Swarnajyothi Agrotech & Power Ltd has informed BSE as under: "We are not in a position to submit the 1st qtr ending June 2014 results within the stipulated time. The reason being our company is going on financial consolidation and employees of the company with unions are demanding increase in the wages, management has to pay part of the salaries as per the understanding with their union from profit earned by the company in each quarter. However the management is negotiating with employee union as there is a quality defect in production side, which are to be rectified by them at their cost and management is willing to replace certain equipments in order to improve the productivity and quality of the product. The management is in discussion with unions for retaining the old employees to run the production effectively during this financial year. Further the company management is discussing with the bankers and institutions to streamline the financial health of the company. The company, had received notices from Income Tax department Mumbai relating to the Old management. To sort out this issue it requires the expert opinion from auditors & legal consultants before finalizing the books of accounts."
Source : BSE - >www.bseindia.com
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