SOURCE OF INFORMATION : NATIONAL FINANCIAL REPORTING AUTHORITY
PERIOD COVERED : 22-JUL-2020 TO 08-OCT-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.

PERSONS: IMPOSED PENALTY

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

RAHUL JANGIR

(M.No.:435804)

ASHOK HOLANI & CO.

(M.No.:009840C)

ARTIFICIALLY DECREASED LIABILITIES AND INFLATED INCOME

DID NOT APPOINT ENGAGEMENT OF QUALITY CONTROL REVIEWER (EQCR)

DID NOT EVALUATE ACCOUNTING POLICIES & VALUATION OF INVENTORIES AND NOT PERFORMED PHYSICAL VERIFICATION OF INVENTORY

DID NOT IDENTIFY RELATED PARTY AND/OR RELATED PARTY TRANSACTIONS

ISSUED AUDIT REPORT WITHOUT ENGAGEMENT QUALITY CONTROL REVIEW (EQCR)

REPORTED MATTERS THROUGH KEY AUDIT MATTERS (KAM) WITHOUT OBTAINING SUFFICIENT APPROPRIATE AUDIT EVIDENCE WITHOUT OBTAINING PRIOR COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE (TCWG)

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE FOR REPORTING UNDER COMPANIES (AUDITOR�S REPORT) ORDER, 2016 REGARDING UTILIZATION OF IPO PROCEEDS

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE INCLUDE WHEN MANAGEMENT PREVENTS AUDITOR FROM REQUESTING EXTERNAL CONFIRMATION OF SPECIFIC ACCOUNT BALANCES

IMPOSED PENALTY RS.5,00,000

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 04-11-2023 TO 03-11-2026

04-OCT-2023

RAJIV BENGALI

(M.No.:043998)

DID NOT EXERCISE DUE DILIGENCE OR GROSSLY NEGLIGENT IN CONDUCT OF PROFESSIONAL DUTIES

DID NOT INVITE ATTENTION TO ANY MATERIAL DEPARTURE FROM GENERALLY ACCEPTED PROCEDURE OF AUDIT APPLICABLE TO CIRCUMSTANCES

DID NOT MAKE DISCLOSURE OF MATERIAL NON-COMPLIANCES AS PER SECTION 132(4) OF THE COMPANIES ACT, 2013 READ WITH SECTION 22 AND CLAUSE 5 OF PART I OF THE SECOND SCHEDULE OF THE CHARTERED ACCOUNTANTS ACT 1949 (NO.38 OF 1949) IN MATTER OF TRILOGIC DIGITAL MEDIA LTD.

DID NOT OBTAIN SUFFICIENT INFORMATION NECESSARY FOR EXPRESSION OF OPINION OR ITS EXCEPTIONS MATERIAL TO NEGATE EXPRESSION OF OPINION

DID NOT REPORT MATERIAL MISSTATEMENTS KNOWN TO HIM IN TO APPEAR IN FINANCIAL STATEMENTS AS PER SECTION 132(4) OF THE COMPANIES ACT, 2013 READ WITH SECTION 22 AND CLAUSE 6 OF PART I OF THE SECOND SCHEDULE OF CHARTERED ACCOUNTANT ACT, 1949 (38 OF 1949) IN MATTER OF TRILOGIC DIGITAL MEDIA LTD.

RAKESH PURI

(M.No.:092728)

Y.D.& CO.

(M.No.:018846n)

DID NOT APPOINT ENGAGEMENT OF QUALITY CONTROL REVIEWER (EQCR)

DID NOT EVALUATE ACCOUNTING POLICY RELATING TO RECOGNITION OF REVENUE

DID NOT EVALUATE RISK OF FRAUD IN REVENUE RECOGNITION

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

DID NOT VERIFY BALANCES OF DEBTORS AND CREDITORS

DID NOT MAKE DISCLOSURE OF MATERIAL MISSTATEMENTS IN AUDIT REPORT

DID NOT CHECK CONTRACT NOTES OF COMMODITY TRADES

DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG)

RAKESH RATHI

HARIBHAKTI & CO.LLP

DID NOT DIRECT AND SUPERVISE AUDIT ENGAGEMENT

DID NOT EVALUATE IMPACT ON AUDIT REPORTS ON BOTH CONSOLIDATED FINANCIAL STATEMENTS AS WELL AS STANDALONE FINANCIAL STATEMENTS

DID NOT OBTAIN ENGAGEMENT QUALITY REVIEW VIOLATING STANDARDS ON AUDITING 220

DID NOT PERFORM APPROPRIATE AUDIT PROCEDURES AND DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE DURING AUDIT OF LOANS AND ADVANCES OF RS.1,326.92 CRORE GIVEN TO RELATED PARTIES AND OTHERS

DID NOT PERFORM APPROPRIATE AUDIT PROCEDURES AND DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE DURING AUDIT OF INVESTMENT OF RS.2,456.92 MADE BY DB REALTY LTD. IN ITS SUBSIDIARIES, ASSOCIATES, JOINT VENTURES AND OTHERS

DID NOT PERFORM APPROPRIATE AUDIT PROCEDURES AND DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE DURING AUDIT OF RS.3,894.43 CRORE OF GUARANTEES GIVEN AND SECURITIES PROVIDED BY DB REALTY LTD. TO RELATED PARTIES

RAKESH SHARMA

(M.No.:102042)

DELOITTE HASKINS & SELLS LLP

(M.No.:117366W)

DID NOT EXERCISE DUE DILIGENCE AND PROFESSIONAL SKEPTICISM IN CONDUCT OF DUTIES REGARDING THE FD MATTER

DID NOT PLAN AND PERFORM AUDIT WITH PROFESSIONAL SKEPTICISM

DID NOT PROVIDE REASONABLE ASSURANCE BASED ON AUDIT EVIDENCE AND IN COMPLIANCE WITH APPLICABLE SAS

NONE OF THE INCONSISTENT EVIDENCE NOTED IN THE ORDER ADDRESSED BY THE AUDITORS

DID NOT MAINTAIN PROFESSIONAL SKEPTICISM THROUGHOUT AUDIT TO DETECT IF MANAGEMENT HAS OVERRIDDEN CONTROLS TO CONDUCT FRAUD

DID NOT MAKE ENQUIRIES OF MANAGEMENT AND OTHERS WITHIN ENTITY (PROMOTERS AND DIRECTORS) AS APPROPRIATE, TO DETERMINE WHETHER THEY HAVE KNOWLEDGE OF ANY ACTUAL, SUSPECTED OR ALLEGED FRAUD AFFECTING THE ENTITY

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE ABOUT ASSESSED RISKS OF MATERIAL MISSTATEMENT THROUGH DESIGNING AND IMPLEMENTING APPROPRIATE RESPONSES TO THOSE RISKS

DID NOT PERFORM EXTERNAL CONFIRMATION PROCEDURES REGARDING THE REASON FOR CLOSURE OF FIXED DEPOSITS

DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG)

DID NOT DESIGN AND PERFORM AUDIT PROCEDURES TO OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE AND TO DEAL WITH INCONSISTENT EVIDENCE FROM DIFFERENT SOURCES

RAMESH CHATURVEDI

(M.No.:044886)

RAMESH CHATURVEDI & CO.

(M.No.:113621W)

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.

IMPOSED PENALTY RS.1,00,000

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 29-10-2023 TO 28-10-2024

29-SEP-2023

RAMESH PIPALAWA

(M.No.:103840)

SHAH & TAPARIA

(M.No.:109463W)

RASHMIKANT D.KUNDALIA

(M.No.:036775)

R.D.KUNDALIA & ASSOCIATES

(M.No.:130789W)

RATAN LAXMINARAYAN RATHI

(M.No.:014739)

R.L.RATHI & CO.

(M.No.:108719W)

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

RIYA AGARWAL

SHEKHAR SHARAD & CO.

(M.No.:011338C)

ACCEPTED APPOINTMENT AS ENGAGEMENT OF QUALITY CONTROL REVIEW (EQCR) WITHOUT ENSURING ELIGIBILITY CRITERIA

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

DID NOT CONDUCT REVIEW OF THE WORK OF ENGAGEMENT TEAM (ET) IN ACCORDANCE WITH THE STANDARD ON ACCOUNTING

IMPOSED PENALTY RS.1,00,000

01-AUG-2023

RUKSHAD DARUVALA

(M.No.:111188)

SACHIN KANSAL

(M.No.:137191)

S.KANSAL & ASSOCIATES

(M.No.:134937W)

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)

SAM VARGHESE

(M.No.:216979)

K.VARGHESE & CO.

(M.No.:004525S)

SANJAY SONI

(M.No.:114835)

LAHOTI NAVNEET & CO.

(M.No.:116870W)

SANTOSH DESHMUKH

(M.No.:071011)

KHANDELWAL KAKANI & CO.

(M.No.:001311C)

DID NOT EXERCISE DUE CARE AND PROFESSIONAL SKEPTICISM AND DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE TO SUPPORT ISSUER�S NET ACCOUNTS RECEIVABLES AND DOUBTFUL ACCOUNTS

DID NOT EXERCISE DUE DILIGENCE AND BEING GROSSLY NEGLIGENT IN CONDUCT OF PROFESSIONAL DUTIES

DID NOT PREPARE AUDIT DOCUMENTS AS PER STANDARDS ON AUDITING 230

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

DID NOT OBTAIN REASONABLE ASSURANCE ABOUT WHETHER FINANCIAL STATEMENTS AS A WHOLE WERE FREE FROM MATERIAL MISSTATEMENT

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE FOR VERIFICATION OF REVENUE

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE REGARDING EXISTENCE AND CONDITION OF INVENTORY

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE WITH RESPECT TO ISSUER�S INVESTMENTS

DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG)

SHEKHAR SHARAD

SHEKHAR SHARAD & CO.

(M.No.:011338C)

DID NOT DISCLOSE REPORT THE MATERIAL NON-COMPLIANCES BY CO.

DID NOT INVITE ATTENTION TO ANY MATERIAL DEPARTURE FROM GENERALLY ACCEPTED PROCEDURE OF AUDIT APPLICABLE TO CIRCUMSTANCES

IMPROPER ASSESSMENT OF APPROPRIATENESS OF USE OF GOING CONCERN BASIS OF ACCOUNTING

IMPROPER REPORTING OF GOING CONCERN BASIS IN INDEPENDENT AUDITOR�S REPORT

INCONSISTENCY IN AUDIT DOCUMENTATION

DID NOT CONDUCT AUDIT IN ACCORDANCE WITH STANDARD ON AUDITING AND DID NOT ANALYSE AND REPORT APPROPRIATENESS OF USE OF GOING CONCERN IN PREPARATION OF FINANCIAL STATEMENTS

IMPOSED PENALTY RS.1,00,000

01-AUG-2023

SHRENIK BAID

(M.No.:103884)

DID NOT EXERCISE DUE DILIGENCE OR GROSSLY NEGLIGENT IN CONDUCT OF PROFESSIONAL DUTIES

DID NOT INVITE ATTENTION TO ANY MATERIAL DEPARTURE FROM GENERALLY ACCEPTED PROCEDURE OF AUDIT APPLICABLE TO CIRCUMSTANCES

DID NOT MAKE DISCLOSURE OF MATERIAL FACT IN A FINANCIAL STATEMENT VIOLATING SECTION 22 (NO 38 OF 1949) READ WITH CLAUSE 5 OF PART I OF SECOND SCHEDULE OF CHARTERED ACCOUNTANTS ACT, 1949 IN MATTER OF OF IL&FS FINANCIAL SERVICES LTD.

DID NOT OBTAIN SUFFICIENT INFORMATION NECESSARY FOR EXPRESSION OF OPINION OR ITS EXCEPTIONS MATERIAL TO NEGATE EXPRESSION OF OPINION

DID NOT REPORT MATERIAL MISSTATEMENTS KNOWN TO HIM IN TO APPEAR IN A FINANCIAL STATEMENTS VIOLATING SECTION 22 (NO 38 OF 1949) READ WITH CLAUSE 6 OF PART I OF SECOND SCHEDULE OF CHARTERED ACCOUNTANT ACT, 1949 IN MATTER OF OF IL&FS FINANCIAL SERVICES LTD.

IMPOSED PENALTY RS.15,00,000

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 28-07-2020 TO 27-07-2025

28-JUL-2020

SHRISHAIL VEERANNA MANTGOL

(M.No.:224907)

VEERANNA G.MANTGOL & CO.

(M.No.:04580S)

SHYAM MALPANI

(M.No.:034171)

SMMP & CO.

(M.No.:120438W)

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

DID NOT MAINTAIN INDEPENDENCE OF AUDITOR

SOM PRAKASH AGGARWAL

(M.No.:74813)

DID NOT EXERCISE DUE DILIGENCE OR GROSSLY NEGLIGENT IN CONDUCT OF PROFESSIONAL DUTIES

DID NOT INVITE ATTENTION TO ANY MATERIAL DEPARTURE FROM GENERALLY ACCEPTED PROCEDURE OF AUDIT APPLICABLE TO CIRCUMSTANCES

DID NOT MAKE DISCLOSURE OF MATERIAL NON-COMPLIANCES THE COMPANY MADE AS PER SECTION 132(4) OF THE COMPANIES ACT. READ WITH SECTION 22 OF THE CHARTERED ACCOUNTANTS ACT. 1949 AND CLAUSE 5 OF PART I OF THE SECOND SCHEDULE OF THE CHARTERED ACCOUNTANTS ACT 1949 IN MATTER OF VIKAS WSP LTD.

DID NOT OBTAIN SUFFICIENT INFORMATION NECESSARY FOR EXPRESSION OF OPINION OR ITS EXCEPTIONS MATERIAL TO NEGATE EXPRESSION OF OPINION

DID NOT REPORT MATERIAL MISSTATEMENTS KNOWN TO HIM IN TO APPEAR IN FINANCIAL STATEMENTS AS PER SECTION 132(4) OF THE COMPANIES ACT. READ WITH SECTION 22 OF THE CHARTERED ACCOUNTANTS ACT. 1949 AND CLAUSE 6 OF PART I OF THE SECOND SCHEDULE OF CHARTERED ACCOUNTANT ACT, 1949 IN MATTER OF VIKAS WSP LTD.

IMPOSED PENALTY RS.3,00,000

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 12-10-2022 TO 11-10-2025

ADVISED TO UNDERTAKE TRAINING ON STANDARD ON AUDITING AND INDIN ACCOUNTING STANDARDS FROM ICAI OR ANY INSTITUTION RECOGNIZED BY ICAI OR EQUIVALENT INTERNATIONAL INSTITUTION AND SUBMIT PROOF OF COMPLETION OF SUCH TRAINING TO AUTHORITY WITHIN 180 DAYS

12-SEP-2022

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 08-OCT-2025

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SOURCE OF INFORMATION : NATIONAL FINANCIAL REPORTING AUTHORITYPERIOD COVERED : 22-JUL-2020 TO 08-OCT-2025

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SOURCE OF INFORMATION : NATIONAL FINANCIAL REPORTING AUTHORITY
PERIOD COVERED : 22-JUL-2020 TO 08-OCT-2025