IHCL issues clarification to BSE on Bloomberg report

NEW DELHI: The Indian Hotels Company Limited (IHCL) has issued a clarification to the Bombay Stock Exchange (BSE) on a Bloomberg report titled- 'Ousted Tata chief says group faces $ 18 billion in write-downs.' BSE had sought an explanation from IHCL on the report.

In a response, the company stated its financial statements are prepared on a going concern basis and present a fair and true view of the state of affairs of the company.

"As part of the preparation of financial statements, the value-in-use of the assets of the company is tested for impairment as per accounting standards. The financial statements are considered by our audit committee and unanimously approved by the chairman and board of directors of the company," IHCL stated and added: "Accordingly the company has nothing further to comment or disclose with respect to matters appearing in the Bloomberg report.

The Bloomberg report referred to ousted Tata Group chairman Cyrus Mistry's email to the Tata Sons board in which he mentioned that the company may face $ 18 billion in write downs because of five unprofitable businesses that he inherited.