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| Exchange Disseminated Time | Paras Petrofils Ltd has informed BSE that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:
"1. Variation in published results and limited review result.
2. Non provision of Income Tax. Fringe Benefits Tax and Deferred Tax.
3. Non provision of employee benefit."
Further, in respect of the observations in the limited review report, the management has clarified as follows:
"1. Due to inappropriate classification in various accounts, which is an integral part of the report given by the auditors, certain amounts in the un-audited financial statements are at variance with the amounts verified by the Auditors during Limited Review. However the same are within the limit as mentioned in Clause 41 of Listing Agreement.
2. Provision for Tax (Income Tax, Fringe Benefits Tax and Deferred Tax) will be made at the year end.
3. Provision for Employee Benefit will be made at the year end." |
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