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Outcome of board meeting of AXISCADES Engineering Technologies

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Held on 14 January 2019

The Board of at its meeting held on 14 January 2019 has approved recourse to legal action to recover dues from customer in USA. The company's wholly owned subsidiary, had provided engineering design services worth USD 934,675 to a customer in the USA during the financial year 2017-18. Despite repeated follow up, the amount due was not received as per contractual terms. In line with the prudential norms and as per Company policy, the Company had made 100% provisions for the same in its accounts, subsequently.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 14 2019. 18:57 IST