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Article: Auditors Report Points out Anomalies in GHCL Accounts.
- Article from:
- Business Wire
- Article date:
- May 29, 2009
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GHCL Forum Stands Vindicated; Demands Promoter Dismissal
NEW DELHI -- GHCL minority shareholders who had come together under the banner of GHCL Forum stand vindicated today as the auditors of GHCL Ltd. (Gujarat Heavy Chemicals Ltd), Jayantilal Thakkar & Co, has pointed out the anomalies present in accounts submitted by GHCL. The auditors vide their limited review report has said that GHCL had not made provisions worth more than Rs. 1000 crores and have also not made provision for diminution & advances to subsidiaries.
Consequent to this, the company's net worth gets negative by an overwhelming Rs 400 crs. The fact sheet had been on GHCL Forum website ...