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SHIV-VANI OIL and GAS EXPLORATION SERVICES LTD. - Updates on Audited Financial Results for the year ended March 31, 2014
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21 May 2014
Shiv-Vani Oil and Gas Exploration Services Ltd has informed BSE that: &lt;br/&gt;&lt;br/&gt;&quot;The Company has gone for Corporate Debt Restructuring and submitted proposal/ scheme on June 28, 2013 and CDR-EG has approved the scheme and given final approval on February 28, 2014 and after that the documentation work has completed in this month.&lt;br/&gt;&lt;br/&gt;The Company is facing financial crunches, due to following reasons:-&lt;br/&gt;&lt;br/&gt;1. The receivables were not realized as Service Tax Department has issued instruction to pay directly to the Department against their over dues.&lt;br/&gt;&lt;br/&gt;2. Most of the Priority loans were not disbursed because of late finalization of documentation, however, now documentation process is over.&lt;br/&gt;&lt;br/&gt;Resulting most of the supporting staff has left the services of the Company due to non payment of their remuneration.&lt;br/&gt;&lt;br/&gt;Therefore, the Company is unable to prepare and finalise the books of accounts by May 30, 2014 for the year ended March 31, 2014. The Company is always making compliances of Company law, rules, regulations and all the provisions Clause 41 of the listing agreement timely.&quot;
View all announcements for SHIV-VANI OIL and GAS EXPLORATION SERVICES LTD. Source: BSE India