The 2008-09 Annual Report of captioned company is quite glossy and invites reading. The Auditors' Report is pretty candid about the governance in the company. One interesting sentence reads "In our opinion and according to the information and explanations given to us, the company has GENERALLY not defaulted in the repayment of dues to banks and debenture holders." Does it not imply that there were sporadic defaults?
When this issue was raised in the acrimonious AGM held on 28th July, 2009, the company categorically stated that there was no default at all. This raises the question : Why did the directors not insist that the Auditors should avoid misleading words? Am I wrong in assuming that the directors go through the Auditors' Report?