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| Exchange Received Time 13/09/2017 18:49:25 Exchange Disseminated Time 13/09/2017 18:49:27 Time Taken 00:00:02 | Pursuant to the Regulation 30 read with Schedule III, 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith a copy of the Standalone unaudited financial results of the Company for the quarter ended 30th June, 2017 as considered and approved by the Board of Directors of the Company at its meeting held today.
We also enclose herewith Limited Review Report for the quarter ended 30th June, 2017. The said report carries Qualification.
We append hereunder Clarification on the aforesaid qualification as under:-
Reply to Point No.3 of Limited Review Report:-
As per the RBI Guidelines in case, if the account is NPA banks should reverse the interest already charged and not collected by debiting Profit and Loss account, and stop further application of interest. However, banks may continue to record such accrued interest in a Memorandum account in their books. For the purpose of computing Gross Advances, interest recorded in the Memorandum account should not be taken into account. As the Banks are not taking in to account the interest recorded in Memorandum, the Company has not Booked expenses of interest in the Books of the Company.
Outcome of the Board Meeting:
Pursuant to the Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that the Board of Directors of the Company had appointed M/s. Ashok Dhariwal & Co., as an Internal Auditor of the Company for the financial year 2017-18 and onwards until resolved otherwise.
The Board Meeting commenced at 01:00 p.m. and concluded at 06:30 p.m.
Please find the same in order.
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