AXISCADES Engineering Technologies Limited's wholly owned subsidiary AXISCADES Inc. had provided engineering design services worth USD 934,675 to a customer in the USA during the financial year 2017-18. Despite repeated follow up, the amount due was not received as per contractual terms. In line with the prudential norms and as per Company policy, the Company had made 100% provisions for the same in its accounts, subsequently.
The Board in its meeting on 14th January 2019, took note of all relevant information and various steps taken by the Management to recover the dues and in that context has approved legal actions to hasten the process of recovery.
As a matter of prudence and in line with the highest standards of corporate governance and disclosure, the Board has kept the shareholders informed of this development.
Shares of AXISCADES Engineering Technologies Ltd was last trading in BSE at Rs.83.15 as compared to the previous close of Rs. 82.6. The total number of shares traded during the day was 18507 in over 327 trades.
The stock hit an intraday high of Rs. 86.75 and intraday low of 82. The net turnover during the day was Rs. 1563325.