National Financial Reporting Authority: Auditor of Reliance Capital, another group company, had faced similar action last month. Anil Ambani s financial services group faced insolvency action and accounting frauds at group companies may increase the headache.
NFRA has banned the auditors of Reliance Home Finance and Reliance Commercial Finance, as well as the firms, and has also levied a penalty for irregularities in their accounts for 2018-19 period.
The National Financial Reporting Authority (NFRA) has penalized two auditors with fines totaling Rs 2.5 crore for professional misconduct and auditing lapses in the Reliance Commercial Finance case for FY2018-19. It imposed a Rs 2 crore fine on Shridhar & Associates and Rs 50 lakh on Ajay Vastani, along with a 5-year ban on Vastani from undertaking audits. The penalties were issued following a report of suspected fraud and inadequate audit procedures by the auditors.
The National Financial Reporting Authority (NFRA) has slapped penalties totalling Rs 2.5 crore on two auditors for professional misconduct and auditing lapses in the Reliance Commercial Finance case for FY2018-19. The audit regulator imposed a fine of Rs 2 crore on Shridhar & Associates and Rs 50 lakh on Ajay Vastani.
India Business News: NEW DELHI: National Financial Reporting Authority (NFRA) has banned auditors of Reliance Home Finance and Reliance Commercial Finance, including the f.