Promoters of Rolta India have reduced their holding in the company. Kamal K Singh, Aruna K Singh, Rolta Shares & Stock Ltd along with Rolta Ltd held a 53.44 per cent stake in the company as on March 2001, but this stood reduced to 48.68 per cent in December 2002.
Rolta had faced allegations of accounting discrepancies in the financial statements for the year 2001.
The promoters stake had declined to 51.81 per cent as on June 2002 and then to 50.40 per cent in September and to 48.68 per cent in December.
The Mumbai-based Rolta India provides software solutions for CAD/CAM designs and geographical information systems and is said to enjoy a market leader position in both these segments.
While holdings of Kamal K Singh, Aruna K Singh, and Rolta remained the same, that of Rolta Shares & Stock, which is also classified as a promoter, has fallen from 5.90 per cent to 1.14 per cent.
The Indian public holds close to 45 per cent in Rolta while private corporate bodies hold another 5 per cent.
The rest is held by non-resident Indians and overseas corporate bodies. Financial institutions and foreign institutional investors collectively hold 0.78 per cent.
The company, which had faced allegations of accounting discrepancies in financial statements for 2001, had issued a statement to the Bombay Stock Exchange denying that it had inflated revenues.
According to the statement issued then, "The company recorded a turnover of over Rs 300 crore (Rs 3 billion) for 2001.
This included Rs 76.03 crore being cost of self assembled and/or integrated capital equipment transferred to the company's own division.
The company has correctly and rightly reflected this addition to fixed assets in the cash flow statements.
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