Hindustan Zinc 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:
Contrary to the Accounting Standard - 26 Intangible Assets issued by the Institute of Chartered Accountants of India, the Company, effective from March 31, 2003, has re-classified its long term investment in shares of a power corporation for providing concessional power tariff as intangible asset and provided amortization thereon. For the nine months ended December 31, 2007, the Company has provided amortization aggregating Rs 3.51 crores (corresponding period in the previous year Rs 3.51 crores) with resulting decrease in profit before tax.
Contrary to the Accounting Standard - 26 Intangible Assets issued by the Institute of Chartered Accountants of India, the Company, effective from March 31, 2003, has re-classified its long term investment in shares of a power corporation for providing concessional power tariff as intangible asset and provided amortization thereon. For the nine months ended December 31, 2007, the Company has provided amortization aggregating Rs 3.51 crores (corresponding period in the previous year Rs 3.51 crores) with resulting decrease in profit before tax.
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