Paper manufacturer Ballarpur Industries Ltd, which has been undergoing a corporate insolvency resolution process, on Wednesday said its financial results for the fourth quarter and financial year ended March 31 have been delayed due to the coronavirus pandemic.
"In view of the nationwide lockdown implemented during the period end-March 2020 and May 2020, the auditors were not able to visit the units to carry out necessary audits in India and Malaysia," Ballarpur Industries said in a regulatory filing.
The company has six manufacturing units at remote locations across India and one unit is in Malaysia.
The six manufacturing units of the company in India are also shut due to the pandemic, it added.
"Due to COVID-19, the preparation and audit of the standalone financial results and consolidated results of subsidiaries has been significantly affected," the company said.
In view of the circumstances, Ballarpur Industries further said it expects to approve and submit the financial results by July 30.
The company is currently undergoing a corporate insolvency resolution process under Insolvency and Bankruptcy Code 2016, following an order by NCLT Mumbai on January 17, 2020.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
