Financial Daily from THE HINDU group of publications
Friday, Dec 10, 2004
Financial Daily from THE HINDU group of publications Friday, Dec 10, 2004 |
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Corporate
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Announcements Padmalaya Tele board okays revised accounts Our Bureau
Hyderabad , Dec 9 PADMALAYA Telefilms Ltd has informed the stock exchanges that its board of directors at its meeting held on Monday has approved the audited figures of the revised financial results for the year 2003-04. Further, the company has informed the exchanges that based on the reorganisation and reconstitution exercise, the management took a decision to re-orient and refocus the animation business. Accordingly, the company has re-assessed projects mainly in animation. According to the company, considering the significance of the matters involved, its board considered it prudent to revise the accounts to consider the impact on account of infructuous projects and other non-recoverable amounts by providing for an amount of Rs 56 crore in respect of such projects and other accounts. Further, income-tax demands amounting to Rs 1.69 crore in respect of previous years received subsequent to the previous approval of accounts by the board were considered and included under prior period expenses. Consequently, the provision for dividend has been reversed in the absence of profits, the company said.
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