On January 30,2023, a fire broke out at one of the manufacturing facilities of the Company at Chilloor, Andhra Pradesh which caused damage to the Company’s property, plant and equipment and inventories, There was no loss of lives. The Company recognized a loss of ~ 438 56 crores arising from such incidents during the quarter and year ended March 31, 2023 . The loss is based on an evaluation of physical condition of property, plant and equipment and inventories and technical inspection by equipment manufacturers or chartered engineers and an assessment of recovery / salvage value by the designated vendors.
The Company has a valid mega all risk insurance policy covering the fire accident and has lodged a claim with the Insurance Company for losses suffered on account of the property, plant and equipment, inventories and loss of profits. The Insurance Company has admitted the claim based on an interim survey carried out by the surveyor appointed by it and the extent of final loss admissible under the policy is being evaluated by the surveyor. The Company estimated and recognised an insurance claim receivable as at March 3 I, 2023 in respect of the claim in accordance with its acco
unting policy. The aforementioned losses and the corresponding credit arising from the insurance claim receivable were presented on a net basis under Exceptional items tor the quarter and year ended March 3 1,2023.
During the quarter ended June 30, 2023, the Company has received an adhoc payment of ~ 100 crores from the Insurance Company and the Company is confident of realizing the balance amount on final determination of the loss and completion of the related activities
^^ Insurance money will come in.
And what is the vendetta wrt politics here ? can u please explain if possible.
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