Tirupati Forge Limited — Others, 14-11-2024: Statement of deviation(s) or variation(s) under Reg. 32

Tirupati Forge Limited has submitted its Statement of Deviation for the quarter ended September 30, 2024, confirming that there was no deviation in the utilization of funds raised through the Preferential Issue amounting to ₹7.10 crore (cr). The Audit Committee has reviewed the statement, ensuring that funds were allocated as intended. Additionally, the company addressed overdue fixed deposits with Ashish Credit Co-operative Society, for which it has provisioned ₹1.20 crore (cr) due to a default linked to fraud. This might raise concerns for investors regarding the safety of funds and potential risks associated with recoverability, though the confirmation of proper fund utilization presents a positive outlook.