Tata Investment Corporation Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018
1. The Company has adopted Indian Accounting Standards ('Ind AS') as notified under the Companies Act 2013 ('the Act'), from 1st April 2018 with the effective date of such transition being 1st April 2017. Such transition had been carried out from the erstwhile Accounting Standards as notified (referred to as 'the Previous GAAP'). Accordingly, the impact of transition has been recorded in the opening reserves as at 1st April 2017 and the corresponding figures, presented in these results, have been restated / reclassified.
2. As required by paragraph 32 of Ind AS 101, net profit reconciliation between Indian GAAP and Ind AS is as under: For Table, kindly refer Corporate Announcements on www.bseindia.com.
3. The Company is an Non-Banking Financial Company and has no activities other than those of an investment company. Accordingly there are no separate reporting segments as in Ind AS 108 "Operating Segment".
4. The Board of Directors at its meeting held on 16th November 2018 had announced a Buy-Back of upto 45,00,000 fully paid equity shares constituting 8.17% of its total paid up equity share capital of the Company at a price of Rs.1000 per equity share for a consideration not exceeding Rs.450 crores, subject to the approval of the shareholders, by way of Tender Offer route through stock exchange mechanism . Following the receipt of requisite approvals, the Buy Back Offer has opened on Monday, 4th February 2019 and will close on Friday, 15th February 2019.
5. The above results prepared and presented in pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 have been reviewed by the Audit Committee in its meeting held on 1st February, 2019 and were approved by the Board of Directors in its meeting held 4th February 2019. The statutory auditors of the Company have carried out a limited review of the aforesaid results.