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Mar 09, 2012, 10.18 AM IST
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, “We emphatically state all our financial statements are in compliance with all accounting standards and applicable laws.”
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