Subscribe to BCA Journal Know More

January 2011

Thomas Cook (India) Ltd. (31-12-2009)

By Himanshu V. Kishnadwala | Chartered Accountant
Reading Time 1 mins

New Page 1

Section A : Disclosures on Clause 21 of CARO, 2003 regarding
fraud noticed or reported on or by the company during the year


7. Thomas Cook (India) Ltd. (31-12-2009)

From Auditor’s Report :

During the course of our examination of the books and records
of the Company carried out in accordance with the Auditing Standards generally
accepted in India, we have neither come across any instance of fraud by the
Company noticed or reported during the year, nor have been informed of such case
by the management. Fraud on the Company or misappropriation of assets
aggregating to Rs.49,87,000 by employees of the Company were noticed and
reported. The management has since recovered Rs.7, 50,000 of the total amount
[Refer Note 2(t) of the Schedule Q].

From Notes to Accounts :

Employees of the Company and other parties misappropriated
assets aggregating to Rs. 4,987,000 (previous year Rs.7,251,682) during the
year. The cases are under investigation and the Company has taken steps for
recovering the balance amount. There is no open exposure on the profit for the
year in respect of misappropriated assets except for Rs. Nil (previous year
Rs.751,100).

 

Download PDF

You May Also Like

Revision : S. 263 : Commissioner should consider explanation offered by assessee and not set aside assessment order for consideration by AO

Kingfisher Airlines Ltd. (31-3-2010)