Ripples of Indias largest corporate scam along with poor quarterly performance have made more than half of the actively traded companies on the Bombay Stock Exchange (BSE) opt not to disclose their fourth quarter
un-audited results this month. Instead, they would announce only their annual audited results, before the end of June.
About 1,418 companies out of the actively traded 2,800 companies on the BSE have taken the option of not declaring their unaudited results as against 874 last year, an increase of 62 per cent.
Tata Motors, Hindalco, National Aluminium Company and Grasim are some of the large companies that had announced their un-audited fourth quarter results last year but have decided not to do so this year.
Auditors are more cautious this time; they are looking into the numbers more closely, said Kaushik Dutta, partner, Price Waterhouse. Even the board of the companies and audit committees are more cautious this time, he said.
On January 7, B Ramalinga Raju, founder chairman of Satyam Computer Services, which one time claimed to be the fourth-largest software exporter from India, admitted to falsifying earnings
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