The Investment Trust of India 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 above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in their meetings held on February 1, 2019.
2. This Statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules,2015 (Ind-AS), prescribed under Section 133, of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
3. The Scheme of Arrangement between United Petro Finance Limited ('UPFL' or the 'Demerged Company')and Fortune Credit Capital Limited (,FCCL' or the 'Resulting Company') and their respective shareholders providing for the demerger of Lending Business (,NBFC Business') of UPFL to FCCL (Wholly Owned Subsidiary of the Company), and issue of equity shares of the Company to the shareholders of UPFL with effect from March 31, 2017 (appointed date) was approved by the Board of Directors of the respective Companies on March 31, 2017. The proposed Scheme is returned by the Stock Exchanges on the ground that the same is not in compliance with Clause (I)(A)(3)(b) of the SEBI Circular No. CFD/CIRl2018/2 dated January 3, 2018. The Company has revised the Scheme of arrangement at the meeting of the Board of Directors held on 07th December, 2018 (" Proposed Scheme-I") and submitted the same to stock exchanges for its approval. The Company is awaiting the response from the Exchanges. Pending the approval of the Proposed Scheme-l no effect of the Proposed Scheme-l has been given in these financial results.
4. Effective April 1, 2018, the Company has adopted Ind AS 115, Revenue from Contracts with customers (which replaces the earlier revenue recognition standards). The adoption of the standard does not have any material impact on the financial results of the Company for the quarter ended December 31, 2018.
5. The figures for corresponding previous quarter and nine months ended have been restated/regrouped,rearranged and reclassified wherever necessary.