20th-Jun-2012 11:48Source: NSE

Pidilite Industries Limited

Pidilite Industries Limited has informed the Exchange that "The Internal Audit process of Pidilite Industries has unearthed a misappropriation by which commercial quantities of goods from a particular warehouse were described as free samples and removed by one (or possibly more) employee. These goods were then intercepted and stolen before reaching the destination. The employee has confessed, and full investigation and action has been initiated under applicable provisions of law. Simultaneously, all related control processes are being tightened to prevent any recurrence. The nature of the misappropriation was such that its impact has already been reflected in the Company''s financial results and consequently no item of loss is expected to be charged in the Company''s financials at all Neither is the quantum detected significant enough to have a material impact upon future operations and profitability of the company."