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| Exchange Disseminated Time | TCI Finance Ltd has informed BSE that in the limited review report of the Company for the quarter ended December 31, 2006, the Auditors of the Company have made the following observations:
"1. Non provision in respect of loans and advances aggregating to Rs. 163.70 lakhs due from certain bodies corporate, which have been, advised by Reserve Bank of India to be treated as loss assets, whose accumulated losses exceeded the shareholders' funds. Having regard to the underlying assets these bodies corporates have, the management is of the opinion that the dues are good and fully recoverable and no provision is necessary at this stage. The Auditors are unable to express their opinion on this matter.
2. The residual fixed deposits of Rs 1.06 laths of the Company, matured and remaining unclaimed, being in excess of the limit stipulated in the Non-Banking Financial Companies Prudential norms (Reserve Bank) directions 1998. The Company has deposited the unclaimed amount in an Escrow Account with a nationalised bank." |
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