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.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app