In their first report (for 2007-08) to shareholders, the directors of Sky Light Hospitality disclosed what property was bought where, how the company hoped to profit (from conversion of land to non-agricultural use), etc. The accounts disclose that a bank overdraft of Rs 7.94 crore financed purchase of land in Sohna tehsil. However, the auditors state the company has not taken term loans, nor “raised any funds on short-term basis and applied them for long-term investments”.

><table width='100%' border=0 cellspacing=0><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 18px; FONT-WEIGHT: bold; COLOR: #0253B7;'>Of transparency and sloppy accounting</td></tr><tr><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 11px; '>Auditors say Sky Light Hospitality hasn

Of transparency and sloppy accounting

Auditors say Sky Light Hospitality hasnt taken term loans or raised any fund on short-term basis and applied those for long-term investments

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