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Monday, October 22, 2001

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Balco clarifies

Tarun Jain

Director, Bharat Aluminium Company Ltd.

Mumbai

This refers to `Government nominees decline to pass Balco accounts' (Business Line, October 13).

We would like to point out that the accounts of the company were not presented to the Board for finalisation. In the absence of any discussion on the subject in the Board Meeting, the question of any difference of opinion did not arise.

Second, the article points out that the Balco Employees Union has issued a statement alleging that the management is trying to show a loss of Rs 200 crore for the 27 operational days under the new management, which could affect the payout for the propose d VRS.

However, we would like to point out that the supposed loss of Rs 200 crore is totally baseless as the accounts are yet to be completed and audited. Therefore, there is no basis on which such a statement could be made.

Related links:
Govt nominees decline to pass Balco annual accounts

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