NFRA said its investigations revealed the "auditors failed to exercise professional judgement and scepticism during the audit of TDL where borrowings of ₹2,027.46 crore was used in fraudulent diversion of funds to MACEL worth ₹2,073.23 crore through its group entities, given without any business rationale or agreement and the money ultimately moved to promoters entity MACEL".
NFRA slaps Rs 1 10 cr fine on 3 entities in Coffee Day Enterprises matter
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Adani Ports: Attack Is The Best Defence For Indian Corporates To Avoid Scrutiny Over Corporate Governance
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What if auditors miss zeroing in on fraud? - The Hindu BusinessLine
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New India rules require auditors to report suspected bribery and kickbacks to the government
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