Dewan Housing Finance Limited (DHFL) informed the stock exchanges on Wednesday, that there will be a delay in furnishing its audited standalone and consolidated financial statements for the financial year 2018-19.
The company said that the delay was on account of new submissions that need to be made under the (Indian Accounting Standards) Rules, 2015. The new requirements came into effect on 1 April 2018, making FY19, the first financial year where it becomes applicable.
In its intimation to BSE, it said, "we wish to inform you that in view of the requirement of submission of the IndAS compliant Audited Standalone and Consolidated Financial Results for the first time requiring additional resources, time and effort as also full time engagement of accounts and finance team in various non-routine audits and due diligence by various parties, the Company is not in a position to submit the Audited Standalone and Consolidated Financial Statements for the financial year ended on 31st March, 2019 within the time stipulated under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations")."
It further said, "The Company shall however ensure to submit the Standalone and Consolidated Audited Financial Statements for the financial year ended on 31st March, 2019 on or before 30th June, 2019."