If you are an Existing User, please enter your Username & Password below

Forgot Password?

Are you a New User? Click here to enrol

close

Click here to visit old website
Co-Sponsors
  • Home»
  • Regulatory actions in Chronological Order
Regulatory Actions Covered By This Website

REGULATORY ACTIONS IN CHRONOLOGICAL ORDER

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.

PERSON

S.
No.		 DATE OF ORDER PERSON ENTITY COMPETENT AUTHORITY REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1 30-JAN-2025
History of entity/person   NEERAJ BANSAL 
(M.No.: 095960)
  NFRA  DELAY IN FILING OF ADT-4 FOR REPORTING OF FRAUD TO CENTRAL GOVERNMENT

DID NOT PERFORMING ADEQUATE RISK ASSESSMENT PROCEDURES AND RESPONDED TO RISK

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE

DID NOT PREPARE AUDIT DOCUMENTS AS PER STANDARDS ON AUDITING 230

DID NOT VERIFY CERTAIN FUTURE TAXABLE INCOME AGAINST WHICH DEFERRED TAX ASSETS OF RS.495.63 CRORE WAS RECOGNIZED IN BOOKS

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE IN FORMING OPINION ON FINANCIAL STATEMENTS  		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 01-03-2025 TO 29-01-2030

30-JAN-2025 		 
2 23-DEC-2024
History of entity/person   A.B.JANI 
(M.No.: 46488)
History of entity/person DELOITTE HASKINS & SELLS LLP
  		NFRA  DID NOT DESIGN AND PERFORM AUDIT PROCEDURES TO OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE AND TO DEAL WITH INCONSISTENT EVIDENCE FROM DIFFERENT SOURCES

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 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 MAINTAIN PROFESSIONAL SKEPTICISM THROUGHOUT AUDIT TO DETECT IF MANAGEMENT HAS OVERRIDDEN CONTROLS TO CONDUCT FRAUD

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

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

DID NOT PLAN AND PERFORM AUDIT WITH PROFESSIONAL SKEPTICISM

DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG)

DID NOT EXERCISE DUE DILIGENCE AND PROFESSIONAL SKEPTICISM IN CONDUCT OF DUTIES REGARDING THE FD MATTER  		IMPOSED PENALTY RS.10,00,000

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 23-12-2024 TO 22-12-2029

23-DEC-2024 		 
3 23-DEC-2024
History of entity/person   CHETAN DESAI 
History of entity/person HARIBHAKTI & CO.LLP
  		NFRA  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

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

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 DIRECT AND SUPERVISE AUDIT ENGAGEMENT

DID NOT OBTAIN ENGAGEMENT QUALITY REVIEW VIOLATING STANDARDS ON AUDITING 220  		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 23-01-2025 TO 22-01-2030

23-DEC-2024 		 
4 23-DEC-2024
History of entity/person   RAKESH RATHI 
History of entity/person HARIBHAKTI & CO.LLP
  		NFRA  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

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

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 DIRECT AND SUPERVISE AUDIT ENGAGEMENT

DID NOT OBTAIN ENGAGEMENT QUALITY REVIEW VIOLATING STANDARDS ON AUDITING 220  		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 23-01-2025 TO 22-01-2028

23-DEC-2024 		 
5 23-DEC-2024
History of entity/person   RAKESH SHARMA 
(M.No.: 102042)
History of entity/person DELOITTE HASKINS & SELLS LLP
  		NFRA  DID NOT DESIGN AND PERFORM AUDIT PROCEDURES TO OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE AND TO DEAL WITH INCONSISTENT EVIDENCE FROM DIFFERENT SOURCES

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 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 MAINTAIN PROFESSIONAL SKEPTICISM THROUGHOUT AUDIT TO DETECT IF MANAGEMENT HAS OVERRIDDEN CONTROLS TO CONDUCT FRAUD

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

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

DID NOT PLAN AND PERFORM AUDIT WITH PROFESSIONAL SKEPTICISM

DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG)

DID NOT EXERCISE DUE DILIGENCE AND PROFESSIONAL SKEPTICISM IN CONDUCT OF DUTIES REGARDING THE FD MATTER  		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 23-12-2024 TO 22-12-2027

23-DEC-2024 		 
6 21-OCT-2024
History of entity/person   CHIRAG DOSHI 
(M.No.: 119079)
  NFRA  DID NOT ADHERE TO RESPONSIBILITIES RELATING TO FRAUD

DID NOT EXERCISE DUE DILIGENCE IN RESPECT OF INVESTMENTS BY NOT QUESTIONING THE BUSINESS RATIONALE

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE OF VALUATION OF UIL’S INVESTMENT INTVESTMENTS IN TWO FELLOW SUBSIDIARIES, NAMELY UIL SINGAPORE PTE LTD. AND UIL HONG KONG LTD. AND ANOTHER COMPANY UGFL

DID NOT REVIEW CRITICAL WORK PAPERS SUCH AS JOURNAL ENTRY REVIEW AND TRIAL BALANCE TRACKING, FRAUD RISK QUESTIONNAIRE AND INDICATORS OF FRAUD (UNDATED SIGNATURE OF EP) ETC.

DID NOT GIVE PROPER BASIS FOR DISCLAIMER OF OPINION ISSUES ON INTERNATIONAL FINANCIAL CONTROL OVER FINANCIAL REPORTING   		IMPOSED PENALTY RS.5,00,000

21-OCT-2024 		 
7 10-OCT-2024
History of entity/person   DASARATY V. 
(M.No.: 026336)
History of entity/person VENKATESH & CO.
  		NFRA  DID NOT EXERCISE PROFESSIONAL SKEPTICISM & JUDGEMENT TO IDENTIFY AND ASSESS FRAUD RISK RAISED DUE TO DIVERSION OF RS.3,535.00 CRORE TO MYSORE AMALGAMATED COFFEE ESTATE LTD., EVERGREENING OF LOANS THROUGH CIRCULATION OF FUNDS AND DIVERSION OF RS.245 CRORES TO OTHER PARTIES IN THE NAME OF LAND ADVANCES

DID NOT REPORT FRAUDULENT DIVERSION OF FUNDS TO CENTRAL GOVERNMENT

ACCEPTED AUDIT ENGAGEMENT AS STATUTORY AUDITOR OF COFFEE DAY ENTERPRISES LTD. WITHOUT PERFORMING MANDATORY AUDIT PROCEDURES AND WITHOUT FIRST COMMUNICATING WITH RESIGNING AUDITOR

DID NOT EXERCISE DUE DILIGENCE AND BEING GROSSLY NEGLIGENT IN PREPARATION OF INDEPENDENT AUDITOR’S REPORT

DID NOT PERFORM ROLE OF ENGAGEMENT QUALITY CONTROL REVIEW (EQCR) OBJECTIVELY  		IMPOSED PENALTY RS.10,00,000

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 10-11-2024 TO 09-11-2034

10-OCT-2024 		 
8 10-OCT-2024
History of entity/person   DESIKAN G. 
(M.No.: 219101)
History of entity/person VENKATESH & CO.
  		NFRA  DID NOT EXERCISE PROFESSIONAL SKEPTICISM & JUDGEMENT TO IDENTIFY AND ASSESS FRAUD RISK RAISED DUE TO DIVERSION OF RS.3,535.00 CRORE TO MYSORE AMALGAMATED COFFEE ESTATE LTD., EVERGREENING OF LOANS THROUGH CIRCULATION OF FUNDS AND DIVERSION OF RS.245 CRORES TO OTHER PARTIES IN THE NAME OF LAND ADVANCES

DID NOT REPORT FRAUDULENT DIVERSION OF FUNDS TO CENTRAL GOVERNMENT

ACCEPTED AUDIT ENGAGEMENT AS STATUTORY AUDITOR OF COFFEE DAY ENTERPRISES LTD. WITHOUT PERFORMING MANDATORY AUDIT PROCEDURES AND WITHOUT FIRST COMMUNICATING WITH RESIGNING AUDITOR

DID NOT EXERCISE DUE DILIGENCE AND BEING GROSSLY NEGLIGENT IN PREPARATION OF INDEPENDENT AUDITOR’S REPORT

DID NOT PERFORM ROLE OF ENGAGEMENT QUALITY CONTROL REVIEW (EQCR) OBJECTIVELY  		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 10-11-2024 TO 09-11-2029

10-OCT-2024 		 
9 09-SEP-2024
History of entity/person   SANTOSH DESHMUKH 
(M.No.: 071011)
History of entity/person KHANDELWAL KAKANI & CO.
  		NFRA  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 EXERCISE DUE DILIGENCE AND BEING GROSSLY NEGLIGENT IN CONDUCT OF PROFESSIONAL DUTIES

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE FOR VERIFICATION OF REVENUE

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 OBTAIN REASONABLE ASSURANCE ABOUT WHETHER FINANCIAL STATEMENTS AS A WHOLE WERE FREE FROM MATERIAL MISSTATEMENT

DID NOT PREPARE AUDIT DOCUMENTS AS PER STANDARDS ON AUDITING 230

DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG)

DID NOT ADHERE TO STANDARDS ON AUDITING VIOLATING SECTION 143(9) OF COMPANIES ACT, 2013  		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 09-10-2024 TO 08-10-2025

09-SEP-2024 		 
10 06-SEP-2024
History of entity/person   LAVITHA SHETTY 
(M.No.: 220473)
History of entity/person LAVITHA & ASSOCIATES
  		NFRA  DID NOT PROVIDE COMPLETE INFORMATION ABOUT REVENUE EARNED FROM RELATED PARTIES OF MYSORE AMALGAMATED COFFEE ESTATE LTD. VIOLATING PARA 7 OF PART I OF SECOND SCHEDULE OF THE CHARTERED ACCOUNTANTS ACT 1949  IMPOSED PENALTY RS.1,00,000

06-SEP-2024 		 
11 19-AUG-2024
History of entity/person   AMIT SOMANI 
(M.No.: 060154)
History of entity/person BSR & ASSOCIATES LLP
  		NFRA  DID NOT IDENTIFY, ASSESS AND RESPOND TO FRAUD RISK AND RISK OF MATERIAL MISSTATEMENTS IN FINANCIAL STATEMENTS ARISING DUE TO DIVERSION OF FUNDS TO TUNE OF RS.2,549 CRORE TO MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT PERFORM APPROPRIATE AUDIT PROCEDURES TO IDENTIFY AND EVALUATE LARGE SCALE EVERGREENING OF LOANS AND UNDERSTATEMENTS OF DIVERSION OF FUNDS TO MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT EXERCISE PROFESSIONAL SKEPTICISM AND JUDGEMENT AND DID NOT PERFORM APPROPRIATE AUDIT PROCEDURES IN RESPECT OF CAPITAL ADVANCE OF RS.130.55 CRORE GIVEN BY COFFEE DAY GLOBAL LTD. TO CLASSIC COFFEE CURING WORKS

DID NOT PERFORM RISK ASSESSMENT PROCEDURES IN RESPECT OF INTEREST INCOME OF RS.75 CRORE FROM MYSORE AMALGAMATED COFFEE ESTATE LTD. WITHOUT ANY UNDERLYING AGREEMENT

DID NOT REPORT COFFEE DAY ENTERPRISES LTD. IN RESPECT OF LOANS GIVEN BY CDEL TO ITS SUBSIDIARIES VIOLATING COMPANIES (AUDITOR’S REPORT) ORDER, 2016 READ WITH SECTION 185 OF THE ACT.

CREATED AND MODIFIED AUDIT WORK PAPERS AFTER SIGNING AUDIT REPORT AND BETWEEN SIGNING OFF OF AUDIT WORK PAPERS AND AUDIT REPORT  		IMPOSED PENALTY RS.25,00,000

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 19-09-2024 TO 18-09-2029

19-AUG-2024 		 
12 19-AUG-2024
History of entity/person   ARAVIND MAIYA 
(M.No.: 217433)
History of entity/person BSR & ASSOCIATES LLP
  		NFRA  DID NOT IDENTIFY, ASSESS AND RESPOND TO FRAUD RISK AND RISK OF MATERIAL MISSTATEMENTS IN FINANCIAL STATEMENTS ARISING DUE TO DIVERSION OF FUNDS TO TUNE OF RS.2,549 CRORE TO MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT PERFORM APPROPRIATE AUDIT PROCEDURES TO IDENTIFY AND EVALUATE LARGE SCALE EVERGREENING OF LOANS AND UNDERSTATEMENTS OF DIVERSION OF FUNDS TO MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT EXERCISE PROFESSIONAL SKEPTICISM AND JUDGEMENT AND DID NOT PERFORM APPROPRIATE AUDIT PROCEDURES IN RESPECT OF CAPITAL ADVANCE OF RS.130.55 CRORE GIVEN BY COFFEE DAY GLOBAL LTD. TO CLASSIC COFFEE CURING WORKS

DID NOT PERFORM RISK ASSESSMENT PROCEDURES IN RESPECT OF INTEREST INCOME OF RS.75 CRORE FROM MYSORE AMALGAMATED COFFEE ESTATE LTD. WITHOUT ANY UNDERLYING AGREEMENT

DID NOT REPORT COFFEE DAY ENTERPRISES LTD. IN RESPECT OF LOANS GIVEN BY CDEL TO ITS SUBSIDIARIES VIOLATING COMPANIES (AUDITOR’S REPORT) ORDER, 2016 READ WITH SECTION 185 OF THE ACT.

CREATED AND MODIFIED AUDIT WORK PAPERS AFTER SIGNING AUDIT REPORT AND BETWEEN SIGNING OFF OF AUDIT WORK PAPERS AND AUDIT REPORT  		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 19-09-2024 TO 18-09-2034

19-AUG-2024 		 
13 05-JUL-2024
History of entity/person   PRIYANK MITTAL 
(M.No.: 405669)
History of entity/person SINGH AJAY & CO.
  		NFRA  DID NOT PLAN AUDIT AND DID NOT UNDERSTAND ENTITY AND ITS ENVIRONMENT

DID NOT VERIFY OPENING BALANCES

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

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 EVALUATE ARM’S LENGTH PRICING FOR TRANSACTIONS ENTERED WITH RELATED PARTIES

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 OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE THROUGH EXTERNAL CONFIRMATIONS

DID NOT APPOINT ENGAGEMENT OF QUALITY CONTROL REVIEWER (EQCR)

DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG)  		IMPOSED PENALTY RS.2,00,000

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 05-08-2024 TO 04-08-2026

05-JUL-2024 		 
14 05-JUL-2024
History of entity/person   YOGESH MAHIPAL 
(M.No.: 530620)
History of entity/person YOGESH MAHIPAL & ASSOCIATES
  		NFRA  DID NOT PLAN AUDIT AND DID NOT UNDERSTAND ENTITY AND ITS ENVIRONMENT

DID NOT EVALUATE INTERNAL AUDIT FUNCTION

DID NOT DETERMINE MATERIALITY AND PERFORMANCE MATERIALITY

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

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

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

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

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE THROUGH EXTERNAL CONFIRMATIONS

DID NOT APPOINT ENGAGEMENT OF QUALITY CONTROL REVIEWER (EQCR)  		IMPOSED PENALTY RS.2,00,000

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 05-08-2024 TO 04-08-2026

05-JUL-2024 		 
15 21-JUN-2024
History of entity/person   KASHINATH CHATURVEDI 
(M.No.: 030932)
History of entity/person K.B.CHATURVEDI & ASSOCIATES
  		NFRA  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.

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

DID NOT ADHERE TO AUDIT DOCUMENTATION VIOLATING 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 21-07-2024 TO 20-07-2025

21-JUN-2024 		 
16 21-JUN-2024
History of entity/person   KRISHNA BIHARI CHATURVEDI 
(M.No.: 413754)
History of entity/person K.B.CHATURVEDI & ASSOCIATES
  		NFRA  DID NOT EXERCISE DUE DILIGENCE AND BEING GROSSLY NEGLIGENT IN CONDUCT OF PROFESSIONAL DUTIES

DID NOT OBTAIN SUFFICIENT INFORMATION NECESSARY FOR EXPRESSION OF OPINION OR ITS EXCEPTIONS SUFFICIENTLY MATERIAL TO NEGATE EXPRESSION OF OPINION  		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 21-07-2024 TO 20-07-2025

21-JUN-2024 		 
17 16-MAY-2024
History of entity/person   AJAY VASTANI 
(M.No.: 132265)
History of entity/person SHRIDHAR & ASSOCIATES,THE
  		NFRA  ACCEPTED AUDIT ENGAGEMENT WITHOUT FIRST COMMUNICATING WITH PREVIOUS AUDITOR AND WITHOUT WAITING FOR A REASONABLE TIME FOR A REPLY

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

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.

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE

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

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

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

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 COMMUNICATE KEY AUDIT MATTER (KAM) WITH THOSE CHARGED WITH GOVERNANCE (TCWG)  		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 16-06-2024 TO 15-06-2029

16-MAY-2024 		 
18 26-APR-2024
History of entity/person   GOPALA KRISHNA KANDULA 
(M.No.: 203605)
History of entity/person PCN & ASSOCIATES
  		NFRA  DID NOT SUBMIT REQUISITE INFORMATION AND DID NOT CO-OPERATE WITH NFRA  IMPOSED PENALTY RS.30,00,000

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 25-05-2034

26-APR-2024 		 
19 26-APR-2024
History of entity/person   KRISHNA KUMAR NEERAJ 
(M.No.: 506669)
History of entity/person KRISHNA NEERAJ & ASSOCIATES
  		NFRA  DID NOT RELATED TO NON-RECOGNITION OF LIABILITIES CLASSIFIED AS NON-PERFORMING ASSETS (NPAS) BY LENDER BANKS

DID NOT EVALUATE MANAGEMENT’S ASSESSMENT OF ENTITY’S ABILITY TO CONTINUE AS GOING CONCERN

DID NOT IDENTIFY AND ASSESS RISK OF MATERIAL MISSTATEMENT DUE TO FRAUD RELATED TO REVENUE RECOGNITION

DID NOT ADHERE TO RESPONSIBILITIES RELATING TO AUDIT DOCUMENTATION

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

DID NOT FORM OPINION ON FINANCIAL STATEMENT WITHOUT OBTAINING SUFFICIENT APPROPRIATE AUDIT EVIDENCE

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

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

DID NOT AUDIT TRADE RECEIVABLES IN ACCORDANCE WITH REQUIREMENT OF STANDARDS ON AUDITING

DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG)

DID NOT ADHERE TO STANDARDS ON AUDITING VIOLATING SECTION 143(9) OF COMPANIES ACT, 2013  		IMPOSED PENALTY RS.10,00,000

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 		 
20 26-APR-2024
History of entity/person   PAWAN KUMAR GUPTA 
(M.No.: 051713)
History of entity/person DHIRAJ & DHEERAJ
  		NFRA  ACCEPTED AUDIT ENGAGEMENT BEFORE COMMUNICATION WITH PRICE WATERHOUSE & CO.CHARTERED ACCOUNTS LLP AND WITHOUT WAITING FOR A REASONABLE TIME TO RESPOND TO THE COMMUNICATION

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE TO SUPPORT THE MATTERS REPORTED BY PRICE WATERHOUSE & CO. CHARTERED ACCOUNTS LLP TO THE GOVERNMENT

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE REGARDING ENTITY’S ABILITY TO CONTINUE AS GOING CONCERN

DID NOT NOTICE DEFICIENCIES IN THE INTERNAL CONTROLS OVER EXPECTED CREDIT LOSS (ECL) ON THE LOANS ETC.FINANCIAL ASSETS

DID NOT CARRY OUT ADEQUATE AUDIT PROCEDURES

DID NOT PERFORM ROLE OF ENGAGEMENT QUALITY CONTROL REVIEW (EQCR) OBJECTIVELY  		IMPOSED PENALTY RS.10,00,000

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 25-05-2027

26-APR-2024 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
 
First Next Last  
Page 1 of 5  

This website is not comprehensive and is being updated on a regular basis. Users are requested to carefully look at the formats and the information about the coverage period that appears on search results pages.

DISCLAIMER BY NSE

NSE is the co-sponsor of this website and supportive of the initiative taken for protection of interest of investors by Praxis Consulting & Information Services Pvt.Ltd. (PRAXIS), the creator of this website. However, NSE bear no responsibility for the views/information that is available on this website and as responsibility of the contents of this website solely rests with PRAXIS. NSE shall not be responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to or reliance on any information available on this website. Investors/visitors of this website are also advised to read through the other general disclaimer(s) and terms and conditions available on this website before using the website.

Site designed and maintained by watchoutinvestors.com
© PRIME DATABASE GROUP 2004-2025
No part of this site may be reproduced without the explicit permission of the owners.

top