BSR & Co LLF had been appointed as statutory auditors of Ricoh (lndia) following shareholders' nod on September 24, 2015 to hold office for a period of five consecutive years.
Official sources told ET that EY jointly audited ITNL along with Deloitte Haskins and Sells (DHS) in FY17. After that date, EY has been the firm’s auditor.
Some shareholders of Reliance Group are mulling action against the auditor for eroding their investments.
Any restriction on the Big 4 could have a serious impact both on equity and debt flows into the country.
The audit firm found significant deficiencies in the grant and rollover of inter-corporate deposits.
The auditors had raised questions around corporate deposits and related party transactions in Reliance Infrastructure in the June quarter results.
The ministry had in June moved NCLT seeking a five-year ban on them on these auditors in the IL&FS saga.
Institute of Chartered Accountants of India (ICAI) is readying a submission for Sebi in next two days asking the proposed norms about auditor resignations be reconsidered.
Government’s counsel has asked the NCLT to pass an order to freeze accounts of former auditors.
As per the Indian regulations, multinationals cannot directly audit Indian companies. So, they operate in the country through affiliate firms.
Deloitte quits after doubts over grant, rollover of inter-company deposits; questions DHFL at board meet too
Cash-strapped DHFL sits on a debt pile of Rs 90,000 crore and has defaulted on its various repayment obligations in a serial manner in the recent past.
The Centre is looking to clamp down on Deloitte and BSR, a KPMG network firm, for alleged lapses on their part in auditing the accounts of IFIN.
Separately, another credit rating firm Icra has said the report "ignores" the alleged fraud perpetrated by former IL&FS management.
It says that its ratings for IL&FS group entities followed a robust and transparent analysis of relevant information.
Grant Thornton in its report pinpoints a Real Madrid match, property deal and contribution to a trust.
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