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| Exchange Disseminated Time | With reference to the earlier letter dated May 12, 2015 informing about the Company filing of Appeal in Securities Appellate Tribunal (SAT) with regard to SEBI directive for restatement of financial results for the years 2012-13 and 2013-14 and sending therewith copy of SAT order dated May 11, 2015, which directed SEBI to have the matter reconsidered by QARC.
In this regard Ashima Ltd has further informed BSE that SEBI, after considering the oral and written submissions made by the Company before the QARC, vide its letter dated June 12, 2015, have issued specific directions to the company as stated hereunder.
Instead of its earlier advice of restating financial results for Financial year 2012-13 and 2013-14 and also giving effect of these restatement adjustments in the annual accounts of the financial year i.e. 2014-15 as a prior period item, SEBI now vide its aforesaid letter has advised the Company to submit only proforma financial results, giving effect to the provision for accrued interest, for both the years (2012-13 and 2013-14) to the Stock Exchanges along with disclosures as mentioned in the letter.
SEBI has given time to the Company till June 30, 2015 to comply with this requirement. |
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