Aurobindo Pharma - Limited Review for the quarter ended Dec 31, 2007
Aurobindo Pharma Ltd has informed BSE that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:
“Without qualifying their opinion, the Auditors draw attention to the non-provision of premium for the quarter amounting to Rs 228,307,605 and Rs 687,454,487 respectively payable on 255,500 Zero Coupon Foreign Currency Convertible Bonds of USD 1000 each issued by the Company. The cumulative amount of premium as at December 31, 2007 is Rs 1,609,584,319. Management is of the view that the liability to pay premium on redemption is contingent and the ultimate outcome of the matter cannot be presently determined. Accordingly, no provision for the above liability that may result in future, has been made in the accompanying statement of unaudited financial results”.
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