Have always made all relevant disclosures, say Tata Steel, Indian Hotels
Tata Steel and Indian Hotels on Thursday said they have always made all relevant disclosures and have no further comments to offer following remarks made by ousted Tata Sons chairman Cyrus Mistry that the Tata group firms could face a potential $18 billion write-downs.
“The financial statements of the company are prepared on a going concern basis and present a true and fair view of the state of affairs of the company. As part of preparation of financial statements, the value-in-use of the assets of the company is tested for impairment as per accounting standards,” Tata Steel and Indian Hotels Company said in a filing to the Bombay Stock Exchange (BSE).
These comments come in the backdrop of the high-profile Tata-Mistry case, with stock exchanges seeking clarifications from various group companies, including Tata Steel and Tata Power, after purported disclosure of around $18 billion possible write-downs at the firms.
“The financial statements are considered by our audit committee and unanimously approved by the chairman and the board of directors of the company... the company has currently nothing further to comment or disclose,” Indian Hotels said.