Sebi asks GMR Infra to restate accounts

With Sebi directing GMR Infrastructure to restate accounts for previous two fiscals, the company said it has made "requisite adjustments" in the financial results for the year ended March 2015.
A diversified group with interests in airports, highways and energy, GMR Infrastructure has reported a net loss of Rs 2,733 crore for the financial year 2014-15.
While announcing its results for the fiscal ended March 2015, the company said it has been asked by the Securities and Exchange Board of India (Sebi) to restate accounts for two financial years -- 2012-13 and 2013-14.
"... Sebi has advised the company to restate financial results for financial year 2012-13 and 2013-14 and the effect of these restatement adjustments may be carried out in the annual accounts of the financial year 2014-15," the company said in the notes to the latest consolidated results.

GMR Infrastructure also said that while hearing a writ petition filed by it, the Delhi High Court has asked Sebi not to insist on restatement of accounts till the next hearing scheduled on September 4, 2015.
"Further, the High Court of Delhi directed the company that if the accounts for 2014-15 are prepared, the aforementioned issue will be reflected in the accounts and effect of both capitalisation and non-capitalisation on the net worth will also be disclosed in due prominence in the financial accounts prepared by the company," it noted.

During 2014 December quarter, Sebi had asked the company to restate the consolidated financial statements of the group for the year ended March 31, 2013.

Following representations made by it, GMR Infrastructure said it received a "letter from Sebi dated April 27, 2015, whereby Sebi has reiterated its earlier advice for restatement of financial results", according to the note.
The results were filed with the exchanges yesterday.
GMR has registered a net loss of Rs 2,733.29 crore in the 2014-15 period while in the year-ago period, the company had a net profit of Rs 10.01 crore.
The company's total income rose to Rs 11,415.14 crore in the year ended March 2015 from Rs 10,969.09 crore recorded in the same period a year ago.