Ruchi Soya Industries 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. In November 2005, the Income Tax authorities carried out an action u/s. 132(1) of the Income Tax Act on the Company, its group companies, associate companies and promoters (the group). Though, the action has been concluded, consequential proceedings such as assessments / reassessments are pending.
For the year ended March 31, 2006, income relating to two of the companies, which amalgamated with the Company w.e.f. April 01, 2005 has been offered in return of the Company for the A.Y. 2006-07 and tax thereon has been provided for in the accounts for the year ended March 31, 2007. Pending completion of assessment / reassessment proceedings, no provision has been made towards additional liability, if any, (amount of which is not ascertainable) that may arise in this regard. The management, however, does not expect any liability of a material amount to arise for the Company.
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