New Delhi: With its promoters facing probe in the 2G telecom scam, DB Realty on Monday deferred the board meeting to announce the financial results for the year ended March 31, 2011, citing delay in the audit process and consolidation of the financial statements.
On May 21, the company had announced the board meeting would be held on Monday to approve audited financial statements for the year ended March 31, 2011.
In a filing to the Bombay Stock Exchange, D B Realty said that the company's Audit Committee members reviewed and took stock of the compilation and consolidation of accounts and the audit process.
"Based on the review, and given some delay in compilation of the consolidated financial statements and the audit referral process from component auditors, the Audit Committee members felt that it was fair for the primary auditors of the company Deloitte to get few more days to review the consolidated financial statements and complete their audit process," the filing said.
The board meeting would be now held in about 10 days, the company said, adding that the revised date would be announced separately.
Shahid Balwa and Vinod Goenka, the promoters of Mumbai-based realty firm, have been arrested by the CBI in connection with 2G telecom scam. They are in jail.
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