Unitech lowers cash position for FY 2009-10 by Rs 230 crore

NEW DELHI: Realty major Unitech Ltd has said that its cash and bank balance at the end of fiscal 2009-10 stood at about Rs 380 crore -- a figure sharply lower than what was disclosed by it last year.

In its annual accounts for the fiscal ended March 31, 2010, the company had put its cash and bank balances at about Rs 609.5 crore.

However, in its annual report for the latest fiscal, 2010-11, Unitech has changed the figure for cash position as on March 31, 2010 at Rs 379.9 crore -- down by nearly Rs 230 crore from the previously disclosed figure.

The company did not give any explanation for the revision of cash figures for past year.

However, an amount of Rs 229.65 crore -- which is equivalent to the difference amount -- has been shown as an investment made during fiscal 2009-10 in 'yield enhancement certificates' in the latest annual report for 2010-11.

Unitech has listed this as "other investment" made during 2009-10, but the same did not find any mention in the annual accounts of that year.

Unitech has said that it purchased 1,000 units of 'yield enhancement certificates' worth USD 50,000 each. The value of this investment has fallen from Rs 229.65 crore as on March 31, 2010 to Rs 115.5 crore at the end of latest fiscal or as on March 31, 2011.

The company said that its cash and bank balances stood at about Rs 451 crore as on March 31, 2011.