Moneycontrol
Mar 09, 2012 10:18 AM IST | Source: CNBC-TV18

MCA finds prima facie violations in Unitech balance sheet

The Ministry of Corporate Affairs technical scrutiny into Unitech's FY09 balance sheet has uncovered prima facie violations under provisions of Section 211 of the Companies Act as well as six instances of Unitech not complying with accounting standards 11, 17 and 18.


The Ministry of Corporate Affairs technical scrutiny into Unitech's FY09 balance sheet has uncovered prima facie violations under provisions of Section 211 of the Companies Act as well as six instances of Unitech not complying with accounting standards 11, 17 and 18.


Section 211 deals with the true and fair value in a balance sheet, whereas the accounting standards deal with forex, segment reporting and related party deals.


CNBC-TV18 learns that the MCA has now asked Unitech's statutory auditors for a response.


When contacted, Unitech said the queries raised by the MCA were only clarificatory in nature and that these clarifications have been provided by the company.

Unitech goes on to say,

Sections
Follow us on
Available On