DISCONTINUED OPERATION

• A discontinued operation is a component of an entity that either has been disposed of, or that is classified as held for sale and

(a)

  Represents a separate major line of business or geographical area of operations; or

(b)

  Is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations; or

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 Is a subsidiary acquired exclusively with a view to resale

  Results and cash flows attributable to a discontinued operation  needs to be disclosed separately from the continuing operations

CONTINGENCIES

• A contingent liability or asset is a POSSIBLE obligation or asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of uncertain future event(s) not wholly within the control of the Company or the Group of Companies.

• It is important to note that Contingent liabilities and assets are not recognized on the balance sheet of the Company or Group.