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Virtualsoft Systems to transfer assets to its subsidiary

By Religare
|

Virtualsoft Systems Ltd. today said that the company's Board of Directors has decided to transfer the assets of Roam 1 division under development to a subsidiary of the company recently formed.

The justification for such capitalization and transfer has been that the company needs and is able to raise resources for establishing its telecom project in a subsidiary and the investors in this business have insisted on formation of a subsidiary for their investment in the further development of the telecom project, the company said in a filing to the Bombay Stock Exchange.

 

As a result, the Board has agreed to capitalize all the expenses during the quarter pertaining to the development of CRM for telecom project. The expenses being capitalized aggregating to Rs 12.69 lacs, which were earlier charged to the Profit and Loss account in the previous quarters and consequently the capitalization has resulted in a loss of Rs 37.56 lacs during the quarter ended June 30, 2013, the filing added.

Read more about: virtualsoft systems
Story first published: Friday, August 16, 2013, 12:21 [IST]
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