Ashiana Housing has informed that the Company has recently come across 2 instances wherein fraud (involving misappropriation of funds) has been committed on the company. While the matter is still under investigation, total value of the fraud, in terms of potential loss to the company is around Rs 50 lacs. The company is in the process of taking appropriate action in this regard including recovery of money. These are one off instances and the company has adequate internal controls commensurate with its size and nature of operations. However, company is in the process of further evaluating the internal controls to ascertain scope of improvement.
The above information is a part of company’s filings submitted to BSE.
