Balmer Lawrie hands over fund misappropriation case to agency

State-run Balmer Lawrie & Company today said it has handed over a case of misappropriation of funds by some employees to an investigating agency for further action.
The Board of Directors of the Company at its meeting held on May 26, 2016, took note of "a case of misappropriation of cash through wrong adjustments by some employees in one units of the company during the course of review of debtors in the month of January 2016", Balmer Lawrie & Company said in a BSE filing.
"Based on preliminary in-house enquiry, an amount of Rs 34.58 lakh has now been identified as defalcated and the same is provided for in the books," it said.

Stating that the company is presently undertaking a thorough reconciliation of the relevant outstanding, it said: "The case has since been handed over to investigating agency and necessary further legal action will be taken against the employees thereafter."
The amount involved works out to 0.15 per cent of the company's profit before tax of Rs 234.54 crore for the year ended March 31, 2016, it said.
For the January-March quarter, the company's net profit stood at Rs 66.6 crore, marginally lower than the Rs 68.91 crore in the year-ago period.
However, its total income from operations increased to Rs 661.55 crore during the March-end quarter, from Rs 613.95 crore in the corresponding period of the previous year.