SOURCE OF INFORMATION : NATIONAL FINANCIAL REPORTING AUTHORITY
PERIOD COVERED : 22-JUL-2020 TO 29-APR-2025

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

COMPANIES: DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE

S.No.

ENTITY

PERSONS

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

LAVITHA & ASSOCIATES

(M.No.:011882S)

LAVITHA SHETTY

(M.No.:220473)

DID NOT ADHERE TO PARA 2 OF STANDARDS ON AUDITING 220 AND PARA 3 OF STANDARDS ON QUALITY CONTROL WHICH STIPULATES THAT QUALITY CONTROL SYSTEMS, POLICIES AND PROCEDURES ARE RESPONSIBILITY OF THE AUDIT FIRM IN MATTER OF MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT EVALUATE APPROPRIATENESS OF CONTINGENT LIABILITIES AND CREATION OF CHARGES ON THE ASSETS OF MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT PERFORM RISK ASSESSMENT PROCEDURE AND ANALYTICAL PROCEDURE AND DID NOT EXERCISE PROFESSIONAL SKEPTICISM IN RESPECT OF INAPPROPRIATE RECOGNITION OF AS CORRESPONDING BORROWINGS WERE NOT USED FOR BUSINESS ACTIVITY OF MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT PERFORM RISK ASSESSMENT PROCEDURE TO IDENTIFY AND ASSESS RISK OF MATERIAL MIS-STATEMENT DUE TO FRAUD AND DID NOT EXERCISE PROFESSIONAL SKEPTICISM WHILE PERFORMING AUDIT OF RELATED PARTY BALANCES WHICH WERE FRAUDULENTLY UNDERSTATED BY ANOTHER ACCOUNTING FRAUD INVOLVING ISSUANCE OF CHEQUES SHOWING REPAYMENT OF RELATED PARTY LOANS IN F.Y.2018-19 IN MATTER OF MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT UNDERSTAND NATURE OF BUSINESS OF MYSORE AMALGAMATED COFFEE ESTATE LTD. IN AUDIT RELATING TO FRAUDULENT DIVERSION OF FUNDS

DID NOT REPORT MATERIAL MIS-STATEMENT IN CASH FLOW STATEMENT OF MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT CONSIDER MATERIAL MIS-STATEMENTS WHILE MAKING AUDIT CONCLUSIONS AND FORMING AUDIT OPINION OF MYSORE AMALGAMATED COFFEE ESTATE LTD.

IMPOSED PENALTY

DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 13-05-2023 TO 12-05-2028

13-APR-2023

LAVITHA & ASSOCIATES

(M.No.:011882S)

LAVITHA SHETTY

(M.No.:220473)

DID NOT ADHERE TO PARA 2 OF STANDARDS ON AUDITING 220 AND PARA 3 OF STANDARDS ON QUALITY CONTROL WHICH STIPULATES THAT QUALITY CONTROL SYSTEMS, POLICIES AND PROCEDURES ARE RESPONSIBILITY OF THE AUDIT FIRM IN MATTER OF MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT EVALUATE APPROPRIATENESS OF CONTINGENT LIABILITIES AND CREATION OF CHARGES ON THE ASSETS OF MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT PERFORM RISK ASSESSMENT PROCEDURE AND ANALYTICAL PROCEDURE AND DID NOT EXERCISE PROFESSIONAL SKEPTICISM IN RESPECT OF INAPPROPRIATE RECOGNITION OF AS CORRESPONDING BORROWINGS WERE NOT USED FOR BUSINESS ACTIVITY OF MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT UNDERSTAND NATURE OF BUSINESS OF MYSORE AMALGAMATED COFFEE ESTATE LTD. IN AUDIT RELATING TO FRAUDULENT DIVERSION OF FUNDS

DID NOT REPORT MATERIAL MIS-STATEMENT IN CASH FLOW STATEMENT OF MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT CONSIDER MATERIAL MIS-STATEMENTS WHILE MAKING AUDIT CONCLUSIONS AND FORMING AUDIT OPINION OF MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT DETECT EVERGREENING OF LOANS THROUGH STRUCTURING CIRCULAR TRANSACTIONS OF FUNDS

MANGESH V.KEKRE & ASSOCIATE

(M.No.:012530C)

AABHAS TIWARI

(M.No.:403045)

ACCEPTED AUDIT ENGAGEMENT WITHOUT VALID AUTHORIZATION AND WITHOUT COMPLYING WITH ETHICAL REQUIREMENTS AND ISSUED AUDIT REPORT WITHOUT VALID APPOINTMENT AS PER THE CHARTERED ACCOUNTS ACT, 1949 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.

DID NOT ADHERE TO AUDIT DOCUMENTATION VIOLATING STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.

DID NOT ADHERE TO PROFESSIONAL SKEPTICISM AND PROFESSIONAL JUDGEMENT IN UNDERSTANDING THE OBJECTIVE AND SCOPE OF AUDIT VIOLATING OF STATUTORY AUDITOR 200 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.

DID NOT ADHERE TO STANDARD OF ACCOUNTING FOR FORMING OPINION AND REPORTING ON FINANCIAL STATEMENTS VIOLATING STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.

DID NOT ADHERE TO STANDARDS ON AUDITING VIOLATING CHARTERED ACCOUNTS ACT, 1949 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.

ISSUED AUDIT REPORT WITHOUT COMPLYING WITH REQUIREMENTS OF STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.

MANGESH V.KEKRE & ASSOCIATE

(M.No.:012530C)

MANGESH VITHAL KEKRE

(M.No.:403739)

OSWAL SUNIL & CO.

(M.No.:016520N)

NARESH KUMAR

(M.No.:085238)

DID NOT ADHERE TO RESPONSIBILITIES RELATING TO AUDIT DOCUMENTATION

DID NOT ADHERE TO RESPONSIBILITIES RELATING TO FRAUD/SUSPECTED FRAUD AS REQUIRED BY PARAS 16 AND 24 OF STANDARDS ON AUDITING 240

DID NOT ADHERE TO RESPONSIBILITIES RELATING TO JOINT AUDIT AS REQUIRED BY PARAS 2 AND 3 OF STANDARDS ON AUDITING 299

DID NOT EVALUATE PROPERTY, PLANT AND EQUIPMENT AS REQUIRED BY PARAS 6, 15 AND 16 OF STANDARDS ON AUDITING 200 AND 500

DID NOT GIVE APPROPRIATE AUDIT OPINION

DID NOT PERFORM DUTIES WITH RESPECT TO UNUSUAL TRANSACTIONS VIOLATING PARA 28 OF STANDARDS OF ACCOUNTING 315 AND PARA 16 OF STANDARDS OF ACCOUNTING 550 AND PARA 32(C) OF STANDARDS ON AUDITING 240

SUBMITTED FALSE AND MISLEADING STATEMENTS RELATED TO ENGAGEMENT OF QUALITY CONTROL REVIEW (EQCR) PARTNER

DID NOT DETERMINE MATERIALITY FOR FINANCIAL STATEMENTS AS A WHOLE WHILE ESTABLISHING AUDIT STRATEGY VIOLATING STANDARDS ON AUDITING 320

DID NOT DEVELOP AND DOCUMENT THE AUDIT PLAN AND AUDIT STRATEGY THAT SET THE SCOPE, TIMING AND DIRECTION OF AUDIT VIOLATING STANDARDS ON AUDITING 300

DID NOT ADHERE TO STANDARDS ON AUDITING VIOLATING SECTION 143(9) OF COMPANIES ACT, 2013

DID NOT REPORT NON-COMPLIANCE WITH IND STANDARDS ON AUDITING 36 IMPAIRMENT OF ASSETS

PATHAK H.D.& ASSOCIATES

(M.No.:107783W)

PARIMAL KUMAR JHA

(M.No.:124262)

DID NOT IDENTIFY AND RESPOND APPROPRIATELY TO RISK OF MATERIAL MISSTATEMENT DUE TO FRAUD IN MANAGEMENT OVERRIDE OF CONTROLS AND REVENUE

DID NOT PERFORM ROLE OF ENGAGEMENT QUALITY CONTROL REVIEW (EQCR) OBJECTIVELY

INDULGED IN SELF-REVIEW BY PREPARING MATERIAL INFORMATION FOR FINANCIAL STATEMENTS OF THE COMPANY

MISLED USERS OF THE FINANCIAL STATEMENTS

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE REGARDING COMPLIANCE WITH LENDING POLICY

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE REGARDING REASONABILITY OF ESTIMATE OF EXPECTED CREDIT LOSS (ECL) AND RELATED DISCLOSURES IN FINANCIAL STATEMENTS

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE SUPPORTING SIGNIFICANT ACCOUNTS, INCLUDING ACCOUNTS DESIGNATED AS A FRAUD RISK OR SIGNIFICANT RISK AND DID NOT COMPLYING WITH MULTIPLE PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (PCAOB) AUDITING STANDARDS

DID NOT CARRY OUT ANY INDEPENDENT PROCEDURES REGARDING RESPONSIBILITIES OF JOINT AUDITOR

PATHAK H.D.& ASSOCIATES

(M.No.:107783W)

VISHAL D.SHAH

(M.No.:119303)

PCN & ASSOCIATES

(M.No.:016016S)

DID NOT SUBMIT REQUISITE INFORMATION AND DID NOT CO-OPERATE WITH NFRA

IMPOSED PENALTY RS.50,00,000

DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 26-05-2024 TO 25-05-2026

26-APR-2024

PCN & ASSOCIATES

(M.No.:016016S)

GOPALA KRISHNA KANDULA

(M.No.:203605)

DID NOT SUBMIT REQUISITE INFORMATION AND DID NOT CO-OPERATE WITH NFRA

R.D.KUNDALIA & ASSOCIATES

(M.No.:130789W)

RASHMIKANT D.KUNDALIA

(M.No.:036775)

R.L.RATHI & CO.

(M.No.:108719W)

RATAN LAXMINARAYAN RATHI

(M.No.:014739)

DID NOT APPOINT ENGAGEMENT OF QUALITY CONTROL REVIEWER (EQCR)

DID NOT REPORT NON-RECOGNITION OF INTEREST COST ON BORROWINGS CLASSIFIED AS NON PERFORMING ASSETS (NPAS)

DID NOT SUBMIT AUDIT FILE TO NFRA DESPITE REMINDERS

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE

DID NOT PERFORM NECESSARY AUDIT PROCEDURE TO VERIFY RELATED PARTY TRANSACTIONS

R.SHAH & CO.

(M.No.:502010C)

HARISH SHARMA

(M.No.:403129)

RAM ALOK & CO.

(M.No.:011313C)

VISHWANATH GOSWAMI

(M.No.:401362)

RAMESH CHATURVEDI & CO.

(M.No.:113621W)

RAMESH CHATURVEDI

(M.No.:044886)

S.KANSAL & ASSOCIATES

(M.No.:134937W)

SACHIN KANSAL

(M.No.:137191)

AUDIT FILE DID NOT CONTAIN AGREEMENT ON TERMS OF AUDIT ENGAGEMENTS WITH MANAGEMENT OR THOSE CHARGED WITH GOVERNANCE (TCWG)

DID NOT APPOINT ENGAGEMENT OF QUALITY CONTROL REVIEWER (EQCR)

DID NOT PREPARE FINANCIAL STATEMENTS IN FORMAT PROVIDED IN DIVISION I OF SCHEDULE III TO THE ACT.

DID NOT REPORT NON-PROVISION OF INTEREST COSTS PERTAINING TO BORROWINGS FROM BANK AND NBFCS

DID NOT REPORT WRONG ACCOUNTING OF DEFERRED TAX ASSETS

DID NOT REPORT WRONG AMORTIZATION OF EXPENSES

DID NOT MAKE PROVISION FOR TRADE RECEIVABLES � UNSECURED, CONSIDERED DOUBTFUL

DID NOT REPORT NON-DISCLOSURE OF COST FORMULA FOR VALUATION OF INVENTORIES IN FINANCIAL STATEMENTS

DID NOT ASSEMBLE AUDIT FILE WITHIN SIXTY DAYS OF SIGNING OF AUDIT REPORT VIOLATING STANDARDS ON AUDITING 230

DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG)

SHAH & TAPARIA

(M.No.:109463W)

RAMESH PIPALAWA

(M.No.:103840)

SHRIDHAR & ASSOCIATES,THE

(M.No.:134427W)

AJAY VASTANI

(M.No.:132265)

ACCEPTED AUDIT ENGAGEMENT WITHOUT FIRST COMMUNICATING WITH PREVIOUS AUDITOR AND WITHOUT WAITING FOR A REASONABLE TIME FOR A REPLY

DID NOT ADEQUATELY EXAMINE END-USE OF LOANS, INDICATIONS OF SIPHONING OF FUNDS FROM COMPANY, MANAGEMENT OF OVERRIDE OF CONTROLS, BUSINESS RATIONALE OF SANCTIONING AND DISBURSING LOANS BY THE COMPANY

DID NOT EXERCISE PROFESSIONAL SKEPTICISM IN AUDITING COMPLEX ACCOUNTING ESTIMATES OF EXPECTED CREDIT LOSS (ECL)

DID NOT REPORT ABSENCE OF ADEQUATE PROVISION FOR ORIGINATED CREDIT-IMPAIRED LOANS

MISUSED EMPHASIS OF MATTERS SECTION TO REPORT FINDING REGARDING SUSPECTED FRAUD BY PREVIOUS AUDITOR IN AUDIT REPORT TO MEMBERS

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE

DID NOT ASSESS AND DOCUMENT IMPACT OF MATERIAL WEAKNESS IN INTERNAL CONTROL ON EXPECTED CREDIT LOSS (ECL)

DID NOT COMMUNICATE KEY AUDIT MATTER (KAM) WITH THOSE CHARGED WITH GOVERNANCE (TCWG)

DID NOT CONTAIN SUFFICIENT BASIS FOR AUDITORS TO CONCLUDE AND REPORT THAT THERE WAS NO MATERIAL UNCERTAINTY REGARDING GOING CONCERN STATUS OF RELIANCE COMMERCIAL FINANCE LTD.

SINGH AJAY & CO.

(M.No.:007495C)

PRIYANK MITTAL

(M.No.:405669)

DID NOT APPOINT ENGAGEMENT OF QUALITY CONTROL REVIEWER (EQCR)

DID NOT EVALUATE ARM�S LENGTH PRICING FOR TRANSACTIONS ENTERED WITH RELATED PARTIES

DID NOT PLAN AUDIT AND DID NOT UNDERSTAND ENTITY AND ITS ENVIRONMENT

DID NOT REPORT NON-PROVISIONING IN RESPECT OF EXPECTED CREDIT LOSS

DID NOT REPORT ON ENTITY�S ABILITY TO CONTINUE AS A GOING CONCERN

DID NOT VERIFY OPENING BALANCES

DID NOT DETERMINE MATERIALITY AND PERFORMANCE MATERIALITY VIOLATING PARA 10 OF STANDARDS ON AUDITING 320

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE THROUGH EXTERNAL CONFIRMATIONS

DID NOT REPORT NON CHARGING OF DEPRECIATION OF LEASE HOLD AND PLANT & MACHINERY

DID NOT ASSEMBLE AUDIT FILE WITHIN SIXTY DAYS OF COMPLETION OF AUDIT

DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG)

SMMP & CO.

(M.No.:120438W)

SHYAM MALPANI

(M.No.:034171)

DID NOT FORM AUDIT OPINIONS IN INDEPENDENT AUDITOR�S REPORT VIOLATING STANDARDS ON AUDITING 705

DID NOT MAINTAIN INDEPENDENCE OF AUDITOR

SUNDARESHA & ASSOCIATES

(M.No.:008012S)

DID NOT EXERCISE PROFESSIONAL SKEPTICISM AND JUDGEMENT AND DID NOT PERFORM RISK ASSESSMENT PROCEDURE WHILE PERFORMING AUDIT OF FRAUDULENT DIVERSION OF FUNDS IN GARB OF LAND ADVANCE OF RS.415 CRORE GIVEN TO RELATED PARTIES

DID NOT EXERCISE PROFESSIONAL SKEPTICISM AND JUDGEMENT AND DID NOT PERFORM RISK ASSESSMENT PROCEDURE WHILE PERFORMING AUDIT OF INTEREST INCOME OF RS.76.84 CRORE RECEIVED/RECEIVABLE FROM MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT EXERCISE PROFESSIONAL SKEPTICISM AND JUDGEMENT AND DID NOT PERFORM RISK ASSESSMENT PROCEDURE WHILE PERFORMING AUDIT OF LOAN RS.507.05 CRORE GIVEN TO GIRI VIDHYUT (INDIA) LTD.

DID NOT EXERCISE PROFESSIONAL SKEPTICISM AND JUDGEMENT AND DID NOT PERFORM RISK ASSESSMENT PROCEDURE WHILE PERFORMING AUDIT OF LOAN TRANSACTIONS RS.1743.42 CRORE GIVEN TO TANGLIN RETAIL REALITY DEVELOPMENTS PVT.LTD.

DID NOT PERFORM RISK ASSESSMENT PROCEDURE TO IDENTIFY, ASSESS AND RESPOND TO RISK OF MATERIAL MISSTATEMENT IN FINANCIAL STATEMENTS

TEMPERED AUDIT FILE WITHOUT VALID REASON AND MADE AUDIT FILE UNRELIABLE IN MATTER OF TANGLIN DEVELOPMENTS LTD.

DID NOT PERFORM APPROPRIATE AUDIT PROCEDURES TO EVALUATE AND MAINTAIN INDEPENDENCE IN MATTER OF TANGLIN DEVELOPMENTS LTD.

DID NOT REPORT FRAUDULENT LOAN TRANSACTIONS WITH MYSORE AMALGAMATED COFFEE ESTATE LTD. AND EVERGREENING OF LOANS THROUGH STRUCTURED CIRCULATION OF FUNDS

IMPOSED PENALTY RS.1,00,00,000

DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 26-05-2023 TO 25-05-2025

26-APR-2023

The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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SOURCE OF INFORMATION : NATIONAL FINANCIAL REPORTING AUTHORITY
PERIOD COVERED : 22-JUL-2020 TO 29-APR-2025

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SOURCE OF INFORMATION : NATIONAL FINANCIAL REPORTING AUTHORITYPERIOD COVERED : 22-JUL-2020 TO 29-APR-2025

Advertisements are not accepted on this website

DISCLAIMER BY NSE

SOURCE OF INFORMATION : NATIONAL FINANCIAL REPORTING AUTHORITY
PERIOD COVERED : 22-JUL-2020 TO 29-APR-2025