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Regulatory actions in Chronological Order

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

26-APR-2024

GOPALA KRISHNA KANDULA
(M.No.: 203605)

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

26-APR-2024

KRISHNA KUMAR NEERAJ
(M.No.: 506669)

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 FORMING 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

26-APR-2024

PAWAN KUMAR GUPTA
(M.No.: 051713)

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

26-APR-2024

PIYUSH PATNI
(M.No.: 143869)

DHIRAJ & DHEERAJ

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 25-05-2029

26-APR-2024

12-APR-2024

PARIMAL KUMAR JHA
(M.No.: 124262)

PATHAK H.D.& ASSOCIATES

NFRA

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

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 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 OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE REGARDING COMPLIANCE WITH LENDING POLICY

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE

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

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

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

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 12-05-2024 TO 11-05-2034

12-APR-2024

12-APR-2024

VISHAL D.SHAH
(M.No.: 119303)

PATHAK H.D.& ASSOCIATES

NFRA

22-FEB-2024

RATAN LAXMINARAYAN RATHI
(M.No.: 014739)

R.L.RATHI & CO.

NFRA

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

DID NOT PERFORM NECESSARY AUDIT PROCEDURE TO VERIFY RELATED PARTY TRANSACTIONS

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE

DID NOT APPOINT ENGAGEMENT OF QUALITY CONTROL REVIEWER (EQCR)

DID NOT SUBMIT AUDIT FILE TO NFRA DESPITE REMINDERS

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 22-03-2024 TO 21-03-2026

22-FEB-2024

08-JAN-2024

PANKAJ KUMAR
(M.No.: 091822)

SVP & ASSOCIATES

NFRA

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

DID NOT EVALUATE RISK OF FRAUD IN 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 GIVE APPROPRIATE AUDIT OPINION

DID NOT APPOINT ENGAGEMENT OF QUALITY CONTROL REVIEWER (EQCR)

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

DID NOT PLAN AUDIT OF FINANCIAL STATEMENTS AS PER STANDARDS ON AUDITING 300

DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG)

DID NOT COMMUNICATE DEFICIENCIES IN INTERNAL CONTROL TO THOSE CHARGED WITH GOVERNANCE (TCWG) AND MANAGEMENT VIOLATING STANDARDS OF AUDITING

DID NOT IDENTIFY AND ASSESS RISK OF MATERIAL MISSTATEMENT THROUGH UNDERSTANDING NATURE OF ENTITY

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

05-JAN-2024

ANIL CHAUHAN
(M.No.: 166286)

ANIL CHAUHAN & ASSOCIATES

NFRA

DID NOT MAINTAIN AUDIT FILE AND DID NOT CO-OPERATE WITH NFRA

DID NOT SUBMIT AUDIT FILES & RELATED DOCUMENTATION TO NFRA AND DID NOT RESPOND TO SCN ISSUED BY NFRA

IMPOSED PENALTY RS.20,00,000

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 05-02-2024 TO 04-02-2034

05-JAN-2024

03-JAN-2024

PAWAN JAIN
(M.No.: 228026)

KUMAR JAIN & ASSOCIATES

NFRA

DID NOT VERIFY REORGANIZATION OF BUSINESS WITH VARIOUS PARTIES

DID NOT EXCLUDE EMPLOYEES WHOSE CONTRIBUTION WAS PAID BY THE GOVERNMENT

LAPSES IN REPORTING ADDITIONAL EMPLOYEES

DID NOT VERIFY PAYMENT OF ADDITIONAL EMPLOYEE COST BY ACCOUNT PAYEE CHEQUE/DRAFT/ELECTRONIC MEANS

DID NOT VERIFY SALARY OF RS.25,000.00 PER MONTH FOR NEW EMPLOYEES

IMPOSED PENALTY RS.50,00,000

03-JAN-2024

20-DEC-2023

SHYAM MALPANI
(M.No.: 034171)

SMMP & CO.

NFRA

DID NOT MAINTAIN INDEPENDENCE OF AUDITOR

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

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 20-01-2024 TO 19-01-2029

20-DEC-2023

05-DEC-2023

JIGNESH MEHTA
(M.No.: 102749)

CHATURVEDI & SHAH LLP

NFRA

DID NOT PERFORM AUDIT PROCEDURES REQUIRED FOR COMPANY�S BRANCHES

DID NOT EXERCISE PROFESSIONAL SKEPTICISM AND DID NOT REPORT MATERIAL MISSTATEMENTS

DID NOT ADHERE TO PROFESSIONAL SKEPTICISM IN CONSIDERATION OF LAWS AND REGULATIONS IN AUDIT OF FINANCIAL STATEMENTS

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

DID NOT APPROPRIATELY IDENTIFY, CLASSIFY AND ASSESS RISK OF MATERIAL MISSTATEMENTS

DID NOT IDENTIFY DEFICIENCIES IN INTERNAL CONTROL RELATING TO APPRAISAL AND SANCTION OF LOAN

DID NOT OBTAIN SUFFICIENT INFORMATION NECESSARY FOR EXPRESSION OF OPINION ON INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING (ICFR) AND ISSUED BASELESS AUDIT REPORT

DID NOT IDENTIFY RELATED PARTY AND/OR RELATED PARTY TRANSACTIONS

05-DEC-2023

VINAY CHATURVEDI
(M.No.: 103141)

CHATURVEDI & SHAH LLP

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

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

22-NOV-2023

NILESH CHHEDA
(M.No.: 124810)

NFRA

DID NOT REPORT NON-CONSOLIDATION OF SUBSIDIARY

DID NOT PREPARE AUDIT DOCUMENTS AS PER STANDARDS ON AUDITING 230

DID NOT REPORT ISSUES RELATED TO DISCLOSURE OF CREDIT RISK EXPOSURE

DID NOT PLAN AUDIT OF FINANCIAL STATEMENTS AS PER STANDARDS ON AUDITING 300

DID NOT DESIGN AND PERFORM ANALYTICAL PROCEDURES VIOLATING PARAS 3(B) AND 6 OF STANDARDS ON AUDITING 520

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

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

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE

DID NOT PREPARE DOCUMENTATION REGARDING AUDITOR�S RESPONSIBILITIES RELATING TO FRAUD IN AUDIT FINANCIAL STATEMENTS

DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG)

DID NOT REPORT NON-DISCLOSURE OF RELATED PARTY LOAN ON GROSS BASIS

DID NOT REPORT NON-DISCLOSURE OF TRADE PAYABLE COVERED UNDER MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

DID NOT REPORT FULL PARTICULARS OF LOAN TO RELATED PARTY

04-OCT-2023

RAHUL JANGIR
(M.No.: 435804)

ASHOK HOLANI & CO.

NFRA

ARTIFICIALLY DECREASED LIABILITIES AND INFLATED INCOME

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

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 INCLUDE WHEN MANAGEMENT PREVENTS AUDITOR FROM REQUESTING EXTERNAL CONFIRMATION OF SPECIFIC ACCOUNT BALANCES

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

DID NOT IDENTIFY RELATED PARTY AND/OR RELATED PARTY TRANSACTIONS

DID NOT APPOINT ENGAGEMENT OF QUALITY CONTROL REVIEWER (EQCR)

ISSUED AUDIT REPORT WITHOUT ENGAGEMENT QUALITY CONTROL REVIEW (EQCR)

29-SEP-2023

AABHAS TIWARI
(M.No.: 403045)

MANGESH V.KEKRE & ASSOCIATE

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.

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.

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 AUDIT DOCUMENTATION VIOLATING STANDARDS OF AUDITING 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.

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 28-04-2024

29-SEP-2023

29-SEP-2023

D.N.CHATURVEDI
(M.No.: 012840)

D N CHATURVEDI & CO.

NFRA