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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

12-APR-2023

MADHUSUDAN U.A.
(M.No.: 238953)

ASRMP & CO.

NFRA

DID NOT PERFORM APPROPRIATE AUDIT PROCEDURES TO EVALUATE AND MAINTAIN INDEPENDENCE

TEMPERED AUDIT FILE WITHOUT VALID REASON AND MAKING AUDIT FILE UNRELIABLE IN THE MATTER OF COFFEE DAY GLOBAL LTD.

DID NOT EXERCISE PROFESSIONAL SKEPTICISM WHILE PERFORMING AUDIT OF FRAUDULENT TRANSACTIONS OF RS.3,769.61 CRORE WITH MYSORE AMALGAMATED COFFEE ESTATE LTD.

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

DID NOT PERFORM RISK ASSESSMENT PROCEDURE TO IDENTIFY, ASSESS AND RESPOND TO RISK OF MATERIAL MISSTATEMENTS IN FINANCIAL STATEMENTS DUE TO FRAUD IN RELATION TO FRAUDULENT UNDERSTATEMENT OF SUPPLIER ADVANCE TO MYSORE AMALGAMATED COFFEE ESTATE LTD. FOR RS.222.50 CRORE

DID NOT EXERCISE PROFESSIONAL SKEPTICISM AND DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE IN RESPECT OF LOAN RS.130.55 CRORE TO CLASSIC COFFEE CURING WORKS

DID NOT EXERCISE DUE DILIGENCE IN AUDIT OF UNUSUALLY HIGH AMOUNT OF RS.87.92 CRORE CAPITAL ADVANCE GIVEN BY COFFEE DAY GLOBAL LTD. TO DARK FOREST FURNITURE CO.PVT.LTD.

DID NOT GET APPROVAL OF FINANCIAL STATEMENTS BY BOARD AND ITS SIGNING BY PERSONS AUTHORIZED BY BOARD BEFORE AUDITOR REPORT

DID NOT DRAW ATTENTION TO PRESENCE OF MATERIAL MISSTATEMENTS OF RS.7514.10 CRORE IN FINANCIAL STATEMENTS OF COFFEE DAY GLOBAL LTD.

DID NOT REPORT LOANS OF RS.3,840.51 CRORE TO PROMOTER OWNED ENTITY VIZ MYSORE AMALGAMATED COFFEE ESTATE LTD. IN INDEPENDENT AUDITOR�S REPORT

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

DID NOT PLAN AUDIT OF FINANCIAL STATEMENTS VIOLATING STANDARDS OF AUDITING

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 13-05-2023 TO 12-05-2028

12-APR-2023

12-APR-2023

PRANAAV G.AMBEKAR
(M.No.: 240379)

ASRMP & CO.

NFRA

12-APR-2023

SAM VARGHESE
(M.No.: 216979)

K.VARGHESE & CO.

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 12-05-2023 TO 11-05-2024

12-APR-2023

31-MAR-2023

AKASH GOEL
(M.No.: 419186)

AKASH GOEL & CO.

NFRA

31-MAR-2023

AYNA TAMTON
(M.No.: 220163)

K.VARGHESE & CO.

NFRA

19-SEP-2022

RAJIV BENGALI
(M.No.: 043998)

NFRA

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 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.

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

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

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

12-SEP-2022

SOM PRAKASH AGGARWAL
(M.No.: 74813)

NFRA

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 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.

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

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

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

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

21-JUN-2022

GULSHAN JAGDISH JHAM
(M.No.: 408315)

NFRA

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 (NO.38 OF 1949) AND CLAUSE 5 OF PART 1 OF THE SECOND SCHEDULE OF THE CHARTERED ACCOUNTANTS ACT 1949IN MATTER OF PRABHU STEEL INDUSTRIES LTD.

DID NOT REPORT MATERIAL MISSTATEMENTS KNOWN TO HIM IN TO APPEAR IN FINANCIAL STATEMENTS AS PER SECTION 132(4) OF THE COMPANIES ACTREAD WITH SECTION 22 OF THE CHARTERED ACCOUNTANTS ACT 1949 (NO.38 OF 1949) AND CLAUSE 6 OF PART I OF THE SECOND SCHEDULE OF CHARTERED ACCOUNTANT ACT, 1949 IN MATTER OF PRABHU STEEL INDUSTRIES LTD.

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

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

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

28-JUL-2020

SHRENIK BAID
(M.No.: 103884)

NFRA

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 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.

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

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

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

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

23-JUL-2020

RUKSHAD DARUVALA
(M.No.: 111188)

NFRA

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

22-JUL-2020

UDAYAN SEN
(M.No.: 31220)

NFRA

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 22-07-2020 TO 21-07-2027

22-JUL-2020

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

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REGULATORY ACTIONS IN CHRONOLOGICAL ORDER

PERSON

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