Due to high NPAs and slow recovery, the company cannot contemplate on starting any new business
COMPANYS PERFORMANCE
The Recovery process is very slow due to lengthy legal procedures. The Management also makes efforts to inter into One Time Settlement with the debtors.
INTERNAL CONTROL SYSTEM
Internal Audit of the operations of the Company has been carried out by an independent internal auditor. The Company also has appropriate and adequate internal control systems.
INCOME TAX MATTERS
The outstanding Income Tax liability of the company almost exceeds Rs.22 Crores.
The recovery procedure initiated by Federal Bank Limited and Central Bank of India still continues in Debt Recovery Tribunal, Mumbai for recovery of their outstanding dues.
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www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.