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| Exchange Received Time 28/08/2017 18:08:31 Exchange Disseminated Time 28/08/2017 18:08:38 Time Taken 00:00:07 |
The company has to pay a sum of Rs.9.72 crores to its group companies as on 31st March 2017. As there was no resources to pay back the amount and there is no income expected in the near future to pay the amount to the creditors, the directors discussed the situation with the creditors and the creditors accepted the situation and ready to write of the amount in their accounts. Based on the discussion, Board of directors written off the payables of Rs.9.72 Crores and accordingly quarterly results were published showing a net profit of Rs.9.54 Crores mainly due to the above write off.
But later on the creditors informed the company that there are not willing to write off the dues, and they will not press the payment immediately and the amount can be paid as and when our company finds their resources.
Accordingly the board of directors decided to nullify the write off proposal and accordingly quarterly results were modified and the above net profit is reduced showing a loss of Rs.0.18 Crores.
Due to this reversal, there is no impact on Income tax or any other taxes as the company is having huge carried forward losses to be setoff.
Revised financial result is enclosed/ attached.
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