Page 135 - KRCL ENglish

Sr. No.
Emphasis
of Matter Statutory Auditor's Remarks Management Reply
Para:

(UPCL) of Rs. 12.08 Crores for
Railway siding work wherein the
amount is outstanding since long
with no development. After
entering in to contract with
Corporation, the UPCL had
appointed LANCO Infratech Ltd. as
their EPC Contractor / agent to
deal with the company in relation
with this work whereby all the bills /
claim are raised on and settled by
them. However the LANCO
Infratech Ltd. has gone into
Corporate Insolvency Resolution
Proceedings under National
Company Law Tribunal, due to
which recovery of amount due
from LANCO Infratech Ltd. is
extremely remote. The company
has led the Civil Recovery Suit
against UPCL (Principal Employer)
and LANCO (its agent).

The Management of the Company
are optimistic for recovery of
amount due from UPCL.

C) We draw attention to Note No. 53 of Factually Correct
t h e s t a n d a l o n e  n a n c i a l
statements related to effect of
Covid- 19 on the Company's
standalone nancial statement
due to outbreak of Corona virus
(COVID-19) pandemic in India
which has signicantly impacted
operation of the Corporation.

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