Ackruti City Limited has informed vide its letter dated May 15, 2010 that: "The Company had, today held a meeting of its Audit Committee and Board of Directors to inter alia consider and approve the standalone and consolidated unaudited financial results for the Fourth Quarter and Year ended March 31, 2010 together with a limited review by the statutory auditors. The Company is for the first time, implementing a new ERP solution covering all the operations of the Company in the quarter ended March 31, 2010. The Company is facing technical challenges while implementing the ERP system organization wide. The management has put in its best efforts to meet the challenges to draw up the accounts within the stipulated time frame. The Company is still in the process of resolving these issues with the help of the ERP vendor, the implementing agency and other professional / experts. Consequently, the management was unable to place before the Audit Committee / Board of Directors the quarterly unaudited accounts. In view of the above the Board / Audit Committee has directed the management to complete the process and the limited review at the earliest and convene a fresh Audit Committee meeting followed by a Board Meeting to consider and approve the same and submit tos."