McLeod Russel auditor Deloitte concerned over company's solvency

According to Deloitte, the Williamson Magor Group company's liabilities exceed assets by Rs 1,435.66 crore

McLeod Russel auditor Deloitte Haskins & Sells LLP has raised concerns over the company’s ability to remain in business unless its loan restructuring application with lenders receives a favourable response.

According to Deloitte, the Williamson Magor Group company’s liabilities exceeded assets by Rs 1,435.66 crore as on 31 March, 2019 and in the last financial year, it was unable to discharge its obligations for repayment of loans and settlement of other financial and non-financial liabilities including statutory liabilities.

While giving an adverse opinion on this company primarily on account of recovery of inter-company deposits (ICD), the auditor stated that the