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Saturday, Jul 24, 2004

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SEBI tells Rolta to follow accounting norms

Our Bureau

Mumbai , July 23

SEBI has directed Rolta India to adhere to proper accounting standards.

The company has been advised to discontinue its practice of including the cost of self assembled capital equipment and not to adopt, in future, any accounting practice inconsistent with relevant Indian and International Accounting standards.

"Pursuant to investigations carried out by SEBI, Rolta India Ltd has been found to have violated the provisions of Prohibition of Fraudulent and Unfair Trade Practice relating to Securities Market Regulations, by adopting, for seven consecutive years, an improper accounting practice of including the cost of item partaking the nature of fixed asset in `sales'. This practice followed by Rolta India Ltd has the potential of influencing the price of the scrip and misleading the investors," says the SEBI report.

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