Page 143 - KRCL ENglish

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

Director in their meeting have
a l l o w e d f o r r e c e i v i n g t h e
s u b s c r i p t i o n f r o m t h e
shareholders even after the
closure of Rights Issue.
iv. Non Compliance of Section 42
of the Companies Act 2013

We draw attention to clause xiv of
the Annexure A to this report-
The share application money
received for 2nd right issue is not
kept in a separate bank account in
a scheduled bank and the
company has not allotted shares
within 60 days from the date of
receipt of amount to one of the
shareholder - Government of
Karnataka of Rs. 19 Crores.

Our opinion is not modied in
respect of these matters.

Annexure C Following business processes C-DAC has developed the new
Report on which are not yet initiated / Financial Accounting Module for
Internal processed / generated through IT KRCL which is under testing phase
Financial (Information Technology) System and will be shortly implemented.
Controls
over Stores & Inventory module is also
Financial
Reporting being developed for computerized
inventory system. Financial
Sub-ledgers of the Suppliers, Accounting (FA) and Stores &
Contractors and other parties are
Inventory (SI) module is in process

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