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Jul 27, 2013, 12.07 PM IST | Source: Moneycontrol.com

Crew BOS Products adjourned its board meeting

Crew BOS Products has informed that the Board of Director has adjourned its meeting held on July 26, 2013.

Crew B.O.S. Products Ltd has informed BSE that:"In the Board of Director Meeting held on July 26, 2013 by taking into account the below mentioned fact has adjourned the meeting:-The Company had requested an extension to submit its audited balance sheet. The extension has expired on the July 26, 2013. We need to seek further extension as we have not been able to conclude the financial accounts for the year ended March 31, 2013. This delay in finalization of accounts has been primarily due to the fact that our ex CFO cum Director International Sales and CEO leather division Sanjeev Sehgal has been dismissed from the Company due to certain activities that we suspect are dishonest. We are investigating the same to see the areas of impact due to his activities. We have also filed a police complaint to assist us in this investigation. Since his responsibilities included foreign trade and he was responsible for the business in our foreign subsidiaries in Mauritius, we need to closely inspect those transactions and verify the same. All of this investigation and taking stock of the situation is not getting his cooperation. Therefore the process of finalization of our accounts and reconciliation with our foreign subsidiaries is getting delayed. We request your good office to kindly give us additional time to be able to close all of the above and be able to then finalize our accounts after having taken stock of the findings of our investigation.Therefore to comply with the listing requirement and keeping in mind that the board will have to meet again post the investigation results to adopt the results, it is agreed that the results will be published on completion of the investigation."Source : BSE

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