|
| Exchange Disseminated Time 27/05/2016 18:40:02 | Balmer Lawrie & Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 26, 2016 took note of a case of misappropriation of cash through wrong adjustments by some employees in one units of the Company during the course of review of debtors in the month of January 2016. The Company is presently undertaking a thorough reconciliation of the relevant outstanding. Based on preliminary in-house enquiry, an amount of Rs. 34.58 Lakhs has now been identified as defalcated and the same is provided for in the books. The case has since been handed over to investigating agency and necessary further legal action will be taken against the employees thereafter.
The aforesaid information was placed before the Audit Committee and the Board of Directors at its meeting held on May 26, 2016. This has also been reported to the auditors and the auditors have also mentioned the same in their Audit Report.
In this context, it may be worthwhile to mention that the amount involved is only Rs. 34.58 Lakhs which works out to 0.15% of the Company’s Profit Before Tax of Rs. 23454.04 Lakhs for the year ended March 31, 2016. |
|
|