Tamilnadu Petroproducts 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, during the period 1995-2003, invested Rs 2764.50 lacs in SPIC Electric Power Corporation Pvt Ltd and given advances against equity amounting to Rs 32.61 lacs, for which no provision has been considered necessary by the management. In view of the considerable delay in the implementation of the project, the Auditors are unable to express an opinion on the provision, if any, required in respect of the said investment and advance against equity.
Friday, September 7, 2007
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