IVRCL Limited which is undergoing insolvency process has said there is mismatch of the company's accounts when compared to the claims made by its creditors.
The beleaguered company also said it could not file its fourth quarter results in time as some of its subsidiaries did not complete their audit.
The Bombay Stock Exchange (BSE) has levied fine on IVRCL for not filing the fourth quarter results.
However, thedebt-riddencompany requested themarket regulatorSEBIand theexchangeto extend time for filing the results as "the Company is under Corporate Insolvency Resolution Process (CIRP) and number of variances are being looked into since the date of commencement of CIRP on February 23, 2018."
"There are mismatches in liabilities, Bank interest etc in comparison to claims submitted by creditors under ClRP process vis-a-vis books of accounts. Audit of subsidiaries have not been completed and Resolution Professional has no control on that,"IVRCL has said in regulatory filing.
When contacted a BSE official said as per listing regulations, listed companies are required to submit Annual Financial Resultswithin 60 daysof the end of the Financial Year.
Further, in case where companies do not submit financial results within the stipulated timelines as above, as per SEBI circular a fine of Rs 5000 per day is levied on thecompany till the Financial Results are filed,the official said.
"In case the delay extends beyond 15 days, additional penalty at the rate of 0.1per centof the capital of the Company is charged as fine."
In case of IVRCL, financial results for quarter and year ended March 31, 2018 are not yet filed with Exchanges where it is listed,"the BSE official told PTI in an email reply.
Corporate Insolvency Resolution Process (CIRP) has been initiated against IVRCL as per provisions of Insolvency and Bankruptcy Code (IBC) by an order dated February 23, 2018 of National Company Law Tribunal.
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