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Ontrack Systems: Updates on financial Results for the year ended March 31, 2014


Ontrack Systems Ltd has informed BSE that :

- 'Companys banker has called for the return of Loan and the Company have been declared NPA. The Income tax department had issued notice to all Companys bankers to remit the balances of Companys accounts in the month of March 2014 due to some transfer pricing claims that the department had which were contested by the company.

The company is passing through acute financial problem. The Company is not able to pay day to day operational expenses. Salaries, statutory dues and Vendors. Employees have left the company including the employees from Accounts Department who were responsible for finalization of Books of Accounts. The finalization of Audited Accounts is not yet completed.

The Company will complete the compliance in terms of Listing Agreement on finalization of Audited Accounts.'