Everonn calls off Centum deal, mulls biz recast
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Significantly, the total expenses of the company shot up to R139.17 crore from R82.63 crore. The tax expenses of the company also increased to R15.85 crore from R3.84 crore. Everonn has a slew of tax assessment cases pending before competent authorities.
In a note to the stock exchanges, the company said that it was in the process of reviewing the investments in view of decline in the value of investments in subsidiaries and others whose networth have eroded.
The company has also hinted at the probable loss it may incur from non recovery of loans and advances and also due to delay in collections from government and other agencies.
It had provided an interim provision of R96.25 crore for the quarter ended December. " The management is trying its best to recover the dues and advances . Further provision will be made at the end of the year," the note said. Everonn has 15 subsidiaries, out of which 12 are wholly-owned and has one indirect outfit. Besides, it holds 51% and 50% in yet another two subsidiaries.
The company has also received notices from certain parties alleging defaults and payment due to them by the company and the management is in discussion with the legal team.
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