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Mar 09, 2012, 10.18 AM | 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.

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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.

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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.”

Unitech stock price

On February 09, 2016, Unitech closed at Rs 5.04, down Rs 0.07, or 1.37 percent. The 52-week high of the share was Rs 22.75 and the 52-week low was Rs 4.83.


The latest book value of the company is Rs 37.66 per share. At current value, the price-to-book value of the company was 0.13.

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MCA finds prima facie violations in Unitech balance sheet

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