Alembic Ltd has informed that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:
The Auditors without qualifying their limited review report, the Auditors further state that :
The Honble High Court of Gujarat has granted a sanction to the petition filed by the Company to debit all the Intangible Assets in the form of assets such as trademarks, copyright, designs, technology, know how, licenses, franchises, etc. aggregating to Rs 176.82 Crores to Profit & Loss Account for the year ending on March 31, 2008 and correspondingly transfer Rs 29.17 Crores from Share Premium Account and Rs 102.58 Crores from General Reserves (both net of tax effect of Rs 45.07 crores) to the Profit & Loss Account of the Company for the year ending on March 31, 2008. Pending completion of the remaining legal formalities, effect of the same will be given in the annual accounts of the Company for the year ending on March 31, 2008 and the Company has not amortized its Intangible assets during the period ended on December 31, 2007 and continues to carry the same at the cost or opening written down value.
The Auditors without qualifying their limited review report, the Auditors further state that :
The Honble High Court of Gujarat has granted a sanction to the petition filed by the Company to debit all the Intangible Assets in the form of assets such as trademarks, copyright, designs, technology, know how, licenses, franchises, etc. aggregating to Rs 176.82 Crores to Profit & Loss Account for the year ending on March 31, 2008 and correspondingly transfer Rs 29.17 Crores from Share Premium Account and Rs 102.58 Crores from General Reserves (both net of tax effect of Rs 45.07 crores) to the Profit & Loss Account of the Company for the year ending on March 31, 2008. Pending completion of the remaining legal formalities, effect of the same will be given in the annual accounts of the Company for the year ending on March 31, 2008 and the Company has not amortized its Intangible assets during the period ended on December 31, 2007 and continues to carry the same at the cost or opening written down value.
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