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Arora Fibres Ltd.

BSE: 521174 Sector: Industrials
NSE: N.A. ISIN Code: INE487D01023
BSE 00:00 | 04 Mar Arora Fibres Ltd
NSE 05:30 | 01 Jan Arora Fibres Ltd

Reversal of Excise Duty Provision

August 16, 2014, 4:23 pm | Source: BSE

Arora Fibres Ltd has informed BSE that the Company had made a provision of Rs. 30,246,000/- for payment of Excise Duty during the year 2011-2012. This was necessitated by retrospective amendment in the union budget 2012. The Finance Act 2014 as passed by the Parliament has done away with this retrospective amendment providing relief for the Company. As result the provision for Excise Duty of Rs. 30,246,000/- is no longer necessary. This reversal of provision will positively impact the Profit & Loss account of the company for the year ending on March 31, 2015 to that extent.