We would like to apprise the stock Exchange that Franchise Tax Board (FTB) in State of California USA have levied a tax liability including Interest & penalty to the tune of $ 475826 for the Financial Year ending on 31/3/2011 and 31/3/2012. The company had expected these liabilities to be set off against expected credits and current Losses. In addition for Tax year 2014-2016 based on their review and examination of the Corporation tax return filed by the company The FTB has assessed an underpayment of taxes during the period totaling to $302257 (comprising of $ 16418 for YE 03/2014 $347 063 for YE 03/2015 and a credit of $61224 for YE 03/2016).The Company has already filed Protest against these demands. The company expects a favourable outcome for the years 2014-16. For the years 2011 and 2012 company is working on a payment plan to have a good standing in the state of California and file a to protest for revision of the demand for year ended on 03/2011 and 03/2012.
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