Sterlite Optical Technologies Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
The Company has received an order dated July 12, 2003 from the Commissioner of Central Excise for payment of excise duty and penalty of Rs 198.20 cores for alleged use of imported machinery of Export Oriented Unit for production and sale in the Domestic Tariff Area, out of which a sum of Rs 188 Crores and interest thereon has been confirmed by CESTAT during year 2005-06. Pending the outcome of the appeal in the appropriate Courts, no provision has been made barring Rs 4.50 crores towards provision for contingencies. The Auditors are unable to express an opinion on the outcome of the matter at this stage.
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