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Auditors raise red flag over Tata Steel Europe

The impact of the Covid-19 global pandemic will require Tata Steel Europe Ltd to access group company support in order to meet its obligations as they fall due, according to officials familiar with the situation.
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18 Aug 2020 2 Mins Read 0 comment
Paras Savla Partner KPB & Associates said over the years Tata Steel has taken an impairment of huge sums in the Europe business due to losses it incurred year-on-year. BCCL
Paras Savla Partner KPB & Associates said over the years Tata Steel has taken an impairment of huge sums in the Europe business due to losses it incurred year-on-year.
Mumbai | Kolkata: The auditors of Tata Steel Europe have said there is “significant doubt regarding Tata Steel Europe as a going concern” because of concerns about the company’s ability to raise adequate funds for working capital requirements over a period of time. In Tata Steel’s Integrated Report and Annual Accounts 2019-20, the auditors have stated that Tata Steel
bailout plan, titled “Project Birch”, had been authorized by finance minister Rishi Sunak in May to rescue companies that are seen as strategically important. The impact of the Covid-19 global pandemic will require Tata Steel Europe Ltd to access group company support in order to meet its obligations as they fall due, according to officials familiar with the situation.
Mumbai | Kolkata: The auditors of Tata Steel Europe have said there is “significant doubt regarding Tata Steel Europe as a going concern” because of concerns about the company’s ability to raise adequate funds for working capital requirements over a period of time. In Tata Steel’s Integrated Report and Annual Accounts 2019-20, the auditors have stated that Tata Steel bailout plan, titled “Project Birch”, had been authorized by finance minister Rishi Sunak in May to rescue companies that are seen as strategically important. The impact of the Covid-19 global pandemic will require Tata Steel Europe Ltd to access group company support in order to meet its obligations as they fall due, according to officials familiar with the situation.

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