Hindustan Motors Ltd.
Asim Kumar Basu
Hindustan Motors elevates VP-Corporate HR to CEO post
The company's total income from operations stood at Rs 47 lakh in April-June, 2016 as against Rs 10 lakh during corresponding quarter previous year.ETAuto | August 06, 2016, 13:57 IST
NEW DELHI: Kolkata based Indian automotive manufacturer Hindustan Motors has appointed Asim Kumar Basu, Vice President-Corporate HR as Chief Executive Officer of the company with effect from August 05, 2016, for a period of two years.
The company has also announced its standalone financial performance for the quarter ended June 30, 2016 in a regulatory filing. Its total income from operations stood at Rs 47 lakh as against Rs 10 lakh during corresponding quarter previous year.
The operating results have been adversely affected due to adverse market conditions and the accumulated losses of the company as at March 31, 2016 stand at Rs 23,305 lakh as against the share capital of Rs 10,441 lakh. Its current liabilities as at March 31, 2016 exceed current assets by Rs 11,508 lakh.
The company had also declared "suspension of work" at its Uttarpara plant from May 24, 2014 and layoff at its Pithampur plant from December 4, 2014. These conditions indicate the existence of material uncertainty about the company's ability to continue as a going concern, which is dependent on the company establishing profitable operations and sustainable cash flows.
The management is in the process of restructuring the operations including rationalising the costs. The management believes that these measures may result in sustainable cash flows.
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