00
166

March 31, 2010
210 Valini Builders & Developers Private Limited India 65.00
211 Vkarma Capital Investment Management Company Private Limited India 100.00
212 Vkarma Capital Trustee Company Private Limited India 100.00
213 VSK Investment and Finance Limited India 100.00
214 Zola Real Estates Private Limited India 100.00
215 Zoria Infratech Private Limited India 100.00
* Relevant documents filed with Registrar of Companies for striking of names under Section 560 of Companies Act, 1956.
ii) The accounting year for the below entities being the calendar year, their financial statements
as at December 31, 2009 have been considered for consolidation in these Consolidated
Financial Statements. Further, no adjustment is considered necessary in the Consolidated
Financial Statements for the period from January 1 to March 31, 2010, as the management
believes that no material event, affecting the financial position of the subsidiary and its
constituents, has occurred during this period.

No. Incorporation ownership as at March
31, 2010
1 Amanresorts Limited British Virgin Islands 89.93
2 Aman Gocek Insatt Taahhut Turizm Sanayive Ticaret AS Turkey 89.93
3 Amancruises (2006) Company Limited Thailand 89.93
4 Amancruises Company Limited Thailand 89.93
5 Amankila Resorts Limited British Virgin Islands 89.93
6 Amanproducts Limited British Virgin Islands 89.93
7 Amanresorts B.V. Netherlands 89.93
8 Amanresorts International Pte Limited Singapore 89.93
9 Amanresorts IPR B.V. Netherlands 89.93
10 Amanresorts Limited Hong Kong 89.93
11 Amanresorts Management B.V. Netherlands 89.93
12 Amanresorts Services Limited British Virgin Islands 89.93
13 Amanresorts Technical Services B.V. Netherlands 89.93
14 Anbest Holdings Limited British Virgin Islands 89.93
15 Andaman Development Company Limited Thailand 89.93
16 Andaman Holdings Limited British Virgin Islands 89.93
17 Andaman Resorts Co Limited Thailand 89.93
18 Andaman Thai Holding Company Limited Thailand 89.93
19 Andes Resort Limited SAC Peru 89.93
20 Aradal Company N.V. Netherlands Antilles 89.93
21 ARL Marketing Inc. USA 89.93
22 ARL Marketing Limited British Virgin Islands 89.93
23 ASL Management (Palau) Limited Palau 89.93
24 Balina Pansea Company Limited British Virgin Islands 89.93
25 Barbados Holdings Limited British Virgin Islands 89.93
26 Bhosphorus Investments Limited British Virgin Islands 89.93
27 Bhutan Hotels Limited British Virgin Islands 89.93
28 Bhutan Resorts Private Limited (Amankora) Bhutan 53.96
29 Bodrum Development Limited British Virgin Islands 89.93
167

31, 2010
30 Ceylon Holdings B.V. Netherlands 89.93
31 Colombo Resorts Holdings N.V. Netherlands Antilles 89.93
32 Current Finance Limited British Virgin Islands 89.93
33 Ecotech Ventures Limited (till October 31, 2009) Kenya 53.96
34 Forerun Group Limited British Virgin Islands 89.93
35 Gainway Group Limited (till October 31, 2009) British Virgin Islands 89.93
36 Goyo Services Limited British Virgin Islands 53.96
37 Guardian International Private Limited India 89.93
38 Gulliver Enterprises Limited British Virgin Islands 89.93
39 Heritage Resorts Private Limited India 45.86
40 Hospitality Trading Limited British Virgin Islands 89.93
41 Hotel Finance International Limited British Virgin Islands 89.93
42 Hotel Sales Services Limited British Virgin Islands 89.93
43 Hotel Sales Services Private Limited Sri Lanka 89.93
44 Incan Valley Holdings Limited British Virgin Islands 89.93
45 Jackson Hole Holdings Limited British Virgin Islands 89.93
46 Jalisco Holdings Pte Limited Singapore 89.93
47 Lao Holdings Limited British Virgin Islands 89.93
48 Le Savoy Limited British Virgin Islands 72.84
49 Lodhi Property Company Limited India 89.93
50 LP Hospitality Company Limited Laos 89.93
51 Marrakech Investments Limited British Virgin Islands 89.93
52 Mulvey B.V. Netherlands 89.93
53 Mulvey Venice S.R.L Italy 89.93
54 Naman Consultants Limited British Virgin Islands 45.86
55 New Montana Limited (till October 31, 2009) British Virgin Islands 53.96
56 NOH (Hotel) Private Limited (Amangalla) Sri Lanka 45.86
57 Nusantara Island Resorts Limited British Virgin Islands 53.96
58 Otemachi Tower Resorts Co. Limited Japan 89.93
59 P.T. Amanresorts Indonesia (Amanusa) Indonesia 89.93
60 P.T. Amanusa Resort Indonesia Indonesia 53.96
61 P.T. Indrakila Villatama Development Indonesia 53.96
62 P.T. Moyo Safari Abadi Indonesia 47.66
63 P.T. Nusantara Island Resorts Indonesia 53.96
64 P.T. Tirta Villa Ayu Indonesia 89.93
65 P.T. Villa Ayu Indonesia 53.96
66 Palawan Holdings Limited British Virgin Islands 89.93
67 Phraya Riverside (Bangkok) Company Limited Thailand 89.93
68 Princiere Resorts Limited Cambodia 89.93
69 Puri Limited British Virgin Islands 89.93
70 Queensdale Management Limited British Virgin Islands 45.86
71 Regent Asset Finance Limited British Virgin Islands 89.93
72 Regent Land Limited Cambodia 89.93
73 Regional Design & Research B.V. Netherlands 53.96
74 Regional Design & Research N.V. Netherlands Antilles 53.96
168

31, 2010
75 Serendib Holdings B.V. Netherlands 89.93
76 Silverlink (Mauritius) Limited Mauritius 89.93
77 Silverlink (Thailand) Company Limited Thailand 89.93
78 Silverlink Holdings Limited British Virgin Islands 89.93
79 Silver-Two (Bangkok) Company Limited Thailand 89.93
80 Societe Nouvelle de L’Hotel Bora Bora French Polynesia 89.93
81 Tahitian Resorts Limited British Virgin Islands 89.93
82 Tangalle Property (Private) Limited Sri Lanka 45.86
83 Toscano Holding Limited British Virgin Islands 89.93
84 Villajena Development Company Limited British Virgin Islands 89.93
85 Yucatan Holdings Pte Limited (w.e.f. May19, 2009) Singapore 89.93
86 Zeugma Limited British Virgin Islands 71.94
B) Partnership Firms
S. Name of Partnership firm Country of Proportion of
No. Incorporation ownership(%) as at
March 31,2010
1 DLF Commercial Projects Corporation India 100.00
2 DLF Office Developers India 85.00
3 DLF South Point India 100.00
4 Kavicon Partners India 100.00
5 Rational Builders and Developers India 90.00
6 DLF GK Residency India 100.00
7 Saket Courtyard Hospitality (w.e.f.October 20,2009) India 50.00
C) Joint Ventures
S. Name of Joint Venture Country of Proportion of ownership

No. Incorporation (%) as at March 31, 2010
1 Delanco Real Estates Private Limited India 50.00
2 DT Projects Limited (formerly DLF Laing O’ Rourke (India) Limited) India 50.00
(till November 11, 2009)
3 DLF Limitless Developers Private Limited India 50.00
4 DLF SBPL Developers Private Limited India 50.00
5 Kujjal Builders Private Limited India 50.00
6 Niharika Shopping Mall joint venture (till August 31, 2009) India 50.00
7 Star Alubuild Private Limited (w.e.f. June 15, 2009) India 31.46
8 Mount Mary Residential Projects India 50.00
9 GSG DRDL Consortium India 50.00
10 DLF Gurgaon Developers Limited (formerly DLF SEZ Holdings Limited) India 50.00
11 DLF Gayatri Home Developers Private Limited India 50.00
12 Saket Courtyard Hospitality Private Limited India 50.00
13 Banjara Hills Hyderabad Complex India 50.00
14 Y.G. Realty Private Limited (w.e.f. July 2, 2009) India 50.00
15 Domus Real Estate Private Limited (w.e.f. March 2, 2010) India 50.00
16 Cleva Builders and developers Private Limited (w.e.f. March 31, 2010) India 50.00
17 Prowess Buildcon Private Limited (w.e.f. March 31, 2010) India 50.00
18 Saket Courtyard Hospitality (w.e.f. October 20, 2009) India 50.00
169

D) Associates
S. Name of Associates Country of Proportion of

March 31, 2010
1 Joyous Housing Limited India 37.50
2 Ferragamo Retail India Private Limited India 49.00
3 Giorgio Armani India Private Limited India 49.00
4 DLF Pramerica Asset Managers Private Limited India 39.00
(formerly DLF Pramerica Advisory Private Limited) (till March 9, 2010)
5 Regional D & R Limited U.K 50.00
6 Seven Seas Resorts and Leisure Inc Phillippines 21.00
7 Islan Aviation Limited Phillippines 21.00
8 Revlys SA Moracco 50.00
9 Villajena Moracco 50.00
10 Surin Bay Co. Limited Thailand 25.00
11 P.T Jawa Express Amanda Indah Indonesia 50.00
12 Lillion Builders and Developers Private Limited India 19.28
(till September 23, 2009)
13 Zeus Infrastructure Private Limited India 33.33
14 DLF Pramerica Trustees Private Limited (till March 9, 2010) India 39.00
15 Australian Resort Limited British Virgin Islands 50.00
16 Kyoto Resorts YK Japan 33.30
17 Pamalican Island Holdings Inc Philippines 21.00
18 Pandis (Thailand) Co. Limited Thailand 50.00
19 Pansea Tourism Co. Limited Thailand 50.00
18. Amalgamation / Merger of subsidiaries
a) During the year, petitions for Amalgamation were filed before the Hon’ble High Court of Delhi
by various subsidiary companies as details given below. As mentioned against each, the
Hon’ble High Court has approved / sanctioned the scheme of amalgamation, which has been
filed with Registrar of Company (“ROC”), NCT of Delhi & Haryana thereby making the scheme
of amalgamation effective from the appointed date. Accordingly, financial statements of these
companies are merged to give effect of the merger. All transferor companies and transferee
companies are subsidiaries of the Company.
(Rs. in lacs)
S. Name of Transferee Company Name of Transferor Companies Date of filing of Order with ROC
No. i.e. effective date
1. DLF Residential Partners Limited Chakrita Real Estate Developers Private Merger Order filed with ROC on
(indirect wholly–owned subsidiary Limited March 04, 2010
of DLF Limited)
2. DLF Home Developers Limited 1. DLF Estates (Delhi) Private Limited Order filed with ROC on February
(wholly–owned subsidiary of DLF 2. Irama Estates Private Limited 23, 2010
Limited)
3. DLF Commercial Developers 1. DLF Info City Developers (Hyderabad) Merger order filed with ROC on
Limited Limited March 03, 2010
(wholly–owned subsidiary of DLF 2. DLF Info City Developers (Banglore)
Limited) Limited
3. Sunbreeze Estate Developers Limited
4. Grandbay Estate Developers Limited
5. Venezia Estate Developers Limited
6. Belmount Estate Developers Limited
7. DLF Green Power Private Limited
170

b) During the year, petitions for Amalgamation were filed before the Hon’ble High Court of Delhi
by various subsidiary companies as details given below. Subsequent to the balance sheet
date, the Hon’ble High Court has approved the scheme of amalgamation of all these subsidiary
companies. Since the order of Hon’ble High Court of Delhi was received subsequent to the
year end, no effect of the amalgamation has been given in these financial statements in
accordance with Accounting Standard-14 of Companies (Accounting Standard) Rules, 2006
on accounting for amalgamation. All transferor companies and transferee companies are
subsidiaries of DLF Limited.
S. Name of Transferee Company Name of Transferor Companies Date of filing of Order with
No. ROC i.e. effective date
1. DLF Retail Developers Limited 1. Necia Builders & Developers Private Limited Delhi High Court Order filed
(wholly–owned subsidiary of DLF 2. Pat Infrastructures Private Limited with ROC on May 19, 2010
Limited) 3. Adrienne Builders and Constructions Private Limited to make amalgamation
4. DLF Food Courts Private Limited effective.
5. DLF Retail Services Limited
6. DLF Commercial Complexes Limited
7. Callista Builders and Construction Private Limited
8. Gavin Builders and Developers Private Limited
9. Alastair Builders and Developers Private Limited
10. Leandra Builders and Developers Private Limited
11. Amoda Builders and Developers Private Limited
2. DLF Real Estate Builders Limited VSK Investment & Finance Limited Merger Order filed with ROC
(indirect wholly owned subsidiary on May 11, 2010 to make
of DLF Limited) amalgamation effective.
c) In addition to above, the following subsidiary companies have also filed amalgamation petitions
as per details below before the Hon’ble High Court of Delhi at New Delhi and Hon’ble High Court
of Punjab and Haryana at Chandigarh as per the respective jurisdictions. The order for sanction
from the respective High Courts are awaited and hence, no effect thereto has been given in the
consolidated financial statements:
S. Name of Transferee Company Name of Transferor Companies Date of Board Appointed /
No. meeting Transfer Date
approving the as per the
Scheme of Scheme of
Amalgamation Amalgamation
1. DLF Home Developers Limited Before the Punjab and Haryana High Court August 11, April 1, 2008
(wholly–owned subsidiary of 1. DLF Housing and Construction Limited 2009
DLF Limited) 2. DLF Infra Holdings Limited
3. DLF Land Limited
Before the Delhi High Court
4. Caressa Builders & Constructions Private Limited
5. DLF Homes Durgapur Private Limited
6. Anjuli Builders and Developers Private Limited
7. Calantha Builders and Developer Private Limited
8. DLF Premium Homes Private Limited
9. DLF SEZ Developers Limited
10. Janya Estate Developers Private Limited
11. Kairav Real Estate Private Limited
12. Samali Builders and Developers Private Limited
13. Solid Buildcon Private Limited
14. DLF Commercial Developers Limited (Non-SEZ)-
Demerger
2. DLF Utilities Limited (indirect Before the Punjab and Haryana High Court October 22, April 1, 2009
subsidiary of DLF Limited) 1. DLF Services Limited 2009
2. DT Cinemas Limited
(In view of the above-mentioned proposed mergers, as per the approval granted by Board of Directors of respective companies, the
interest on inter-company loans between transferor and transferee company, if any, has not been charged w.e.f. Appointed / Transfer
Date, in accordance with the Scheme of Amalgamation as given above.)
171

19. Based on the recommendations of the Special Committee of the Board of Directors of DLF Limited,
the Board of DLF Limited, at its meeting held on December 15, 2009, approved in-principle
integration of Caraf Builders and Constructions Private Limited (alongwith its subsidiaries) with DLF
Cyber City Developers Limited (a wholly-owned subsidiary).
Pursuant to this, on March 19, 2010, DLF Cyber City Developers Limited, acquired 100% equity
shares of Caraf Builders and Constructions Private Limited. Consequently, Caraf Builders and
Constructions Private Limited and its subsidiary companies, namely – DLF Assets Private Limited,
DLF Info City Developers (Chandigarh) Limited and DLF Info City Developers (Kolkata) Limited, have
been consolidated as subsidiaries in the consolidated financial statements with effect from the said
date.
20. During the year, Solid Buildcon Private Limited, a wholly-owned subsidiary company, acquired the
balance 50 percent shareholding of Laing ‘O’ Rourke India (Holdings) Limited in the existing 50:50
JV Company – DLF Laing ‘O’ Rourke (India) Limited “(DLOR)”. With effect from November 12, 2009,
DLOR has become a wholly-owned subsidiary of Solid Buildcon Private Limited. Consequently,
the transactions of DLOR after November 11, 2009 has been consolidated as a subsidiary in the
consolidated financial statements.
21. During the year, the Company received an assessment order for the AY 2006-07, from the Income
Tax Authorities creating an additional tax demand amounting to Rs. 48,274.34 lacs on the Company.
The Company has filed an appeal against the order and based on advice from experts, is confident
that the additional tax demanded will not be sustained by the appellate authorities. Pending the order
of the appellate authorities, no provision has been made in the current year for the additional tax so
demanded and the same has been disclosed as a contingent liability.
22. Details of preference shares issued by subsidiary companies:
(Rs. in lacs)
S. Name of subsidiary company 2010 2009
No.
1 Shivaji Marg Properties Limited (See Note 1) 48,000.00 48,000.00
4,80,00,000 (previous year 4,80,00,000) 0.01% Non Convertible Non Cumulative
Redeemable Preference Shares of Rs.100 each fully paid up
(Redeemable at a premium of Rs. 44.67 per share, due for redemption)
2 Galaxy Mercantiles Limited (See Note 2) 1,200.00 1,200.00
12,00,000 (previous year 12,00,000) 0.50% Cumulative Redeemable Preference
shares of Rs. 100 each fully paid up *
*Preference shares shall be redeemed at a premium of Rs. 450 per preference share
out of the profits of the company from the end of the 3rd year of the development
completion date.
3 Regency Park Property Management Services Limited
100 (previous year 100) 12% Non Cumulative Redeemable Preference shares 0.10 0.10
of Rs. 100 each fully paid up (Redeemable on or before December 11, 2022)
4,000 (previous year 4,000) 9% Non Cumulative Redeemable Preference shares of 4.00 4.00
Rs. 100 each fully paid up (Redeemable on or before January 22, 2023)
4 Galleria Property Management Services Limited
100 (previous year 100) 12% Non Cumulative Redeemable Preference shares of 0.10 0.10
Rs. 100 each fully paid (Redeemable on or before December 11, 2022)
4,000 (previous year 4,000) 9% Non Cumulative Redeemable Preference shares of 4.00 4.00
Rs. 100 each fully paid (Redeemable on or before January 22, 2023)
5 DLF Southern Homes Private Limited (formerly Carmen Builders and
Construction Private Limited) (see note 3 below)
4,57,50,000 (previous year 4,57,50,000) 0.01% Non Convertible Non Cumulative 45,750.00 45,750.00
Redeemable Preference Shares of Rs. 100 each fully paid up
172

(Rs. in lacs)
S. Name of subsidiary company 2010 2009
No.
6 DLF New Gurgaon Home Developers Private Limited (See Note 4 below)
2,232,000 (previous year 2,232,000) 0.05% Cumulative Redeemable ‘A’ Preference 2,232.00 2,232.00
shares of Rs. 100 each fully paid
42,408,000 (previous year 42,408,000) 0.50% Cumulative Redeemable ‘B’ 42,408.00 42,408.00
Preference shares of Rs.100 each fully paid
7 DLF Cyber City Developers Limited (See note 5 below)
159,699,999 (previous year Nil) 9% Compulsory Convertible Preference Share of 159,700.00 -
Rs. 100 each fully paid up.
8 DLF Assets Private Limited (See note 6 below)
20,208,743 (previous year Nil) 9 % Cumulative Compulsorily Convertible Preference 20,208.74 -
Shares – Series I of Rs. 100 each fully paid up
-
(Each CCPS convertible into 10 equity shares of Rs. 10 each on December 23, 2019)
272,479,230 (previous year Nil) 14.75 % Cumulative Compulsorily Convertible
Preference Shares of Rs. 100 each fully paid up 272,479.23
(Each CCPS convertible into 9.71 equity shares of Rs. 10 each on April 22, 2012)
591,986.17 139,598.20
Note: 1) Subsequent to the balance sheet date, Shivaji Marg Properties Limited (“Shivaji Marg”)
entered into a Redemption and Share Purchase Agreement on June 29, 2010 with LB India Holdings
Mauritius II Limited, the subscriber of 4,80,00,000 non-convertible non-cumulative redeemable
preference shares of Shivaji Marg (“RPS”). Pursuant to the terms and conditions of the agreement,
the redemption of the RPS shall happen during the period July 1, 2010 and September 1, 2010 at
Rs. 586,50,00,000.
Note: 2) Galaxy Mercantiles Limited had issued 1,200,000 0.5% Cumulative Redeemable Preference
Shares of Rs. 100 each amounting to Rs. 12 Crores on which cumulative dividend of Rs. 47.79 lacs
(previous year Rs. 43.55 lacs) is provided as at March 31, 2010.
Note: 3) Subsequent to the balance sheet date, DLF Southern Homes Private Limited (“ DLF
Southern Homes”) entered into a Redemption and Share Purchase Agreement on June 29, 2010 with
LB India Holdings Mauritius II Limited, the subscriber of 4,57,50,000 non-convertible non-cumulative
redeemable preference shares of DLF Southern Homes (“RPS”). Pursuant to the terms and conditions
of the agreement, the redemption of the RPS shall happen during the period July 1, 2010 and
September 1, 2010 at Rs. 558,90,00,000.
Note: 4) Contractually 2,232,000 Cumulative Redeemable ‘A’ Preference shares of Rs. 100 each
and 42,408,000 Cumulative Redeemable ‘B’ Preference shares of Rs. 100 each were redeemable
on December 12, 2009 and December 14, 2009 respectively. Subsequent to the balance sheet date,
DLF New Gurgaon Home Developers Private Limited issued 44,640,000 Cumulative Redeemable
Preference shares of Rs. 100 each at a premium of Rs. 47 each to DLF Home Developers Limited on
May 5, 2010. The preference shares mentioned above has been redeemed out of the proceeds from
the fresh issue of preference shares.
Note: 5) During the year, the Company has issued 9% Cumulative Compulsorily Convertible Preference
Shares (CCPS) of Rs. 100 each. Each CCPS shall be compulsorily convertible into Equity shares of
face value of Rs. 10 (Rupees Ten) each at a premium of Rs. 5.97 per share in one or more tranches on
or after April 1, 2011 but not later than 5 years from the date of allotment, at the option of the registered
holder(s).
Note: 6) As explained in note no. 19 of the schedule, DLF Assets Private Limited (“DLF Assets”) accounts
were consolidated w.e.f. March 19, 2010. These Cumulative Compulsorily Convertible Preference
Shares (CCPS) were issued prior to this date. Hence previous year figures have been shown as Nil.
173

23. Utilisation of funds received through Initial Public Offer (IPO) uptil March 31, 2010
(Rs. in lacs)
S.No. Nature of expenditure 2010 2009
1 Acquisition of land and development rights 566,955 566,955
2 Development and construction costs for existing projects 63,625 63,625
3 Prepayment of loans 2,57,802 2,57,795
4 Issue related expenses 30,298 30,298
Total 918,680 918,673
The Company has fully utilised the IPO proceeds for the purposes as stated in the “Objects of the
Issue” clause of the Prospectus dated June 18, 2007.
24. a) The Group uses forward contracts and swaps to hedge its risks associated with fluctuations
in foreign currency and interest rates. The use of forward contracts and swaps is covered by
Group’s overall strategy. The Group does not use forward covers and swaps for speculative
purposes.
As per the strategy of the Group, foreign currency loans are covered by comprehensive hedge,
considering the risks associated with the hedging of such loans, which effectively fixes the
principle and interest liability of such loans and further there is no additional risk involved post
hedging of these loans.
The following are the outstanding Forward Contracts and Swaps as at March 31, 2010:
(Amount in lacs)
For hedging any risks 2010 2009
Secured Loans* 353,123.93 108,167.61
Interest on secured loans 1,452.16 191.70
Unsecured Loans* 1,240.35 18,653.83
Interest on unsecured loans 39.12 305.57
Creditors for Goods
Number of Contracts Five –
Type Buy –
Foreign Currency
EURO 7.00 –
GBP 10.25 –
INR Equivalent 1,007.69 –
Current Liabilities and Provisions 35.73 –
* Stated at forward rates
b) The detail of foreign currency exposure that are not hedged by derivative instrument or other
wise included in the creditors is as mentioned below:-
(Amount in lacs)
2010 2009
Foreign Foreign
INR INR
Currency Currency
Secured Loan
USD 359.16 16,212.39 196.54 10,013.75
Interest on Secured Loan
USD 1.34 60.58 0.82 41.93
Unsecured Loan
USD 281.43 12,703.56 38.47 1,960.05
174

(Amount in lacs)
2010 2009
Foreign Foreign
INR INR
Currency Currency
EURO 39.36 2,383.43 - -
JPY 29,320.96 14,203.07 6,745.50 3,503.48
Interest on Unsecured Loan
USD 1.30 58.72 0.35 17.83
EURO 1.31 79.18 - -
JPY 487.88 236.33 80.40 41.64
Creditors for goods
USD 1.19 53.58 - -
EURO 3.60 218.03 - -
GBP 0.90 60.98 - -
Creditors for expenses
EURO 0.22 13.28 - -
GBP 0.45 30.45 - -
Other advances
USD 0.03 1.53 - -
EURO 0.29 17.51 - -
Current Liabilities & Provisions
USD 95.00 4288.30 - -
Conversion rate applied 1 USD = Rs. 45.14, 1 EURO = Rs. 60.56, 1 JPY = Rs. 0.4844 , 1 GBP = Rs. 68.032
(previous year 1 USD = Rs.50.95, 1 JPY = Rs. 0.5187)
25. Events after the Balance Sheet date

Subject to the approval of shareholders and other requisite approvals, the Board of Directors approved
in their meeting held on July 28, 2010, the proposal for further issue of Equity Shares by its wholly
owned subsidiary – DLF Brands Limited (DBL) under the Unlisted Public Companies (Preferential
Allotment) Rules, 2003 to M/s. Ishtar Retail Private Limited, a promoter group company. Upon further
issue of equity shares, DBL will cease to be subsidiary of DLF Limited. Pending further approvals no
effect has been given to proposal in the financial statements.
26. Previous year figures have been regrouped / recast wherever considered necessary to make them
comparable with those for the current year.

New Delhi
July 28, 2010
175

176

(Rs. in lacs)
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)
Sl No. Name of the Company Financial Capital Reserves Total Assets Total Details of Turnover Profit (Loss) Provision for Profit (Loss) Proposed
year ended and Surplus (Fixed Assets Liabilities Investments (including Other before Taxation After Taxation Dividend
on (adjusted for + Investments (Loans + (except Income) Taxation
debit balance +Current Current in case of
Subsidary Pg 177-190.indd 177

in Profit & Assets) Liabilities) investments in
Loss Account subsidiaries)
where
applicable)
1 Aadarshini Real Estate 31-3-2010 5.00 (2.10) 3.43 0.53 NIL NIL (0.86) NIL (0.86) NIL
Developers Pvt. Ltd.
2 Abhiraj Real Estate Pvt. Ltd. 31-3-2010 5.00 (140.97) 694.84 830.81 NIL NIL (51.44) NIL (51.44) NIL
3 Adelie Builders & Developers 31-3-2010 1.00 (1.29) 4,545.29 4,545.58 NIL NIL (0.71) (0.22) (0.49) NIL
Pvt. Ltd.
4 Adrienne Builders & Constructions 31-3-2010 5.00 (31.64) 256.01 282.66 NIL NIL (0.14) NIL (0.14) NIL
Pvt. Ltd.
Details of Subsidiary Companies
5 Alastair Builders & Developers 31-3-2010 5.00 882.64 2,416.21 1,528.57 NIL 10.83 (2.37) NIL (2.37) NIL
Pvt. Ltd.
6 Alta Builders & Developers Pvt. 31-3-2010 1.00 (0.96) 0.20 0.16 NIL NIL (0.45) NIL (0.45) NIL
Ltd.
7 Alvita Builders and Developers 31-3-2010 1.00 (52.65) 75,024.75 75,076.39 NIL NIL (75.47) (23.32) (52.15) NIL
Pvt. Ltd.
8 Americus Real Estate Pvt. Ltd. 31-3-2010 1.00 (1.10) 1.18 1.28 NIL NIL (0.52) NIL (0.52) NIL
9 Amishi Builders & Developers 31-3-2010 5.00 (318.70) 947.09 1,260.79 NIL NIL (77.61) NIL (77.61) NIL
Pvt. Ltd.
10 Amoda Builders & Developers 31-3-2010 5.00 887.23 2,422.57 1,530.34 NIL 22.03 10.00 5.35 4.65 NIL
Pvt. Ltd.
11 Anjuli Builders & Developers Pvt. 31-3-2010 1.00 (265.83) 802.95 1,067.78 NIL NIL (8.37) (2.84) (5.52) NIL
Ltd.
12 Annabel Builders & Developers 31-3-2010 1.00 0.37 5,606.43 5,605.06 NIL NIL (1.69) (0.57) (1.12) NIL
Pvt. Ltd.
13 Berenice Real Estate Pvt. Ltd. 31-3-2010 1.00 (0.96) 0.20 0.16 NIL NIL (0.45) NIL (0.45) NIL
14 Beverly Park Maintenance 31-3-2010 5.00 (3,129.14) 63,336.74 66,460.88 NIL 2,938.27 (3,434.70) (1,227.82) (2,206.87) NIL
Services Ltd.
15 Bhamini Real Estate Developers 31-3-2010 1.00 (67.51) 2,568.73 2,635.24 NIL NIL (65.78) (20.33) (45.45) NIL
Pvt. Ltd.
16 Bhoruka Financial Services Ltd. 31-3-2010 20.14 6,199.02 8,296.12 2,076.95 NIL 6,950.59 6,759.78 1,441.50 5,318.28 NIL
17 Calantha Builders & Developers 31-3-2010 5.00 (1,529.21) 7,723.36 9,247.58 NIL NIL (564.17) NIL (564.17) NIL
Pvt. Ltd.
18 Callista Builders & Constructions 31-3-2010 5.00 903.86 2,544.33 1,635.47 NIL 21.72 9.71 4.56 5.14 NIL
Pvt. Ltd.
19 Caraf Builders & Constructions 31-3-2010 461,072.02 (21,083.51) 535,269.70 95,281.19 77.71 35.00 (166.21) (12.95) (153.26) NIL
Pvt Ltd.
20 Caressa Builders and 31-3-2010 6.00 (1.15) 5.95 1.10 NIL 0.03 (0.13) (0.04) (0.08) NIL
Constructions Pvt. Ltd.
21 Carreen Builders & Developers 31-3-2010 1.50 (38.56) 33.65 70.71 NIL NIL (38.32) NIL (38.32) NIL
Private Limited
22 Catriona Builders & Constructions 31-3-2010 26.00 959.14 1,000.15 15.01 NIL NIL (6.89) NIL (6.89) NIL
Pvt. Ltd.
23 Cee Pee Maintenance Services 31-3-2010 7.00 (74.30) 7.70 74.99 NIL NIL (1.08) 0.01 (1.09) NIL
177
Ltd.
8/28/2010 11:57:04 AM
(Rs. in lacs)
178
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)

where
applicable)
24 Chandrajyoti Estate Developers 31-3-2010 5.00 (608.17) 1,551.20 2,154.37 NIL 0.72 (129.83) NIL (129.83) NIL
Pvt. Ltd.
25 Comfort Buildcon Pvt. Ltd. 31-3-2010 5.00 (73.92) 17.92 86.84 NIL 0.13 (0.83) (0.01) (0.82) NIL
26 Cyrilla Builders & Constructions 31-3-2010 5.00 (1.18) 4.10 0.28 NIL NIL (0.48) NIL (0.48) NIL
Ltd.
27 D.L.F Housing and Construction 31-3-2010 5.00 99.10 2,726.36 2,622.26 1,079.26 501.30 15.75 21.06 (5.31) NIL
Ltd.
28 Dalmia Promoters and Developers 31-3-2010 10.00 (925.10) 1,281.35 2,196.45 NIL 16.29 (35.99) 0.06 (36.04) NIL
Pvt. Ltd.
29 Dankuni World City Ltd. 31-3-2010 5.00 (5.79) 0.73 1.52 NIL NIL (0.48) NIL (0.48) NIL
30 Delanco Home & Resorts Pvt. Ltd. 31-3-2010 1.00 (367.29) 9,497.37 9,863.65 NIL 0.08 (16.55) 9.69 (26.24) NIL
31 Delanco Realtors Pvt. Ltd. 31-3-2010 1.00 (20.39) 1,716.71 1,736.10 NIL NIL (14.03) (4.17) (9.87) NIL
Details of Subsidiary Companies (Contd...)
32 Deltaland Buildcon Pvt. Ltd. 31-3-2010 1.00 (1.81) 607.00 607.81 NIL NIL (0.75) (0.23) (0.52) NIL
33 DHDL Wind Power Pvt. Ltd. 31-3-2010 99.00 (95.78) 17.04 13.82 NIL NIL (70.31) NIL (70.31) NIL
(formerly Var Infratech Pvt. Ltd.)
34 Dhoomketu Builders & Developers 31-3-2010 1.00 (119.81) 48.56 167.37 NIL NIL (0.95) NIL (0.95) NIL
Pvt. Ltd.
35 Diwakar Estates Ltd. 31-3-2010 5.00 129.15 136.14 1.99 13.73 5.86 4.80 1.49 3.30 NIL
36 DLF Ackruti Info Parks (Pune) 31-3-2010 200.00 5,663.46 54,317.05 48,453.59 3,252.38 8,725.69 2,714.91 (199.64) 2,914.55 NIL
Limited (formerly DLF Akruti Info
Parks (Pune) Ltd.)
37 DLF Assets Private Ltd 31-3-2010 583,993.70 (683.22) 1,188,458.45 605,147.97 NIL 1,721.16 169.04 (210.16) 379.19 NIL
38 DLF Brands Ltd. (formerly DLF 31-3-2010 800.00 (2,428.99) 11,051.34 12,680.33 1,029.00 1,873.14 (1,643.50) 42.95 (1,686.45) NIL
Brands Pvt. Ltd.)
39 DLF City Centre Limited 31-3-2010 50.00 (1,004.45) 9,381.06 10,335.51 NIL 42.78 (571.83) NIL (571.83) NIL
40 DLF Commercial Complexes Ltd. 31-3-2010 5.00 37,723.90 257,934.18 220,205.28 NIL 69,165.02 (3,991.90) (1,313.43) (2,678.47) NIL
41 DLF Commercial Developers Ltd. 31-3-2010 2,055.00 207,612.87 293,766.89 84,099.03 1,186.14 39,020.18 17,046.90 8,038.46 9,008.44 NIL
42 DLF Cyber City Developers Ltd. 31-3-2010 309,750.00 162,338.81 809,016.45 336,927.64 NIL 63,997.79 37,149.41 7,398.48 29,750.93 NIL
43 DLF Developers Limited 31-3-2010 5.00 (1.64) 3.49 0.13 NIL NIL (0.62) NIL (0.62) NIL
44 DLF Emporio Restaurants Ltd. 31-3-2010 5.00 (1,890.15) 4,624.66 6,509.81 NIL 2,293.20 (1,501.25) 173.12 (1,674.38) NIL
45 DLF Estate Developers Ltd. 31-3-2010 5.01 (828.28) 1,638.10 2,461.37 NIL 554.73 (283.81) (1.43) (282.38) NIL
46 DLF Financial Services Ltd. 31-3-2010 24.00 27.13 51.34 0.21 NIL 12.21 0.27 0.04 0.23 NIL
47 DLF Finvest Limited 31-3-2010 300.00 (15.41) 290.59 6.00 NIL 9.49 (3.12) 2.04 (5.16) NIL
48 DLF Food Courts Pvt. Ltd. 31-3-2010 5.00 (435.36) 2,717.96 3,148.32 NIL 598.99 (304.74) NIL (304.74) NIL
49 DLF Garden City Indore Pvt. Ltd. 31-3-2010 2.68 6,864.42 15,661.38 8,794.27 NIL 1,756.68 (409.77) (111.34) (298.44) NIL
50 DLF Golf Resort Ltd. 31-3-2010 40.00 118.73 9,537.67 9,378.95 NIL 91.63 26.87 8.30 18.57 NIL
8/28/2010 11:57:05 AM
(Rs. in lacs)
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)

where
applicable)
51 DLF Gurgaon Developers Limited 31-3-2010 5.00 (7.73) 61.91 64.64 NIL NIL (3.27) NIL (3.27) NIL
(formerly DLF SEZ Holdings
Limited)
52 DLF Haryana SEZ (Ambala) Ltd. 31-3-2010 5.00 (0.99) 4.17 0.16 NIL NIL (0.16) NIL (0.16) NIL
53 DLF Haryana SEZ (Gurgaon) Ltd. 31-3-2010 5.00 (0.98) 4.18 0.16 NIL NIL (0.16) NIL (0.16) NIL
54 DLF Home Developers Ltd. 31-3-2010 90,292.92 157,044.46 816,726.32 569,388.94 42,120.94 246,978.10 121,332.92 41,251.77 80,081.15 NIL
55 DLF Homes Ambala Pvt. Ltd. 31-3-2010 1.00 (1.93) 1,295.69 1,296.62 NIL NIL (0.67) (0.21) (0.46) NIL
56 DLF Homes Durgapur Private Ltd. 31-3-2010 1.00 (7.96) 1.65 8.61 NIL NIL (0.12) (0.04) (0.08) NIL
57 DLF Homes Goa Pvt. Ltd. 31-3-2010 1.00 (151.54) 5,239.65 5,390.19 NIL 5.71 (217.71) (67.45) (150.26) NIL
58 DLF Homes Kokapet Pvt. Ltd. 31-3-2010 1.00 (1,125.81) 27,314.89 28,439.71 NIL NIL (1,117.07) 2.01 (1,119.08) NIL
59 DLF Homes Panchkula Pvt. Ltd. 31-3-2010 3.01 10,010.71 55,020.38 45,006.66 NIL 20,972.19 2,013.98 582.66 1,431.33 NIL
60 DLF Homes Pune Pvt. Ltd. 31-3-2010 1.00 (1.88) 0.25 1.13 NIL NIL (0.69) NIL (0.69) NIL
61 DLF Homes Rajapura Pvt. Ltd. 31-3-2010 2.70 12,183.34 29,055.95 16,869.91 NIL NIL (10.86) NIL (10.86) NIL
62 DLF Homes Services Pvt. Ltd. 31-3-2010 1.00 (79.79) 861.61 940.40 NIL 1,273.09 (96.07) 8.25 (104.33) NIL
63 DLF Info City Developers 31-3-2010 4,000.00 (1,272.49) 28,424.61 25,697.09 41.68 178.76 19.71 4.13 15.58 NIL
(Chandigarh) Ltd.
64 DLF Info City Developers 31-3-2010 3,936.30 298,682.68 340,473.18 37,854.20 NIL 46,832.40 29,834.36 3,429.01 26,405.35 NIL
(Chennai) Ltd.
65 DLF Info City Developers 31-3-2010 25.00 3,471.72 59,670.51 56,173.78 1,499.26 452.24 58.86 25.39 33.47 NIL
(Kolkata) Ltd.
66 DLF Info Park Developers 31-3-2010 72,805.00 (233.92) 72,898.43 327.35 NIL NIL (21.53) NIL (21.53) NIL
(Chennai) Limited
67 DLF Infra Holdings Ltd. 31-3-2010 5.00 (22.41) 0.69 18.10 NIL NIL (0.16) (0.06) (0.11) NIL
68 DLF Land Limited 31-3-2010 5.00 (651.07) 894.71 1,540.78 NIL 708.35 (1,191.71) (399.99) (791.72) NIL
69 DLF Metro Ltd. 31-3-2010 5.00 0.55 9.84 4.29 NIL NIL (7.11) (0.45) (6.66) NIL
70 DLF New Gurgaon Homes 31-3-2010 44,641.00 7,927.14 115,046.40 62,478.26 NIL 15,741.85 1,963.52 674.66 1,288.86 NIL
71 DLF New Gurgaon Offices 31-3-2010 5.00 (7.92) 0.96 3.88 NIL NIL (6.70) NIL (6.70) NIL
72 DLF New Gurgaon Retail 31-3-2010 5.00 (300.31) 4,599.50 4,894.81 NIL NIL (167.97) NIL (167.97) NIL
73 DLF Phase-IV Commercial 31-3-2010 40.00 4.72 45.99 1.28 NIL 3.53 2.76 0.85 1.91 NIL
Developers Ltd.
74 DLF Pramerica Life Insurance 31-3-2010 22,130.41 (13,774.79) 14,688.24 6,332.62 8,518.73 635.99 (9,328.88) NIL (9,328.88) NIL
Company Ltd.
75 DLF Premium Homes Pvt. Ltd. 31-3-2010 1.00 (22.46) 1,176.96 1,198.41 2.24 NIL (1.70) (0.58) (1.12) NIL
76 DLF Projects Limited 31-3-2010 5.00 883.56 28,169.09 27,280.53 NIL 14,439.06 1,488.94 506.09 982.85 NIL
77 DLF Property Developers Limited 31-3-2010 50.00 1,694.55 4,833.07 3,088.52 NIL 6.98 (73.52) (14.27) (59.25) NIL
179
8/28/2010 11:57:05 AM
(Rs. in lacs)
180
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)

where
applicable)
78 DLF Real Estates Builders Limited 31-3-2010 50.00 474.30 3,673.35 3,149.05 NIL (49.24) (87.14) (12.85) (74.29) NIL
79 DLF Residential Builders Limited 31-3-2010 50.00 (3.17) 1,552.82 1,505.99 NIL NIL (0.87) NIL (0.87) NIL
80 DLF Residential Developers 31-3-2010 50.00 827.56 3,538.21 2,660.65 NIL NIL (33.10) (5.21) (27.89) NIL
Limited
81 DLF Residential Partners Limited 31-3-2010 50.00 708.98 10,214.72 9,455.74 NIL (4.90) (537.36) (134.42) (402.94) NIL
82 DLF Retail Developers Ltd. 31-3-2010 4,400.00 15,015.25 434,530.18 415,114.94 2,679.47 150,188.85 1,065.39 751.73 313.66 NIL
83 DLF Retail Services Ltd. 31-3-2010 5.00 (0.72) 4.51 0.22 NIL NIL (0.11) NIL (0.11) NIL
84 DLF Services Limited 31-3-2010 5.00 2,914.20 18,231.26 15,312.06 NIL 42,034.95 4,372.44 1,532.28 2,840.16 NIL
85 DLF SEZ Developers Limited 31-3-2010 5.00 (471.64) 67.77 534.41 NIL 2.09 (35.25) NIL (35.25) NIL
86 DLF Southern Homes Pvt. Ltd. 31-3-2010 49,559.58 27,857.56 103,441.55 26,024.41 8,892.14 9,883.72 (2,303.20) (777.06) (1,526.14) NIL
87 DLF Southern Towns Pvt. Ltd. 31-3-2010 2.70 37,595.69 98,403.75 60,805.36 7,298.72 10,853.58 1,573.68 533.20 1,040.49 NIL
88 DLF Telecom. Ltd. 31-3-2010 1,115.00 149.68 1,335.13 70.46 NIL 77.22 76.00 23.90 52.10 NIL
89 DLF Universal Ltd. 31-3-2010 5.00 (3.45) 1.59 0.04 NIL NIL (0.65) NIL (0.65) NIL
90 DLF Utilities Ltd. 31-3-2010 2,016.00 451.93 138,661.47 136,193.54 659.14 9,568.64 (311.28) (1,636.25) 1,324.97 NIL
91 DLF Wind Power Pvt. Ltd. 31-3-2010 99.00 (72.99) 2,473.51 2,447.51 1.68 NIL (72.05) NIL (72.05) NIL
(formerly Bestvalue Housing &
Cons. Pvt.Ltd.)
92 DT Cinemas Limited 31-3-2010 7,440.36 3,238.90 21,494.64 10,815.38 NIL 8,248.00 (2,412.63) (722.21) (1,690.42) NIL
93 DT Projects Limited (formerly DLF 31-3-2010 4,000.00 8,874.42 44,951.70 32,077.28 NIL 39,848.33 2,771.12 1,034.15 1,736.97 NIL
Laing O’Rourke (India) Limited)
94 Eastern India Powertech Limited 31-3-2010 6,932.00 10,072.26 63,265.91 46,261.65 NIL 10,152.77 1,497.48 255.40 1,242.08 NIL
95 Edward Keventer (Successors) 31-3-2010 96.15 2,529.97 5,416.53 2,790.41 950.13 0.36 (330.87) NIL (330.87) NIL
Pvt. Ltd.
96 Enki Retail Pvt. Ltd. 31-3-2010 5.00 (166.45) 1.39 162.84 NIL 0.09 (10.27) 120.01 (130.28) NIL
97 Eros Retail Pvt. Ltd. 31-3-2010 5.00 2.74 1,550.14 1,542.40 NIL 264.38 1.60 (32.55) 34.16 NIL
98 Falguni Builders Pvt. Ltd. 31-3-2010 5.00 (2.10) 3.43 0.53 NIL NIL (0.86) NIL (0.86) NIL
99 Galaxy Mercantiles Limited 31-3-2010 9,603.66 2,376.89 35,760.93 23,780.38 NIL 3,341.55 1,747.51 682.10 1,065.41 NIL
100 Galleria Property Management 31-3-2010 5.00 2,401.46 7,044.10 4,637.65 0.73 356.34 (580.71) (181.37) (399.34) NIL
Services Pvt. Ltd.
101 Ganika Builders Pvt. Ltd. 31-3-2010 5.00 (1.93) 3.44 0.36 NIL NIL (0.70) NIL (0.70) NIL
102 Gavin Builders & Developers 31-3-2010 5.00 880.43 2,408.55 1,523.12 NIL 12.60 0.57 1.74 (1.17) NIL
Pvt. Ltd.
103 Geocities Airport Infrastructures 31-3-2010 1.00 (1.52) 0.07 0.60 NIL NIL (0.66) NIL (0.66) NIL
Pvt. Ltd.
104 Gulika Home Developers Pvt. Ltd. 31-3-2010 5.00 (1.93) 3.43 0.36 NIL NIL (0.70) NIL (0.70) NIL
105 Gyan Real Estate Developers 31-3-2010 5.00 (765.24) 1,991.48 2,751.72 NIL NIL (168.34) NIL (168.34) NIL
Pvt. Ltd.
8/28/2010 11:57:05 AM
(Rs. in lacs)
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)

where
applicable)
106 Hiemo Builders & Developers 31-3-2010 456.00 9.67 475.24 9.57 NIL 30.69 30.06 9.48 20.57 NIL
Pvt. Ltd.
107 Highvalue Builders Pvt. Ltd. 31-3-2010 5.00 (74.72) 18.70 88.43 NIL NIL (1.03) - (1.03) NIL
108 Isabel Builders & Developers 31-3-2010 1.00 (14.09) 2,382.79 2,395.88 NIL NIL (10.50) (3.21) (7.29) NIL
Pvt. Ltd.
109 Jai Luxmi Real Estate Pvt. Ltd. 31-3-2010 5.00 (2.50) 2.78 0.28 NIL NIL (0.84) NIL (0.84) NIL
110 Janya Estates Developers Private 31-3-2010 1.00 (42.46) 700.16 741.61 NIL NIL (0.32) (0.11) (0.21) NIL
Limited
111 Jawala Real Estate Pvt. Ltd. 31-3-2010 500.00 2,010.74 154,118.21 151,607.47 NIL NIL (13.02) NIL (13.02) NIL
112 Juno Retail Pvt. Ltd. 31-3-2010 1.00 (54.44) 505.88 559.32 NIL 2.68 (54.17) NIL (54.17) NIL
113 K G Infrastructure Pvt. Ltd. 31-3-2010 32.40 273.81 318.99 12.78 NIL NIL (6.94) NIL (6.94) NIL
114 Kairav Real Estate Pvt. Ltd. 31-3-2010 5.00 (115.92) 4,880.88 4,991.80 NIL 296.78 (85.66) NIL (85.66) NIL
115 Kapo Retail Pvt. Ltd. 31-3-2010 700.00 (401.20) 1,062.44 763.64 NIL 490.01 (315.94) NIL (315.94) NIL
116 Khem Buildcon Pvt. Ltd. 31-3-2010 456.00 8.94 474.49 9.55 NIL 30.63 30.00 9.47 20.54 NIL
117 Laman Real Estates Pvt. Ltd. 31-3-2010 1.00 31.80 631.56 598.76 NIL NIL (0.07) NIL (0.07) NIL
118 Lawanda Builders & Developers 31-3-2010 1.00 (1.46) 0.14 0.60 NIL NIL (0.66) NIL (0.66) NIL
Pvt. Ltd.
119 Leandra Builders & Developers 31-3-2010 5.00 27,705.56 44,477.79 16,767.23 NIL NIL (0.17) NIL (0.17) NIL
Pvt. Ltd.
120 Mens Buildcon Private Ltd. 31-3-2010 1.00 (2.39) 5.15 6.54 NIL NIL (1.04) NIL (1.04) NIL
121 Mhaya Buildcon Private Ltd. 31-3-2010 1.00 (2.39) 5.15 6.54 NIL NIL (1.04) NIL (1.04) NIL
122 Nambi Buildwell Private Ltd. 31-3-2010 1.00 (2.39) 5.09 6.48 NIL NIL (1.04) NIL (1.04) NIL
123 Necia Builders & Developers 31-3-2010 5.00 (748.79) 610.39 1,354.18 NIL 0.15 (1,559.56) (530.09) (1,029.47) NIL
Pvt. Ltd.
124 Nellis Builders & Developers 31-3-2010 1.00 (10.21) 1.35 10.56 NIL NIL (1.38) NIL (1.38) NIL
Private Ltd.
125 NewGen MedWorld Hospitals Ltd. 31-3-2010 5.00 (55.51) 0.50 51.01 NIL NIL (5.84) NIL (5.84) NIL
126 Nilayam Builders & Developers 31-3-2010 5.00 51.89 58.88 1.99 40.70 6.09 4.95 (0.19) 5.14 NIL
Ltd.
127 Paliwal Developers Limited 31-3-2010 5.00 3,398.17 5,728.46 2,325.29 NIL 121.54 (332.51) (114.86) (217.65) NIL
128 Paliwal Real Estate Pvt. Ltd. 31-3-2010 126.00 11.70 140.92 3.22 NIL 8.19 6.85 2.36 4.50 NIL
129 Pat Infrastructures Pvt. Ltd. 31-3-2010 5.00 (1.73) 2,040.04 2,036.78 NIL NIL (0.13) NIL (0.13) NIL
130 Pee Tee Property Management 31-3-2010 27.00 (76.48) 6.42 55.90 NIL NIL (2.39) 0.02 (2.40) NIL
Services Ltd.
131 Prompt Real Estate Pvt. Ltd. 31-3-2010 5.00 (89.71) 65.91 150.62 NIL 1.26 (7.57) NIL (7.57) NIL
132 Rati Infratech Pvt. Ltd. 31-3-2010 1.00 (2.39) 5.09 6.48 NIL NIL (1.04) NIL (1.04) NIL
133 Regency Park Property 31-3-2010 5.00 2,051.72 46,810.53 44,753.80 NIL 7,266.55 1,605.02 93.87 1,511.15 NIL
181
Management Services Pvt. Ltd.
8/28/2010 11:57:05 AM
(Rs. in lacs)
182
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)

where
applicable)
134 Rhea Retail Pvt. Ltd. 31-3-2010 1,400.00 (208.01) 1,558.57 366.58 NIL 394.24 (207.74) NIL (207.74) NIL
135 Richmond Park Property 31-3-2010 5.00 (2.00) 3.39 0.39 NIL NIL (0.95) NIL (0.95) NIL
Management Services Ltd.
136 Riveria Commercial Developers 31-3-2010 8,601.00 (69.51) 8,635.54 104.06 NIL NIL (0.86) NIL (0.86) NIL
Ltd.
137 Rod Retail Pvt. Ltd 31-3-2010 1.00 (184.18) 619.78 802.96 NIL 293.93 (141.24) NIL (141.24) NIL
138 Samali Builders & Developers 31-3-2010 1.00 (111.60) 22,100.12 22,210.72 NIL NIL (0.12) (0.04) (0.08) NIL
Pvt. Ltd.
139 Shivajimarg Properties Ltd. 31-3-2010 48,375.00 1,222.61 53,627.94 4,030.33 NIL 9,243.21 1,415.24 524.57 890.67 NIL
140 Silver Oaks Property Management 31-3-2010 7.00 (77.80) 7.15 77.95 NIL NIL (1.22) NIL (1.22) NIL
Services Ltd.
141 Solid Buildcon Pvt. Ltd. 31-3-2010 5.00 (768.01) 6,645.33 7,408.34 1.00 NIL (165.00) NIL (165.00) NIL
142 Springhills Infratech Pvt. Ltd. 31-3-2010 1.00 (3.29) 4,553.52 4,555.81 NIL 0.78 0.09 0.03 0.06 NIL
143 Sunlight Promoters Pvt. Ltd. 31-3-2010 5.00 (74.55) 6.77 76.32 NIL NIL (1.08) 0.01 (1.10) NIL
144 Urvasi Infratech Pvt. Ltd. 31-3-2010 1.00 (1.62) 0.50 1.12 NIL NIL (0.68) NIL (0.68) NIL
145 Valini Builders & Developers Pvt. 31-3-2010 1.00 (1.45) 0.41 0.86 NIL NIL (0.87) NIL (0.87) NIL
Ltd.
146 Vkarma Capital Investment 31-3-2010 5.00 (1,144.08) 1,038.05 2,177.13 NIL 107.80 (34.13) 0.43 (34.56) NIL
Management Company Pvt. Ltd.
147 Vkarma Capital Trustee Company 31-3-2010 5.00 (2.12) 5.57 2.69 NIL NIL (0.87) NIL (0.87) NIL
Pvt. Ltd.
148 VSK Investment & Finance Ltd. 31-3-2010 5.00 (78.95) 13,952.81 14,026.76 7.20 1,488.24 (57.90) NIL (57.90) NIL
149 Zola Real Estates Pvt.Ltd. 31-3-2010 1.00 (1.10) 1.18 1.28 1.00 NIL (0.52) NIL (0.52) NIL
150 Zoria Infratech Pvt. Ltd. 31-3-2010 1.00 25.43 239.39 212.96 NIL 26.22 25.46 7.87 17.59 NIL
151 DLF Hotel Holdings Limited 31-3-2010 125,968.00 (2,351.88) 146,707.72 23,091.38 NIL 1,428.03 (1,238.83) (6.77) (1,232.06) NIL
152 DLF Aspinwal Hotels Pvt Limited 31-3-2010 1.00 (287.02) 4,267.32 4,553.34 NIL NIL (285.60) NIL (285.60) NIL
153 DLF Cochin Hotels Pvt. Limited 31-3-2010 1.00 (125.96) 2,032.98 2,157.95 NIL NIL (131.78) NIL (131.78) NIL
154 Bedelia Builders & Constructions 31-3-2010 1.00 (36.09) 370.26 405.35 NIL NIL (24.76) NIL (24.76) NIL
Pvt. Limited
155 DLF Hospitality and Recreational 31-3-2010 5.00 230.59 4,119.74 3,884.15 NIL 182.65 (0.22) NIL (0.22) NIL
Limited
156 DLF Service Apartments Limited 31-3-2010 5.00 4.91 10.07 0.15 NIL NIL (0.49) NIL (0.49) NIL
157 DLF Inns Limited 31-3-2010 5.00 4.91 10.07 0.15 NIL NIL (0.49) NIL (0.49) NIL
158 DLF Luxury Hotels Limited 31-3-2010 5.00 73.42 96.36 17.93 NIL 86.36 85.85 17.78 68.07 NIL
159 Eila Builders & Developers Private 31-3-2010 4,450.00 (443.90) 5,698.57 1,692.48 NIL 167.40 73.03 22.64 50.39 NIL
Limited
160 Monroe Builders & Developers 31-3-2010 15.00 110.73 168.98 43.25 NIL 86.35 80.60 17.78 62.82 NIL
Pvt. Limited
8/28/2010 11:57:05 AM
(Rs. in lacs)
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)

where
applicable)
161 Breeze Constructions Private 31-3-2010 1.00 (855.97) 14,200.05 15,055.00 NIL NIL (0.60) NIL (0.60) NIL
Limited
162 DLF Jaipur Convention Center 31-3-2010 1.00 (0.59) 0.52 0.11 NIL NIL (0.21) NIL (0.21) NIL
Pvt Limited
163 DLF Comfort Hotels Pvt Limited 31-3-2010 1.00 (128.81) 1,329.82 1,457.64 NIL NIL (89.38) NIL (89.38) NIL
164 DLF Business Hotels Venture Pvt 31-3-2010 1.00 (0.59) 0.52 0.11 NIL NIL (0.22) NIL (0.22) NIL
Limited
165 DLF Global Hospitality Limited 31-3-2010 15,331.02 37,120.84 131,668.62 103,494.72 24,277.97 243.97 (4,855.69) NIL (4,855.69) NIL
166 City Icon Limited 31-3-2010 9.11 (9.11) NIL NIL NIL 1.92 1.79 NIL 1.79 NIL
167 Overseas Hotels Limited 31-3-2010 22,398.09 97,238.02 124,471.28 4,835.17 NIL 3,586.62 3,144.04 NIL 3,144.04 NIL
168 DLF International Hospitality Corp 31-3-2010 2,240.90 8,931.92 11,176.36 3.54 NIL 0.02 (5.22) NIL (5.22) NIL
169 Fonton Limited 31-3-2010 19.62 (60.94) NIL 41.32 NIL NIL (2.57) NIL (2.57) NIL
170 Argent Holdings Limited 31-3-2010 11.93 33,131.42 33,228.70 85.34 NIL 935.35 795.42 NIL 795.42 NIL
171 Sinonet Holding Limited 31-3-2010 0.00* 17,729.74 22,674.50 4,944.77 NIL NIL (8.96) NIL (8.96) NIL
172 DLF International Holdings Pte 31-3-2010 11,073.10 368.74 15,364.18 3,922.35 NIL 470.02 101.45 22.35 79.10 NIL
Limited
173 DLF Trust Management Pte 31-3-2010 6,391.69 (6,468.64) 284.72 361.68 NIL 6.52 (2,658.97) NIL (2,658.97) NIL
Limited
174 DLF Hilton Hotels Limited 31-3-2010 53,453.35 2,574.98 56,066.89 38.54 NIL 2,151.58 2,134.21 749.06 1,385.15 NIL
175 DLF Hilton Hotels (Mysore) Pvt. 31-3-2010 5.00 (2.04) 3,200.93 3,197.99 NIL NIL (0.17) NIL (0.17) NIL
Limited
176 DLF Pleasure Hotels Pvt Limited 31-3-2010 1.00 (65.03) 0.60 64.62 NIL NIL (51.65) NIL (51.65) NIL
177 DLF Hotels & Apartments Pvt 31-3-2010 1.00 (66.96) 0.27 66.23 NIL NIL (53.74) NIL (53.74) NIL
Limited
178 DLF New Delhi Convention Center 31-3-2010 7.00 (0.81) 6.30 0.11 NIL NIL (0.24) NIL (0.24) NIL
Limited
179 DLF Southcourt Hotels Pvt Limited 31-3-2010 1.00 (1.00) NIL NIL NIL NIL NIL NIL - NIL
180 Red Acres Development Limited 31-3-2010 3.53 (5.46) 4.64 6.57 NIL NIL (2.56) NIL (2.56) NIL
181 Universal Hospitality Limited 31-3-2010 3.53 (5.33) 4.66 6.46 NIL NIL (2.51) NIL (2.51) NIL
182 Alvernia Limited 31-3-2010 1.27 (1.27) NIL NIL NIL 15.63 15.58 NIL 15.58 NIL
183 DLF City Centre Limited 31-3-2010 3.84 (3.84) NIL NIL NIL 2.47 2.34 NIL 2.34 NIL
184 DLF Recreational Foundation 31-3-2010 50.00 593.98 7,760.61 7,116.64 NIL 1,459.26 404.89 139.82 265.07 NIL
Limited
185 Saket Courtyard Hospitality Pvt 31-3-2010 1.00 (60.88) 316.54 476.64 100.00 NIL (60.60) NIL (60.60) NIL
Limited { formerly DLF Saket
Hotels Private Limited }
186 DLF Exotica Hotels Private 31-3-2010 1.00 (1.00) NIL NIL NIL NIL NIL NIL NIL NIL
Limited
183
187 Heritage Resorts Private Limited 31-12-2009 6,079.18 (7,725.10) 7,412.79 9,059.19 0.47 1,215.31 (758.31) 1.72 (760.03) NIL
8/28/2010 11:57:05 AM
(Rs. in lacs)
184
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)

where
applicable)
188 Guardian International Private 31-12-2009 91.70 (1,238.63) 578.06 1,724.99 NIL 579.06 (6.49) NIL (6.49) NIL
Limited
189 Lodhi Property Company Limited 31-12-2009 371.90 8,217.84 4,8719.60 40,514.15 384.29 1,497.51 (2,855.17) (124.35) (2,730.82) NIL
190 Silverlink Holdings Limited 31-12-2009 22,803.72 (21,938.54) 80,392.14 79,639.37 112.40 626.83 (12,793.78) 8.28 (12,802.06) NIL
191 Amanproducts Limited 31-12-2009 0.00* 25.67 332.82 307.15 NIL 69.11 (34.29) NIL (34.29) NIL
192 Hospitality Trading Limited 31-12-2009 0.04 (162.05) 767.02 929.03 NIL 140.84 (82.20) NIL (82.20) NIL
193 Hotel Sales Services Limited 31-12-2009 0.04 (87.12) 177.07 264.15 NIL 432.86 (96.13) NIL (96.13) NIL
194 Puri Limited 31-12-2009 0.00* 318.49 1,485.69 1,894.58 727.37 12.29 (25.33) NIL (25.33) NIL
195 Zeugma Limited 31-12-2009 0.04 (5.84) 0.01 5.80 NIL NIL (6.17) NIL (6.17) NIL
196 Incan Valley Holdings Limited 31-12-2009 0.00* (19.56) 128.53 148.09 NIL NIL (0.29) NIL (0.29) NIL
197 Villajena Development Company 31-12-2009 0.00* (6.49) NIL 6.48 NIL NIL (0.29) NIL (0.29) NIL
Limited
198 Andes Resort Limited SAC 31-12-2009 0.14 (7.18) 122.27 129.32 NIL 2.35 (7.27) NIL (7.27) NIL
199 Anbest Holdings Limited 31-12-2009 0.00* (0.41) NIL 0.41 NIL NIL (0.43) NIL (0.43) NIL
200 Amanresorts International Pte 31-12-2009 27.52 1,033.28 2,109.93 1,049.13 NIL 1,008.87 89.50 (37.95) 127.45 NIL
Limited
201 Jalisco Holdings Pte Limited 31-12-2009 0.29 (46.99) 1,132.40 1,179.10 NIL NIL 13.94 NIL 13.94 NIL
202 Mulvey B.V. 31-12-2009 11.97 (374.94) 742.49 1,105.46 NIL NIL (353.35) NIL (353.35) NIL
203 Mulvey Venice S.R.L 31-12-2009 6.60 (36.38) 728.08 757.86 NIL 329.90 118.56 NIL 118.56 NIL
204 Yucatan Holdings Pte Limited 31-12-2009 0.31 (3.34) 7.14 10.17 NIL 13.39 (3.42) NIL (3.42) NIL
205 Aradal Company N.V. 31-12-2009 2.70 2,660.81 7,349.91 4,686.40 NIL NIL (1.82) (6.54) (8.35) NIL
206 Current Finance Limited 31-12-2009 0.00* 153.92 1,460.78 1,306.85 NIL 174.90 174.90 NIL 174.90 NIL
207 Amanresorts Management B.V. 31-12-2009 10.54 (601.98) 435.72 1,027.16 NIL 314.70 72.09 28.40 43.69 NIL
208 P.T. Amanresorts Indonesia 31-12-2009 26.69 (83.40) 377.80 434.52 NIL 0.14 46.59 NIL 46.59 NIL
209 Hotel Sales Services Private 31-12-2009 8.99 3.17 96.18 84.02 NIL 424.41 26.82 NIL 26.82 NIL
Limited
210 Amanresorts Technical Services 31-12-2009 10.40 (286.83) 1,234.71 1,511.15 NIL 451.64 (1,253.65) 2.93 (1,256.58) NIL
B.V.
211 Amanresorts IPR B.V. 31-12-2009 10.40 (36.93) 60.55 87.08 NIL 74.55 12.44 2.77 9.67 NIL
212 Amanresorts B.V. 31-12-2009 10.40 (1,061.97) 6,426.99 7,478.56 NIL 1.59 (43.83) NIL (43.83) NIL
213 P.T. Moyo Safari Abadi 31-12-2009 241.98 (1,755.93) 993.16 2,507.12 NIL 1,364.19 446.58 (9.03) 455.61 NIL
214 P.T. Amanusa Resort Indonesia 31-12-2009 117.72 (655.13) 2,428.83 2,966.24 NIL 1,828.01 434.04 118.57 315.46 NIL
215 P.T. Tirta Villa Ayu 31-12-2009 0.97 (3.44) NIL 2.47 NIL NIL 0.43 NIL 0.43 NIL
216 Regional Design & Research N.V. 31-12-2009 2.70 (44.88) 964.03 1,006.21 NIL NIL (1.78) NIL (1.78) NIL
217 Regional Design & Research B.V. 31-12-2009 10.54 1,745.00 6,917.13 5,161.59 NIL NIL (4.13) NIL (4.13) NIL
218 P.T. Villa Ayu 31-12-2009 95.86 642.81 1,624.37 885.71 NIL 1,440.43 (253.77) (33.39) (220.38) NIL
8/28/2010 11:57:05 AM
(Rs. in lacs)
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)

where
applicable)
219 Goyo Services Limited 31-12-2009 0.00* 291.98 799.00 507.02 NIL 83.91 83.62 NIL 83.62 NIL
220 Amankila Resorts Limited 31-12-2009 0.00* 619.22 664.71 45.49 NIL 21.34 16.78 NIL 16.78 NIL
221 P.T. Nusantara Island Resorts 31-12-2009 129.58 346.09 1,397.23 921.56 NIL 2,331.10 273.99 80.78 193.21 NIL
222 P.T. Indrakila Villatama 31-12-2009 6.05 (239.71) 141.33 374.99 NIL NIL (7.52) NIL (7.52) NIL
Development
223 Nusantara Island Resorts Limited 31-12-2009 0.00* 147.82 534.15 386.33 NIL 149.86 149.57 NIL 149.57 NIL
224 Balina Pansea Company Limited 31-12-2009 4.50 (267.53) NIL 263.04 NIL NIL (0.29) NIL (0.29) NIL
225 Amanresorts Limited 31-12-2009 0.01 (7,052.17) 350.40 7,402.56 NIL NIL (179.63) NIL (179.63) NIL
226 ARL Marketing Limited 31-12-2009 0.00* (5.62) 51.08 56.70 NIL NIL (0.47) NIL (0.47) NIL
227 ARL Marketing Inc. 31-12-2009 0.02 25.95 29.70 3.73 NIL 209.76 63.05 0.38 62.67 NIL
228 Amanresorts Services Limited 31-12-2009 0.00* 8,326.06 12,381.54 4,055.48 NIL 3,918.12 662.90 65.56 597.35 NIL
229 Forerun Group Limited 31-12-2009 0.00* 292.13 292.68 0.55 NIL 340.67 340.38 34.07 306.31 NIL
230 Amanresorts Limited 31-12-2009 0.00* (0.31) NIL 0.30 NIL NIL (0.32) NIL (0.32) NIL
231 Andaman Holdings Limited 31-12-2009 0.00* 1,482.50 7,174.90 5,692.41 NIL 5.67 45.50 (248.44) 293.94 NIL
232 Silverlink (Thailand) Company 31-12-2009 1.14 26,100.01 26,295.05 193.90 0.00 469.57 376.00 8.10 367.90 NIL
Limited
233 Andaman Development Company 31-12-2009 5.72 21.28 680.19 1,605.93 952.74 753.58 737.18 10.10 727.08 NIL
Limited
234 Andaman Resorts Co. Limited 31-12-2009 1,055.88 618.26 16,739.70 15,072.36 6.80 4,974.12 (362.61) (106.58) (256.02) NIL
235 Amancruises Company Limited 31-12-2009 114.34 (643.91) 167.12 696.69 NIL 472.76 (150.73) (33.09) (117.64) NIL
236 Amancruises (2006) Company 31-12-2009 1.09 1.85 7.01 4.07 NIL 16.73 (3.84) (2.31) (1.53) NIL
Limited
237 Andaman Thai Holding Company 31-12-2009 0.55 (0.26) 2.57 2.28 NIL 0.88 0.05 NIL 0.05 NIL
Limited
238 Silver-Two (Bangkok) Company 31-12-2009 0.55 (2.85) 0.95 3.26 NIL 0.07 (0.81) NIL (0.81) NIL
Limited
239 Phraya Riverside (Bangkok) 31-12-2009 0.55 (3.61) 1.17 4.24 NIL 0.13 (0.85) NIL (0.85) NIL
Company Limited
240 Regent Asset Finance Limited 31-12-2009 44.28 4,368.85 4,413.14 NIL NIL 75.87 75.07 10.62 64.45 NIL
241 Princiere Resorts Limited 31-12-2009 449.59 (750.50) 3,485.43 3,786.33 NIL 1,941.39 96.71 18.46 78.25 NIL
242 Regent Land Limited 31-12-2009 85.42 NIL 85.42 NIL NIL NIL NIL NIL NIL NIL
243 Tahitian Resorts Limited 31-12-2009 0.00* 468.40 8,478.00 8,009.61 NIL NIL (0.31) NIL (0.31) NIL
244 Societe Nouvelle de L’Hotel Bora 31-12-2009 3,858.42 (1,116.02) 7,178.28 4,435.88 NIL 11.91 (87.75) (13.58) (74.17) NIL
Bora
245 Le Savoy Limited 31-12-2009 4.50 259.44 357.93 93.99 NIL 691.67 691.38 NIL 691.38 NIL
246 Marrakech Investments Limited 31-12-2009 0.00* 1,304.41 2,483.50 2,446.94 1,267.85 23.96 79.79 NIL 79.79 NIL
247 Jackson Hole Holdings Limited 31-12-2009 0.00* 216.14 NIL 401.72 617.85 NIL (6.15) NIL (6.15) NIL
185
8/28/2010 11:57:06 AM
(Rs. in lacs)
186
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)

where
applicable)
248 Palawan Holdings Limited 31-12-2009 0.04 (49.15) NIL 1,766.61 1,717.51 6.89 6.02 NIL 6.02 NIL
249 Colombo Resorts Holdings N.V. 31-12-2009 2.70 (18.92) 4,705.93 4,722.15 NIL NIL (2.41) NIL (2.41) NIL
250 Ceylon Holdings B.V. 31-12-2009 7.61 (36.35) 2,002.12 2,030.86 NIL NIL (3.19) NIL (3.19) NIL
251 NOH (Hotel) Private Limited 31-12-2009 1,300.94 (3,301.38) 2,453.39 4,453.83 NIL 327.54 (562.68) NIL (562.68) NIL
252 Serendib Holdings B.V. 31-12-2009 7.61 (33.14) 2,653.97 2,679.49 NIL NIL (5.29) NIL (5.29) NIL
253 Tangalle Property (Private) Limited 31-12-2009 603.47 (3,762.22) 3,876.70 7,035.45 NIL 440.39 (754.62) NIL (754.62) NIL
254 Bhutan Hotels Limited 31-12-2009 0.00* 600.54 7,139.75 6,539.21 NIL 469.30 469.29 NIL 469.29 NIL
255 Gulliver Enterprises Limited 31-12-2009 0.00* 103.69 167.12 63.43 NIL 401.91 95.88 NIL 95.88 NIL
256 Bhutan Resorts Private Limited 31-12-2009 2,326.44 (3,976.79) 8,785.03 10,435.37 NIL 3,721.09 553.77 NIL 553.77 NIL
257 Naman Consultants Limited 31-12-2009 449.59 (10,558.91) NIL 10,109.32 NIL NIL (1,250.43) NIL (1,250.43) NIL
258 Barbados Holdings Limited 31-12-2009 0.00* (2.54) 654.42 656.97 NIL NIL (0.29) NIL (0.29) NIL
259 Silverlink (Mauritius) Limited 31-12-2009 0.00* (761.86) 20,785.31 21,547.17 NIL NIL (155.90) NIL (155.90) NIL
260 Bodrum Development Limited 31-12-2009 0.00* (90.84) NIL 221.00 130.17 NIL (19.61) NIL (19.61) NIL
261 Bhosphorus Investments Limited 31-12-2009 0.00* (23.07) 852.11 875.18 NIL NIL (5.99) NIL (5.99) NIL
262 Aman Gocek Insatt Taahhut 31-12-2009 16.38 (571.30) 185.74 740.66 NIL NIL (180.54) NIL (180.54) NIL
Turizm Sanayi ve Ticaret AS
263 Lao Holdings Limited 31-12-2009 0.00* (1.08) 4,804.71 4,805.79 NIL NIL (0.39) NIL (0.39) NIL
264 LP Hospitality Company Limited 31-12-2009 1,079.02 311.05 7,960.60 6,570.52 NIL 249.68 (842.39) 2.50 (844.89) NIL
265 Hotel Finance International 31-12-2009 0.00* (5.36) 6.62 11.98 NIL NIL (0.29) NIL (0.29) NIL
Limited
266 Toscano Holding Limited 31-12-2009 0.00* (46.78) 463.79 1,133.50 622.93 NIL (0.91) NIL (0.91) NIL
267 Otemachi Tower Resorts 31-12-2009 2.19 (65.11) NIL 62.92 NIL NIL (68.05) NIL (68.05) NIL
Company Limited
268 ASL Management (Palau) Limited 31-12-2009 4.50 (4.50) NIL NIL NIL NIL (4.75) NIL (4.75) NIL
269 Queensdale Management Limited 31-12-2009 0.00* NIL NIL NIL NIL NIL NIL NIL NIL NIL
* “rounded off to zero”

Note :
1. The Ministry of Corporate Affairs, Government of India, vide its letter No. 47/609/2010-CL-III dated 20th August, 2010 has granted exemption u/s 212(8) of the Companies Act, 1956 from attaching the Balance
Sheet, Profit & Loss Account and other documents of the subsidiary companies with the Balance Sheet of the Company. The annual accounts of the subsidiary companies and the related detailed information will
be made available upon request by the investors of the Company and of its subsidiary companies. These documents will be available for inspection by any investors at the Registered/Corporate Office/Corporate
Affairs Department of the Company and also at the Registered Offices of the subsidiary companies concerned.
2. The Accounts of Companies under Serial No 187-269 have been prepared and Consolidated only till 31.12.2009.
8/28/2010 11:57:06 AM
3. List of Foreign Subsidiaries,name of foreign currency in which Accounts were prepared and Exchange
Rate used for converting the figures in Indian Rupees in the Statement :
Sl. No. Name of Foreign Subsidiary Company Accounts Name of Foreign Currency in Conversion Rate
as per Consolidated up to which accounts were
Statement prepared
165 DLF Global Hospitality Ltd (formely Gunbarrel 31-3-2010 USD 1 USD = 44.9592 Indian Rupees
Investments Ltd)
166 City Icon Limited 31-3-2010 USD 1 USD = 44.9592 Indian Rupees
167 Overseas Hotels Limited 31-3-2010 USD 1 USD = 44.9592 Indian Rupees
168 DLF International Hospitality Corp 31-3-2010 USD 1 USD = 44.9592 Indian Rupees
169 Fonton Limited 31-3-2010 USD 1 USD = 44.9592 Indian Rupees
170 Argent Holdings Limited 31-3-2010 USD 1 USD = 44.9592 Indian Rupees
171 Sinonet Holding Limited 31-3-2010 Hong Kong Dollar 1 HKD = 5.79595 Indian Rupees
172 DLF International Holdings Pte Ltd {formerly 31-3-2010 Singapore Dollar 1 SGD = 33.1646 Indian Rupees
DLF Trust Holdings Pte Ltd}
173 DLF Trust Management Pte Ltd 31-3-2010 Singapore Dollar 1 SGD = 33.1646 Indian Rupees
180 Red Acres Development Ltd 31-3-2010 USD 1 USD = 44.9592 Indian Rupees
181 Universal Hospitality Limited 31-3-2010 USD 1 USD = 44.9592 Indian Rupees
182 Alvernia Limited 31-3-2010 Euro 1 Euro = 60.5439 Indian Rupees
183 DLF City Centre Ltd. 31-3-2010 USD 1 USD = 44.9592 Indian Rupees
190 Silverlink Holdings Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
191 Amanproducts Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
192 Hospitality Trading Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
193 Hotel Sales Services Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
194 Puri Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
195 Zeugma Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
196 Incan Valley Holdings Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
197 Villajena Development Company Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
198 Andes Resort Limited SAC 31-12-2009 Peruvian Nuevo Sol 1 PEN = 0.3423 USD;
1 USD = 44.9592 Indian Rupees
199 Anbest Holdings Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
200 Amanresorts International Pte Limited 31-12-2009 Singapore Dollar 1 SGD = 0.7115 USD;
201 Jalisco Holdings Pte Limited 31-12-2009 Singapore Dollar 1 SGD = 0.7115 USD;
202 Mulvey B.V. 31-12-2009 Euro 1 EURO = 1.4333 USD;
203 Mulvey Venice S.R.L 31-12-2009 Euro 1 EURO = 1.4333 USD;
204 Yucatan Holdings Pte Limited 31-12-2009 Singapore Dollar 1 SGD = 0.7115 USD;
205 Aradal Company N.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
206 Current Finance Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
207 Amanresorts Management B.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
208 P.T. Amanresorts Indonesia 31-12-2009 Indonesia Rupiah 1 IDR = 0.0001 USD;
209 Hotel Sales Services Private Limited 31-12-2009 Sri Lanka Rupees
210 Amanresorts Technical Services B.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
211 Amanresorts IPR B.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
212 Amanresorts B.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
213 P.T. Moyo Safari Abadi 31-12-2009 Indonesia Rupiah 1 IDR = 0.0001 USD;
214 P.T. Amanusa Resort Indonesia 31-12-2009 Indonesia Rupiah 1 IDR = 0.0001 USD;
215 P.T. Tirta Villa Ayu 31-12-2009 Indonesia Rupiah 1 IDR = 0.0001 USD;
216 Regional Design & Research N.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
187
Subsidary Pg 177-190.indd 187 8/28/2010 11:57:06 AM

List of Foreign Subsidiaries (Contd...)
Statement prepared
217 Regional Design & Research B.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
218 P.T. Villa Ayu 31-12-2009 Indonesia Rupiah 1 IDR = 0.0001 USD;
219 Goyo Services Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
220 Amankila Resorts Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
221 P.T. Nusantara Island Resorts 31-12-2009 Indonesia Rupiah 1 IDR = 0.0001 USD;
222 P.T. Indrakila Villatama Development 31-12-2009 Indonesia Rupiah 1 IDR = 0.0001 USD;
223 Nusantara Island Resorts Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
224 Balina Pansea Company Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
225 Amanresorts Limited 31-12-2009 Hong Kong Dollar 1 HKD = 0.1289 USD;
226 ARL Marketing Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
227 ARL Marketing Inc. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
228 Amanresorts Services Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
229 Forerun Group Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
230 Amanresorts Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
231 Andaman Holdings Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
232 Silverlink (Thailand) Company Limited 31-12-2009 Thai Baht 1 BHT = 0.0301 USD;
233 Andaman Development Company Limited 31-12-2009 Thai Baht 1 BHT = 0.0301 USD;
234 Andaman Resorts Co Limited 31-12-2009 Thai Baht 1 BHT = 0.0301 USD;
235 Amancruises Company Limited 31-12-2009 Thai Baht 1 BHT = 0.0301 USD;
236 Amancruises (2006) Company Limited 31-12-2009 Thai Baht 1 BHT = 0.0301 USD;
237 Andaman Thai Holding Company Limited 31-12-2009 Thai Baht 1 BHT = 0.0301 USD;
238 Silver-Two (Bangkok) Company Limited 31-12-2009 Thai Baht 1 BHT = 0.0301 USD;
239 Phraya Riverside (Bangkok) Company Limited 31-12-2009 Thai Baht 1 BHT = 0.0301 USD;
240 Regent Asset Finance Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
241 Princiere Resorts Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
242 Regent Land Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
243 Tahitian Resorts Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
244 Societe Nouvelle de L’Hotel Bora Bora 31-12-2009 French Polynesia Francs 1 CFP = 0.0120 USD;
245 Le Savoy Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
246 Marrakech Investments Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
247 Jackson Hole Holdings Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
248 Palawan Holdings Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
249 Colombo Resorts Holdings N.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
250 Ceylon Holdings B.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
251 NOH (Hotel) Private Limited 31-12-2009 Sri Lankan Rupees 1 LKR = 0.0088 USD;
252 Serendib Holdings B.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
253 Tangalle Property (Private) Limited 31-12-2009 Sri Lankan Rupees 1 LKR = 0.0088 USD;
254 Bhutan Hotels Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
255 Gulliver Enterprises Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
256 Bhutan Resorts Private Limited 31-12-2009 Bhutan Ngultrum 1 BTN = 0.0212 USD;
257 Naman Consultants Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
188

Statement prepared
258 Barbados Holdings Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
259 Silverlink (Mauritius) Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
260 Bodrum Development Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
261 Bhosphorus Investments Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
262 Aman Gocek Insatt Taahhut Turizm Sanayi ve 31-12-2009 Turkish Lira 1 TRY = 0.6609 USD;
Ticaret AS 1 USD = 44.9592 Indian Rupees
263 Lao Holdings Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
264 LP Hospitality Company Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
265 Hotel Finance International Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
266 Toscano Holding Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
267 Otemachi Tower Resorts Co. Limited. 31-12-2009 Japanese Yen 1 JYP = 0.0108 USD;
268 ASL Management (Palau) Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
269 Queensdale Management Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees
189

ABSTRACT AND MEMORANDUM OF INTEREST
[PURSUANT TO SECTION 302 OF THE COMPANIES ACT, 1956]
The Board of Directors, in exercise of the empowerment granted by the Members’ vide Resolutions dated 29th September, 2007
and 30th September, 2009 passed at 42nd and 44th Annual General Meetings of the Company, respectively, read with the policy of
the Company and on the recommendation of the Remuneration Committee, has approved on 23rd August, 2010 the revision in the
terms of appointment including increase in remuneration of the following managerial personnel for their remaining tenure w.e.f.
1st April, 2010, as under:
Mr. T.C. Goyal Ms. Pia Singh Mr. Kameshwar Swarup

Managing Director Whole-time Director Group Executive Director - Legal
a) Basic Salary: From Rs.12,00,000 to a) Basic Salary: From Rs.7,00,000 to a) Designation: From ‘Senior Executive
Rs.13,72,500 per month; Rs.7,81,075 per month; Director – Legal’ to ‘Group Executive
b) Personal Allowance: From b) Commission: In addition to the salary Director – Legal’;
Rs.2,35,250 to Rs.3,50,000 and perquisites, Ms. Singh shall b) Basic Salary: From Rs.2,57,475 to
per
month; also be entitled to a commission, as Rs.3,17,250 per month;
c) Commission: In addition to the may be determined by the Board of c) Performance Award: Ranging between
salary and perquisites, Mr. Goyal shall Directors, based on the net profits of Rs.58.86 lac (increased from Rs.25 lac)
also be entitled to a commission, as the Company, provided that the total (minimum guaranteed) and Rs.211.07
may be determined by the Board of remuneration inclusive of commission lac per annum (increased from Rs.200
Directors, based on the net profits of in any financial year shall not exceed lac) (maximum achievable), as per the
the Company, provided that the total such percentage of net profits of the policy of the Company;
remuneration inclusive of commission Company in accordance with the
ceilings laid down in Section 198 and d) All allowances, perquisites and benefits
in any financial year shall not exceed payable to Mr. Swarup shall be revised
such percentage of net profits of the 309 of the Companies Act, 1956;
and calculated on the above increased
Company in accordance with the c) All allowances, perquisites and Basic Salary;
ceilings laid down in Section 198 and benefits payable to Ms. Singh shall
309 of the Companies Act, 1956; be revised and calculated on the e) In addition to salary, Mr. Swarup shall
above increased Basic Salary; and also be entitled to a benefit equivalent
d) All allowances, perquisites and to the value of 58,467 equity shares
benefits payable to Mr. Goyal shall be d) All other terms and conditions shall of the Company, to be paid on 1st July,
revised and calculated on the above remain unchanged. 2011 or the date of his superannuation,
increased Basic Salary; and whichever is earlier; and
e) All other terms and conditions shall f) All other terms and conditions shall
remain unchanged. remain unchanged.
MEMORANDUM OF CONCERN OR INTEREST
None of the Directors, except Mr. T.C. None of the Directors, except Ms. Pia None of the Directors, except
Goyal, the appointee, is in any way, Singh, the appointee and Dr. K.P. Singh, Mr. Kameshwar Swarup, the appointee, is
concerned or interested in the above Mr. Rajiv Singh & Mr. G.S. Talwar being in any way, concerned or interested in the
increase/revision. her relatives, is in any way, concerned above increase/revision.
or interested in the above increase/
revision.
Copies of all documents mentioned hereinabove are available for inspection at the Registered Office of the Company on all working
days between 14.00 to 16.00 hrs.
Registered Office By Order of the Board

Shopping Mall, 3rd Floor for DLF LIMITED
Arjun Marg, Phase-I, DLF City
Gurgaon (Haryana) – 122 002
Subhash Setia
August 23, 2010 Company Secretary
190
Abstract_302-(F) Final - 260810.indd 190 8/26/2010 11:35:25 PM

DLF LIMITED
Regd. Off.: Shopping Mall, 3rd Floor, Arjun Marg, Phase-I, DLF City, Gurgaon-122 002 (Haryana)
ATTENDANCE CARD
45th ANNUAL GENERAL MEETING - TUESDAY, 28th SEPTEMBER, 2010 AT 10.30 A.M.
DP - Client Id*/Folio No. No. of Shares held
I/We certify that I/We am/are a registered shareholder/proxy of the Company.

I/We hereby record my/our presence at 45th Annual General Meeting of the Company on Tuesday, September 28, 2010 at Epicentre,
Apparel House, Sector 44, Gurgaon - 122 003 (Haryana).
Name of the Shareholder/Proxy .......................………………………………………………………………………..…...…………….....................
Address of the Shareholder/Proxy …………………………………………………………………………………………………………………..……
Signature of the Shareholder/Proxy.............................……………………………………………………………………………………..................
NOTE: Shareholders/Proxies are requested to bring copy of Annual Report & Attendance Card duly filled-in and hand over the card at the entrance of
meeting venue.
* Applicable for shares held in dematerialised form.
Note : No Gift/Gift Coupons/ Refreshment Coupons will be distributed at the Meeting

...........................................................................................................................................................................................................................
DLF LIMITED
Regd. Off.: Shopping Mall, 3rd Floor, Arjun Marg, Phase-I, DLF City, Gurgaon-122 002 (Haryana)
FORM OF PROXY
45 ANNUAL GENERAL MEETING - TUESDAY, 28th SEPTEMBER, 2010 AT 10.30 A.M.
th
DP - Client Id*/Folio No. No. of Shares held
I/We................................................................................…………....................of...................…………………………………………………………………
in the district of ...................................... being a member/ members of DLF LIMITED hereby appoint ....................................................................
of ................................................................................ in the district of ............…………...................................................................................
or falling him/her, .......................................................... of ................................................in the district of ....................................
as my/our proxy to attend & vote for me/us on my/our behalf at the 45th Annual General Meeting of the Company to be held on
Tuesday, September 28, 2010 at 10.30 A.M. at Epicentre, Apparel House, Sector 44, Gurgaon - 122 003 (Haryana), or at
any adjournment thereof.

Affix
Signed this .................... day of September, 2010.
SIGNATURE Re.0.30
@ in favour of Revenue
This form is to be used the resolution. Unless otherwise instructed, the proxy will act as he/she thinks fit. Stamp
@ against
* Applicable for investors holding shares in electronic form.
@ Strike out whichever is not desired.
NOTES
1. The proxy in order to be effective should be duly stamped, completed & signed and must be deposited at the Registered Office of the Company not less
than 48 hours before the commencement of the meeting. The Proxy need not be a member of the Company.
2. The form should be signed across the stamp as per specimen signature registered with the Company.
Proxy Form_(F) Final_ 260810.indd 1 8/26/2010 11:42:16 PM

DLF Ar +2009 10

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Contents

Message from the Chairman 3

Management Discussion & Analysis Report 26

Corporate Governance Report 42

Profit & Loss Account 67

Cash Flow Statement 68

Consolidated Accounts 116

Details of Subsidiary Companies 176

Chairmans' Message (F) Final_260810.indd 1 8/26/2010 9:37:26 PM

Mr. T.C. Goyal Corporate Office

Mr. Kameshwar Swarup Statutory Auditors

Chairmans' Message (F) Final_260810.indd 2 8/26/2010 9:37:26 PM

Chairmans' Message (F) Final_260810.indd 3 8/26/2010 9:37:26 PM

With best wishes,

New Delhi (Dr. K.P. Singh)

Chairmans' Message (F) Final_260810.indd 4 8/26/2010 9:37:27 PM

Chairmans' Message (F) Final_260810.indd 5 8/26/2010 9:37:27 PM

Chairmans' Message (F) Final_260810.indd 6 8/26/2010 9:37:27 PM

Notice - (F) Final_260810.indd 7 8/26/2010 11:24:15 PM

Notice - (F) Final_260810.indd 8 8/26/2010 11:24:15 PM

Notice - (F) Final_260810.indd 9 8/26/2010 11:24:15 PM

Notice - (F) Final_260810.indd 10 8/26/2010 11:24:15 PM

Notice - (F) Final_260810.indd 11 8/26/2010 11:24:15 PM

Particulars Sr. Management Trainee General Manager–Development

Registered Office By Order of the Board

Notice - (F) Final_260810.indd 12 8/26/2010 11:24:16 PM

Date of Birth/ Age 08.05.1959/ 51 years 27.07.1937/ 73 years 24.01.1933 / 77 years

Date of Appointment 16.11.1988 14.01.1993 16.11.1988

Committee Positions* Nil Shareholders’/Investors’ Audit Committee–Member

Committee Positions* Nil Nil Nil

Relationships between Related to Dr. K.P. Singh, Nil Nil

Number of Shares held 164,56,320 Nil Nil

Notice - (F) Final_260810.indd 13 8/26/2010 11:24:16 PM

Directors' Report (F) Final_260810.indd 15 8/26/2010 10:58:24 PM

Directors' Report (F) Final_260810.indd 16 8/26/2010 10:58:24 PM

Directors' Report (F) Final_260810.indd 17 8/26/2010 10:58:24 PM

Directors' Report (F) Final_260810.indd 18 8/26/2010 10:58:24 PM

Directors' Report (F) Final_260810.indd 19 8/26/2010 10:58:24 PM

g) Total Foreign Exchange earned and used (Rs. in Crores)

a) Foreign Exchange earned 198.50 99.28

b) Foreign Exchange used 154.04 62.90

Directors' Report (F) Final_260810.indd 20 8/26/2010 10:58:25 PM

A. Power and fuel consumption

B. Consumption per unit of production

Directors' Report (F) Final_260810.indd 21 8/26/2010 10:58:25 PM

Research and Development (R&D)

4. Expenditure on R & D Nil

5. Total R&D expenditure as a percentage of total turnover Nil

Technology Absorption, Adaptation and Innovation

Directors' Report (F) Final_260810.indd 22 8/26/2010 10:58:25 PM

Directors' Report (F) Final_260810.indd 23 8/26/2010 10:58:25 PM

Education ● SBM Senior Secondary School. DLF

Directors' Report (F) Final_260810.indd 24 8/26/2010 10:58:25 PM

Directors' Report (F) Final_260810.indd 25 8/26/2010 10:58:25 PM

MDA (F) Final_260810.indd 27 8/28/2010 11:14:42 AM

MDA (F) Final_260810.indd 28 8/28/2010 11:14:43 AM

MDA (F) Final_260810.indd 29 8/28/2010 11:14:43 AM

POST BALANCE SHEET DATE EVENT

MDA (F) Final_260810.indd 30 8/28/2010 11:14:43 AM

MDA (F) Final_260810.indd 31 8/28/2010 11:14:43 AM

The table below provides a synopsis of the sales

Region/Head City Area Area Sold Sales Value Avgerage