Outcome of board meeting of Dishman Pharmaceuticals and Chemicals

Held on 28 May 2015

Dishman Pharmaceuticals and Chemicals announced that the Board of Directors of the Company at its meeting held on 28 May 2015, has transacted the following:-

1. The Board has deferred the Agenda relating to approval of the Audited financial statements for the year ended 31 March 2015 in view of disagreement with the statutory auditors with regard to reporting in the consolidated financial statements regarding accounting of employee pension benefits by the Swiss subsidiary CARBOGEN AMCIS, which is covering this liability by participating in an employee retirement benefit plan of a large and well respected insurance Company. As per Swiss GAAP, the said subsidiary has no liability for the same. However, the accounting treatment as per Indian GAAP is creating a technical anomaly and being material, the Board has felt it prudent to defer this Agenda item so that the matter can be appropriately addressed.

 

2. Consequently the agenda items relating to recommendation of dividend and other items related to audited financial result have also been deferred.

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