BM Khaitan-controlled Williamson Magor Group company McLeod Russel has been unable to finalise its quarterly results for the three-month ended March 31, 2019 and its annual numbers for FY19.

In a notification to bourses, the company has listed different reasons. One reason said numerous assets of tea estates were disposed of to different parties during the financial year. As a result, the preparation of accounts and audit of the same took a considerable time.

“The company had to take into account the impact of such sale from different angles like depreciation, taxation, etc. In view of this, the standalone financial results for the quarter and the year ended March 31, 2019, could not be completed and audited,” it said in a notification.

McLeod Russel, which is among the largest tea planters globally, also pointed out that the during FY19, Borelli Tea Holdings Limited (BTHL), UK, its wholly-owned subsidiary, had disposed of its investment in Gisovu Tea Company Limited and 50 per cent of its investment in Pfunda Tea Company Limited. “Since, the sale had been completed in end of March 2019, the preparation of financial statements by BTHL, consolidation by BTHL along with its subsidiaries and audit thereof took considerable time,” it added.

The next meeting of the audit committee and the board of directors are expected “on or before” June 21, the notification further said.

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