The Auditors have qualified their report for the year ended December 31, 2009 on the non provision/ reversal of Interest which has been converted in to loan amounting to Rs 8824.68 lacs (Current year Rs 7617.77lacs and previous year Rs. 1206.91 lacs), which are not conformity with accepted accounting principles.
Board of Directors have considered the qualification made by the auditors in their report and have addressed the same as under:-
Loans were restructured under Corporate Debt Restructuring Scheme and Interest would be provided when they become due as per the approved scheme, in accordance with the legal opinion obtained by the company.
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