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Sterlite Industries India 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:

“Contrary to the Accounting Standard - 26 Intangible Assets issued by the Institute of Chartered Accountants of India, the Hindustan Zinc Ltd, effective from March 31, 2003 has re-classified its long term investment in shares of a power corporation for providing concessional power tariff as intangible asset and provided amortization thereon. For the quarter and nine months ended December 31, 2007, the Hindustan Zinc Ltd has provided amortization aggregating Rs 1.17 Crore and Rs 3.51 Crore, respectively, with resulting decrease in profit before tax.”

Tags: Sterlite Industries

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