30th-Mar-2012 17:18Source: BSE

Geodesic - Change in Financial Year

Geodesic Ltd has informed BSE that the Board of Directors have considered and passed resolution by circulation on March 30, 2012 under Section 210 (4) of the Companies Act, 1956 extending the current financial year by three months from March 31st to June 30th. The decision stems from the fact that the Company is in process of developing and launching new products viz. Enlyte, ACMR and the newer GeoAmida platforms. The Company has already signed pilots and contracts for the new products and services. The management is of an opinion that the new product offerings will consolidate business lines across Geodesic's product portfolio. The company will be in a better position to present restructured business lines and its financial impacts to its investors.

This process will require additional time to consolidate the operations, and hence has necessitated the Company to extend financial year up to 30th June 2012. Therefore the Balance Sheet and Profit & Loss Account of the Company after giving effect to such extension shall be for a period of fifteen months from April 01, 2011 to June 30, 2012.