Wednesday, Sep 30, 2020 | Last Update : 01:11 PM IST

189th Day Of Lockdown

Maharashtra1351153104994735751 Andhra Pradesh6811616123005745 Tamil Nadu5863975307089383 Karnataka5824584697508641 Uttar Pradesh3908753312705652 Delhi2730982407035272 West Bengal2505802198444837 Odisha212609177585866 Telangana1872111564311107 Kerala179923121264698 Bihar178882164537888 Assam169985139977655 Gujarat1332191132403417 Rajasthan1288591077181441 Haryana1237821059901307 Madhya Pradesh117588932382207 Punjab107096840253134 Chhatisgarh9856566860777 Jharkhand7770964515661 Jammu and Kashmir69832495571105 Uttarakhand4533233642555 Goa3107125071386 Puducherry2548919781494 Tripura2412717464262 Himachal Pradesh136799526152 Chandigarh112128677145 Manipur9791760263 Arunachal Pradesh8649623014 Nagaland5768469311 Meghalaya5158334343 Sikkim2707199431 Mizoram178612880
  Business   Companies  24 Apr 2018  Reliance Naval and Engineering auditors raise going concern doubts

Reliance Naval and Engineering auditors raise going concern doubts

REUTERS
Published : Apr 24, 2018, 12:44 pm IST
Updated : Apr 24, 2018, 12:44 pm IST

Auditors of Reliance Naval and Engineering Ltd have raised doubts about the Anil Ambani-led company’s ability to continue as going concern.

Auditors of Reliance Naval and Engineering Ltd have raised doubts about the Anil Ambani-led company’s ability to continue as going concern, with shares plummeting to a record low on Tuesday.
 Auditors of Reliance Naval and Engineering Ltd have raised doubts about the Anil Ambani-led company’s ability to continue as going concern, with shares plummeting to a record low on Tuesday.

Auditors of Reliance Naval and Engineering Ltd have raised doubts about the Anil Ambani-led company’s ability to continue as going concern, with shares plummeting to a record low on Tuesday.

The assumption of going concern depends upon the approval of the company's bankruptcy-related resolution plan by secured lenders, their ability to generate cash flows and profit, the auditors Pathak H.D. & Associates said on Monday here.

 

The defence company, primarily engaged in shipbuilding, cited global downtrend in the industry and delay in defence contracts, which resulted in “temporary financial constraints”. This stoked an erosion of net worth and calling back of loans by secured lenders, leading to an approach for a resolution plan.

The company on Monday posted a loss of 4.09 billion rupees (USD 61.68 million) for the quarter ended March, its eighth straight quarterly loss.

Reliance Naval and Engineering shares were down 5.2 per cent, as of 0553 GMT, after shedding as much as 9.1 per cent earlier in the session.

Tags: reliance naval and engineering ltd, anil ambani, bankruptcy, cash flow, profit