BM Khatian group company McLeod Russel India Ltd. has postponed finalisation of its 2018-19 financial results till June 21, 2019, the company said in a regulatory filing.
Although McLeod Russel India had listed a board meeting to finalise its results on Thursday, the company said later that it was unable to submit its audited standalone financial results for the quarter and the year ended March 31, 2019, as well as its consolidated results, mainly due to the asset sales during the last fiscal.
In 2018-19, MRIL had disposed specified assets of several estates in Assam and West Bengal. However, these were done to various parties and the company had to take into account the impact of sale from angles of depreciation, taxation etc. This came in the way of results finalisation, it said. The sales were mainly to reduce debt.
Also, the sale of investment by subsidiary company Borelli Tea Holdings Ltd., U.K., in its African assets Gisovu Tea Company and Pfunda Tea Company in March 2019, delayed preparation of audited financial statements of BTHL, the company said in its detailed filing. It said that the audit committee and board meetings have now been scheduled to be held by June 21, 2019.
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