Dairy firm Kwality Ltd, which is undergoing corporate insolvency resolution process (CIRP), Saturday sought more time to declare its financial results.
It said after an order of the National Company Law Tribunal (NCLT), the powers of the board of directors of the company stood suspended and are being exercised by the interim resolution professional appointed by the NCLT.
"Though the company is sincerely endeavouring for completion of audit on priority basis, but the company would need additional time to declare and publish financial results beyond the stipulated due date and will be able to do within 30 days," Kwality Ltd said in a BSE filing.
It said that at the time of initiation of CIRP, the audit work for the quarter ended December 31, 2018, although commenced, was progressing at a slow pace on account of high employee attrition in the past few months and is yet to conclude.
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