Andhra Petrochemicals Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2022
Auditor and Management Disclosures and Notes for the quarterly results dated 30 Jun 2022
NOTES:
1. The above results, reviewed by the Audit Committee, were approved by the Board of Directors at its Meeting held on 6th August, 2022. The statutory auditors have carried out a "Limited Review" of financial results for the period ended 30th June, 2022.
2. Segmental reporting as per Ind AS-108 issued by the ICAI is not applicable, as the Company is engaged in manufacture of a single line of product.
3. During the Financial Year 2019-20, the Company (APL) has initiated the process of renewal of the Land Lease on which the plant is located with Visakhapatnam Port Trust (VPT) for a further period of 30 years with effect from 27.06.2019. APL has submitted its Technical & Financial Bid against the tender floated by VPT. As APL was the sole bidder for the Tender, VPT accepted both Technical Bid & Financial Bid. Later -on, VPT has cancelled the tender and issued re-tender. Aggrieved by the action of VPT, APL has filed a writ petition under Article 226 before the Hon’ble High Court of Andhra Pradesh.
The Hon’ble High Court of Andhra Pradesh has allowed the writ Petition filed by the APL seeking the cancellation of the order dated 18.08.2020, cancelling the tender notification dated 07.08.2019 and fresh tender notification dated 24.08.2020 issued by VPT towards the lease of the land and directed VPT to execute the lease deed, vide its order dated 25th February 2022. Further, on 19th March 2022, APL has written a letter to the Chief Engineer, VPT requesting him to kindly finalise the land lease deed and fix-up the date for execution of the said lease deed.
Pending execution of the lease deed, APL has considered provisionally its bid amount for accounting of “Leases” in accordance with Ind AS 116, till the lease deed is executed.
4. Figures for the previous periods have been regrouped, wherever necessary, to conform to the current period's classification.