Sulzer 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. The appointment for the period July 01, 2001 to April 08, 2005 and remuneration of Managing Director is subject to Central Government approval. The excess remuneration paid for the period from January 1998 to April 2005 is Rs 111.54 lacs.
2. Had the aforesaid matters been considered, the net profit for the quarter and nine months ended September 30, 2007 would have been Rs 354.65 lacs and Rs 950.06 lacs respectively (as against the reported figures of Rs 281.02 lacs and Rs 876.43 lacs respectively).
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