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National Financial Reporting Authority (NFRA) vs M/s ASRMP & Co., CA A. S. Sundaresha, CA Madhusudan U. A. & CA Pranaav G. Ambekar | Audit Failure in Coffee Day Global Ltd., Diversion of ₹3,535 Crore Funds, Auditor Independence Violations and Penalty under Section 132(4) of the Companies Act, 2013
Facts of the
Case
Coffee Day Global Limited (CDGL) was a subsidiary of Coffee Day
Enterprises Limited (CDEL).
SEBI discovered diversion of funds amounting to approximately
₹3,535 crore from several sub...
CA M. Baskaran vs National Financial Reporting Authority (NFRA) – Professional Misconduct in DHFL Branch Audit, Invalid Appointment under Section 139 Companies Act, 2013 and Violations of Standards on Auditing
Facts of the Case
DHFL, a listed housing finance company, was under investigation in
relation to large-scale financial irregularities and alleged fraud.
NFRA conducted an Audit Quality Review of DHFL's statuto...
CA Harish Kumar T K vs National Financial Reporting Authority (NFRA) | DHFL Branch Audit Misconduct Case under Section 132(4) of the Companies Act, 2013
Facts of the Case
DHFL was a listed housing finance company operating through
multiple branches across India.
NFRA initiated a suo motu Audit Quality Review (AQR) concerning
DHFL's statutory audit for FY...
National Financial Reporting Authority (NFRA) vs. CA Mathew Samuel (ICAI Membership No. 022301) – Professional Misconduct in DHFL Branch Audit Due to Invalid Appointment and Violations of Auditing Standards under Companies Act, 2013
Facts of the Case
DHFL, a listed housing finance company, was under scrutiny
following allegations of financial fraud involving substantial public
funds.
NFRA conducted an Audit Quality Review of DHFL’...
CA Lavitha Shetty vs National Financial Reporting Authority (NFRA) | Audit Failure in Coffee Day Group Fund Diversion Case under Section 132(4) of the Companies Act, 2013
Facts of the Case
MACEL was a Coffee Day Group entity engaged in agricultural
activities and controlled by the promoter family of Coffee Day Enterprises
Limited (CDEL).
Following investigations conducted...
National Financial Reporting Authority (NFRA) vs CA Pankaj Kumar (Engagement Partner, SRS Limited) – Professional Misconduct, Audit Failure, Going Concern Assessment Lapses and Violation of Companies Act, 2013
Facts of the Case
SRS Limited was under investigation by SFIO for suspected fraud and
financial irregularities.
CA Pankaj Kumar acted as the Engagement Partner of M/s SVP &
Associates, Joint St...
CA Naresh Kumar vs National Financial Reporting Authority (NFRA) | Professional Misconduct in Audit of SRS Ltd. under Section 132(4) of the Companies Act, 2013
Facts of the
CaseThe National Financial Reporting Authority (NFRA)
initiated proceedings against CA Naresh Kumar, Engagement Partner (EP) of M/s
Oswal Sunil & Company, the Joint Statutory Auditor of SRS Ltd. for t...
National Financial Reporting Authority (NFRA) v. CA Pankaj Kumar – Errata to NFRA Disciplinary Order under Section 132(4) of the Companies Act, 2013 and Rule 11(6) of the NFRA Rules, 2018
Facts of the CaseNFRA issued an order dated
21.04.2023 against CA Pankaj Kumar under its statutory disciplinary jurisdiction.
Subsequently, upon review, certain inadvertent errors relating to paragraph
references and ...
National Financial Reporting Authority (NFRA) vs M/s Sundaresha & Associates & CA C. Ramesh – Audit Failure, Independence Violation, Audit File Tampering and Professional Misconduct in Tanglin Developments Limited (Coffee Day Group) Audit under Section 132(4) of the Companies Act, 2013
Facts of the Case
Tanglin Developments Limited (TDL) was a subsidiary of Coffee Day
Enterprises Limited (CDEL).
SEBI investigations revealed diversion of approximately ₹3,535
crore from multiple Coffee...
National Financial Reporting Authority (NFRA) vs M/s Sundaresha & Associates & CA C. Ramesh | Audit Failure, Independence Violation, Audit File Tampering and Professional Misconduct in Tanglin Developments Limited Case under Section 132(4) of the Companies Act, 2013
Facts of the CaseThe matter arose from investigations conducted by
the Securities and Exchange Board of India (SEBI) concerning diversion of funds
amounting to approximately ₹3,535 Crores from several subsidiary comp...