Gail India Ltd has informed that in the limited review report of the Company for the quarter ended September 30, 2007, the Auditors of the Company have made the following observations:
1. A provision of Rs 260 crore for the quarter ended September 30, 2007 has been made from sales towards under recoveries of sensitive Petroleum products. However the Ministry of Petroleum & Natural Gas wide their Letter No P-20012 / 28 / 97-PP (Vol-II) (Part-II) dated October 19, 2007 have intimated the amount of Rs 287 crore resulting in short provision of Rs 27 crore.
2. During the period a liability provision of Rs 16.49 crore, created by the Company towards tolerance fluctuation for stock adjustment of Natural Gas was reversed & taken under the head Miscellaneous Income. However the same was not disclosed as an Extraordinary Item in accordance with AS-5 issued by ICAI in the Published Result.
3. During the half year ended on September 30, 2007, a total capitalization of Rs 1445 crore (approx) was made by the Company for Dahej-Uran Pipeline & Dabhol-Panvel Pipeline. However the same was not disclosed by way of Note in the Published Result.
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