Godrej Industries 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 recoverability of advances given to certain individuals amounting to Rs 1033 lac is contingent upon the transfer and / or disposal of the shares pledged against the loan. The said shares were lodged for transfer, which application was rejected and the Company has preferred an appeal to the Company Law Board. The impact thereof on the profit for the quarter could not be ascertained.
The recoverability of advances given to certain individuals amounting to Rs 1033 lac is contingent upon the transfer and / or disposal of the shares pledged against the loan. The said shares were lodged for transfer, which application was rejected and the Company has preferred an appeal to the Company Law Board. The impact thereof on the profit for the quarter could not be ascertained.
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