Spanco: Updates on Financial Results (Clause 41 of Listing Agreement)

Spanco Ltd has informed BSE that :

'The Company has been facing procedural delay in the finalization of its accounts as the Company was forced to shut down many of its projects offices in view of cancellation/ withdrawal of the projects undertaken by the Company. Consequently, many of the employees resigned from the office, and various files and documents pertaining to the Company had to be relocated. In the event of scarce staff, the Company faced difficulties in preparation and compilation of the financial accounts. Further, there has been delay in the submission of the final details by the subsidiaries of the Company outside India.

The Company is under the process of finalizing it accounts.'