Auditors raise concern over McNally Bharat's ability to remain in business

In the last fiscal year, McNally Bharat and one of its subsidiaries was unable to discharge its obligation for repayment of loans and settlement of other financial and non-financial liabilities

McNally Bharat Engineering's auditors have raised concerns over this B.M. Khaitan Group company’s ability to remain in business unless its loan restructuring application with the lenders receives favourable response.

Deloitte Haskins & Sells and V. Singhi & Associates , in its report, said the group has incurred a net loss of Rs 783.20 crore in the last fiscal year and its current liabilities exceed the current assets by Rs 460.52 crore. 

According to the report, McNally Bharat and one of its subsidiaries were in the last fiscal year unable to discharge their obligation for repayment of loans and settlement of other financial and non-financial