Contact Your Financial Adviser Money Making MC
27 October
2016
Tata
Steel on Thursday said the financial statements of the company present "a
true and fair view" of the state of affairs after bourses sought
clarification following the disclosures by Tata Sons' ousted Chairman Cyrus P.
Mistry. The Total Investment & Insurance
Solutions
"The
financial statements of the company are prepared on a going concern basis and
present a true and fair view of the state of affairs of the company. As part of
the preparation of financial statements, the value-in-use of the assets of the
company is tested for impairment as per the Accounting Standards," Tata
Steel said in a statement. The Total
Investment & Insurance Solutions
The
steel maker also said it had "currently nothing further to comment or
disclose".
The
stock exchanges on Wednesday had sought clarification from Tata group's Tata
Motors, Tata Steel, India Hotels, Tata Teleservices and Tata Power "with
respect to news appearing on Bloomberg on October 26". The Total Investment & Insurance Solutions
In
a letter to the Tata Sons board and the group's trustees, the 49-year-old
Mistry on Wednesday said: "The capital employed in these companies had risen
from Rs 132,000 crore to Rs 196,000 crore, due to operational losses, interest
and capex. This figure is close to the networth of the group, which is at Rs
174,000 crore." The Total Investment
& Insurance Solutions
Market
watchdog Securities Exchange Board of India is also reported to be looking into
Mistry's disclosures to verify if there was any breach of corporate governance,
violation of listing norms and regulations by the Tata group or its listed
firms and financial or other irregularities.The Total Investment & Insurance Solutions
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