By Akshay Jain
Due to a petition filed by the overseas lender against the Company under the Insolvency and Bankruptcy Code, 2016, the stock is trading at 5% of the value achieved in May 2017.
Dated 29/11/2017, Company has made following 2 changes in their financial statement as of 31/03/2017 which are as follows:-
We also noted an increase of expenditure by almost INR 50,000 lacs due to bad debts written off and increase in provision for doubtful debts which has turned all the Reserves & Surplus of the Company into negative.
Not only this, the sales tax demand of 94,460.27 lacs against the Company for the Vat Credit disallowed by Sales –
Tax Dptt has been received in July 2017 for which the case is disputed before the Appellate Authority, Commercial
Taxes Department, Alwar (Rajasthan).
The fundamentals and technicals have turned bad however management is still showing the optimistic side.
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