GHCL LTD. - Updates
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| 17 Dec 2014 | |
| GHCL Ltd has informed BSE that:<BR><BR>"1. This matter is related to Income Tax matter for the assessment year 2010-11, which was earlier reported to the Stock Exchanges. In this matter we would like to update that the Company had preferred an appeal before CIT (Appeal) - Ahmedabad, under which it got an order wherein write-off has been allowed for Rs. 140.60 Cr, which is related to advances given by the Company to its subsidiaries. Accordingly, the Company got tax relief of Rs. 70.68 Crs. and balance tax impact of approx Rs. 1.60 Cr. has been confirmed which was mainly related to Transfer price adjustment. However, the Company shall prefer an appeal against confirm demand of 1.60 Crs in respect of transfer price adjustment.<BR><BR>2. Banca Comerciala Romana SA (BCR) had funded Euro 13,652,000 to GHCL Upsom SA, Romania under the corporate guarantee of GHCL Limited in 2006. As communicated earlier, GHCL Upsom Romania went into liquidation on initiative of creditors and in this process BCR admitted the receiving of Euro 5,402,641. In its recovery suit filed against the company before City Civil Court, Ahmedabad, BCR has claimed a sum of Euro 10,391,306 (approx Rs. 81.36 Cr). The Company will take necessary legal recourse and represent its mailer on merit." | |
| View all announcements for GHCL LTD. | Source: BSE India |
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