Azgard Nine ceases presenting Montebello S.R.L as its subsidiary due to ongoing bankruptcy proceedings

MG News | September 30, 2020 at 04:15 PM GMT+05:00

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September 30, 2020 (MLN): Based on advice from the legal counsel, Azgard Nine Limited (ANL) has ceased to exercise control over activities of Montebello S.R.L ('MBL') previously a 100% owned subsidiary, on an account of ongoing bankruptcy proceedings and management of the liquidation process of MBL by the Court-appointed trustee.

Furthermore, in view of the guidance in International Financial Reporting Standard 10 'Consolidated Financial Statements', the management has also concluded that the ANL does not have the power to direct the relevant activities of MBL. Resultantly, effective from the financial year ended June 30, 2018, Azgard Nine has ceased recognizing and presenting MBL as its subsidiary, the notification to exchange revealed.

Therefore, financial statements for the financial year ended June 30, 2020, have not been consolidated with MBL.

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