Mascon Global Ltd has informed BSE that the Company regularly follows April-March as the Financial Year for a period of twelve months- However, due to continued slow down in the IT Industry during 2010. the downtrend has continued in the US leading to working capital challenges. The Company is having all the major operating units in the US arid it has decided to consider this situation to consolidate its operations in the US to reduce cost and this is expected to be completed by June 2011.
The Company, vide an emergency meeting of the Board vide Circular resolution has decided to extend the Accounting year for 2010-2011 from year ending March 2011 (1-04-2010 to 31-03-2011) a period of twelve months to June 2011 (01-04-2010 to 30-06-2011) for a period of fifteen months.
The Company would like to follow April-March as the regular financial year in the coming years.
The above extension of period from twelve months (12) to fifteen months (15) is well with in the provisions of section 212 of the Companies Act, 1956. The proposed change of the Accounting period has been informed to the Registar of Companies as per the provisions of the Companies Act, 1956.
Sensex
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Thursday, March 31, 2011
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