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As intimated to the Exchanges vide our letter dated May 3, 2019 regarding the commencement of Corporate Insolvency Resolution Process (CIRP) in the Company, the powers of the Board of Directors were suspended and the same were to be exercised by the Interim Resolution Process (IRP)/Resolution Professional (RP) in line with the provisions of the Insolvency and Bankruptcy Code, 2016. Accordingly, the Audited Financial Results for the Year Ended March 31, 2019 will be considered by IRP/RP. In view of commencement of CIRP wef April 26, 2019 requiring preparations of various documents therefor, the Financial Statements for the year ended March 31, 2019 could not be finalised/audited yet. We shall keep you informed as soon as the Financial Statements are compiled and reporting is formulated. We would like to state that the Company has, in the usual course, been meticulous in timely reporting of information required to be intimated to the Exchanges.
Source : BSE - www.bseindia.com
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