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May 2012

Section B : Miscellaneous

By Himanshu V. Kishnadwala, Chartered Accountant
Reading Time 1 mins
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The Company had initiated a voluntary recall of certain products as a precautionary measure against possible contamination due to the packaging integrity of such recalled products. The provision for loss due to products recalled is based on estimates made by the management by applying principles laid down in Accounting Standard – 29 ‘Provisions, Contingent Liabilities and Contingent Assets’. Further it is not possible to estimate the timing/uncertainty relating to the outflow. The movement in the provision during the period is as under:
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