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This is an archive article published on December 3, 1997
SWC board clears accounts
CALCUTTA, Dec 2: The board of Shaw Wallace amp; Co Ltd on Monday, finally approved and adopted the annual accounts for 1996-97, for the ye...
CALCUTTA, Dec 2: The board of Shaw Wallace amp; Co Ltd on Monday, finally approved and adopted the annual accounts for 1996-97, for the year to June 30, 1997. The profit before interest, depreciation and extra-ordinary items has gone up to Rs 75.82 crore from the previous year8217;s Rs 49.48 crore. The net profit for the year went up to Rs 33.56 lakh from the previous year8217;s Rs 5.23 lakh.
The board had also met on November 25, 1997 to consider the accounts but the auditors to the company raised objections to certain items in the profit and loss account. A company release states, 8220;as a departure from earlier accounting practice, the company did not reckon an amount of nearly Rs 22 crore as income by way of interest on loans/advances to 100 per cent investment subsidiaries.8221;
The sale of Indian made foreign liquor by the company during the year was eight million cases while the sale of beer increased by over 8.8 per cent to over 8.8 million dozens. The operating profits for the current year have been estimated at nearly Rs 100 crore.
The board meeting also considered the revival plan for Gordon Woodroffe, which is due to be merged with Shaw Wallace. The Board for Industrial and Financial Reconstruction BIFR had directed the company to deposit Rs 1 crore in a no lien8217; account. According to the company, chairman M R Chhabria has himself injected the required funds.
The Company Law Board CLB had on Monday rejected Shaw Wallace8217;s petition for injection of funds into Woodroffe. The company had submitted that Dandavati Investments, one of its numerous investment subsidiaries, will be advancing the amount to Shaw Wallace. Subsequently, this amount due to the subsidiary will be adjusted at the time of the rights issue.
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