Riga Sugar Co Ltd: Financial Results for Quarter Ended June 2024 Amidst Liquidation Proceedings

Riga Sugar Co Ltd has released its financial results for the quarter ended June 2024. The company is currently undergoing liquidation proceedings under the Insolvency and Bankruptcy Code, 2016. The financial results have been prepared on a going concern basis, with the consequent effect of the liquidation not given in the accounts. There has been a considerable decline in the level of operations and the net worth of the company, which continues to incur losses. The auction for the sale of the company as a going concern was held and a successful bidder has emerged. The sale of the corporate debtor as a going concern was successful and a Sale Certificate has been issued. However, certain debit and credit balances are subject to reconciliation with individual details and confirmation, and adjustments are currently not ascertainable.