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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

18-AUG-2023

C.RAMESH
(M.No.: 022268)

SUNDARESHA & ASSOCIATES

NFRA

DID NOT DETECT EVERGREENING OF LOANS THROUGH STRUCTURED CIRCULAR TRANSACTIONS OF FUNDS

CONTINUED AUDIT ENGAGEMENT DISREGARDING INDEPENDENCE REQUIREMENTS

TAMPERED AUDIT FILE TO MISLEAD NFRA AND MAKING AUDIT FILE UNRELIABLE

DID NOT OBTAIN AND EXAMINE VALUATION REPORT OF �GLOBAL VILLAGE UNDERTAKING�

DID NOT APPROVE FINANCIAL STATEMENTS FROM BOARD OF DIRECTORS BEFORE SIGNED BY BOARD AND AUDITORS

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

DID NOT FORM OPINION AND REPORTING ON FINANCIAL STATEMENTS

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

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 26-05-2023 TO 25-05-2028

18-AUG-2023

18-AUG-2023

CHAITANYA G.DESHPANDE
(M.No.: 230802)

SUNDARESHA & ASSOCIATES

NFRA

03-AUG-2023

T.RAGHAVENDRA
(M.No.: 023806)

T.RAGHAVENDRA & ASSOCIATES

NFRA

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

MISUSED EMPHASIS OF MATTERS FOR ISSUING A MODIFIED AUDIT OPINION

ERRONEOUS APPLICATION OF FINANCIAL REPORTING FRAMEWORK BY THE COMPANY

DID NOT REPORT DEFERRED TAX ASSETS AS THERE WAS NO COMMENT IN THE AUDITOR�S REPORT

DID NOT REPORT OR ADDRESS ERRORS IN CASH FLOW STATEMENT

SIGNIFICANT ACCOUNTING POLICIES NOT AS PER APPLICABLE ACCOUNTING STANDARDS

01-AUG-2023

RIYA AGARWAL

SHEKHAR SHARAD & CO.

NFRA

ACCEPTED APPOINTMENT AS ENGAGEMENT OF QUALITY CONTROL REVIEW (EQCR) WITHOUT ENSURING ELIGIBILITY CRITERIA

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

DID NOT CONDUCT REVIEW OF THE WORK OF ENGAGEMENT TEAM (ET) IN ACCORDANCE WITH THE STANDARD ON ACCOUNTING

IMPOSED PENALTY RS.1,00,000

01-AUG-2023

01-AUG-2023

SHEKHAR SHARAD

SHEKHAR SHARAD & CO.

NFRA

IMPROPER ASSESSMENT OF APPROPRIATENESS OF USE OF GOING CONCERN BASIS OF ACCOUNTING

IMPROPER REPORTING OF GOING CONCERN BASIS IN INDEPENDENT AUDITOR�S REPORT

INCONSISTENCY IN AUDIT DOCUMENTATION

DID NOT DISCLOSE REPORT THE MATERIAL NON-COMPLIANCES BY CO.

DID NOT CONDUCT AUDIT IN ACCORDANCE WITH STANDARD ON AUDITING AND DID NOT ANALYSE AND REPORT APPROPRIATENESS OF USE OF GOING CONCERN IN PREPARATION OF FINANCIAL STATEMENTS

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

IMPOSED PENALTY RS.1,00,000

01-AUG-2023

28-JUL-2023

A.S.SUNDARESHA
(M.No.: 019728)

ASRMP & CO.

NFRA

DID NOT PERFORM APPROPRIATE AUDIT PROCEDURES TO EVALUATE AND MAINTAIN INDEPENDENCE

DID NOT ADHERE TO RESPONSIBILITIES RELATING TO AUDIT DOCUMENTATION

DID NOT REPORT FRAUDULENT DIVERSION OF FUNDS TO CENTRAL GOVERNMENT

DID NOT DETECT EVERGREENING OF LOANS THROUGH STRUCTURED CIRCULAR TRANSACTIONS OF FUNDS

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 PROFESSIONAL JUDGEMENT AND SKEPTICISM DURING AUDIT OF TRANSACTIONS RELATING TO SALE OF FRESH AND GROUND BUSINESS INVOLVING DIVERSION OF FUNDS

DID NOT PERFORM RISK ASSESSMENT PROCEDURES TO IDENTIFY, ASSESS AND RESPOND TO THE RISK OF MATERIAL MISSTATEMENTS DUE TO FRAUD IN THE AUDIT OF PROVISIONS MADE FOR SUPPLIER ADVANCES, DOUBTFUL DEBTS AND DOUBTFUL ADVANCE

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 13-05-2023 TO 12-05-2033

28-JUL-2023

28-JUL-2023

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

ASRMP & CO.

NFRA

27-JUL-2023

SACHIN KANSAL
(M.No.: 137191)

S.KANSAL & ASSOCIATES

NFRA

DID NOT REPORT NON-PROVISION OF INTEREST COSTS PERTAINING TO BORROWINGS FROM BANK AND NBFCS

DID NOT MAKE PROVISION FOR TRADE RECEIVABLES � UNSECURED, CONSIDERED DOUBTFUL

DID NOT REPORTWRONG ACCOUNTING OF DEFERRED TAX ASSETS

DID NOT REPORT NON-DISCLOSURE OF COST FORMULA FOR VALUATION OF INVENTORIES IN FINANCIAL STATEMENTS

DID NOT REPORT WRONG AMORTIZATION OF EXPENSES

DID NOT PREPARE FINANCIAL STATEMENTS IN FORMAT PROVIDED IN DIVISION I OF SCHEDULE III TO THE ACT.

DID NOT ASSEMBLE AUDIT FILE WITHIN SIXTY DAYS OF SIGNING OF AUDIT REPORT VIOLATING STANDARDS ON AUDITING 230

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

DID NOT APPOINT ENGAGEMENT OF QUALITY CONTROL REVIEWER (EQCR)

DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG)

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 27-08-2023 TO 26-08-2024

27-JUL-2023

28-JUN-2023

DEVANG DALAL
(M.No.: 109049)

NFRA

DID NOT MAKE DISCLOSURE OF OUTSTANDING CAPITAL ADVANCE OF RS.56.41 CRORE RECEIVABLE FROM RELATED PARTY VIZ MERINO SHELTERS PVT.LTD.

DID NOT REPORT NON-DISCLOSURE OF FULL PARTICULARS OF THE PURPOSE AND UTILISATION OF LOAN OF RS.8.47 CRORE FROM RELATED PARTY MERINO SHELTERS PVT.LTD.

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

DID NOT REPORT NON-DISCLOSURE BY MAN INDUSTRIES (INDIA) LTD. OF PLEDGING OF EQUITY SHARES OF ITS SUBSIDIARY MERINO SHELTERS PVT.LTD. OF RS.102.30 CRORE FOR OBTAINING CREDIT FACILITIES FROM SOUTH INDIAN BANK

DID NOT REPORT NON-DISCLOSURE OF CREDIT RISK PROFILE OF TRADE RECEIVABLES

DID NOT REPORT NON-CONSOLIDATION OF SUBSIDIARY

DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE IN RESPECT OF NUMBER OF MATERIAL ACCOUNT BALANCES AND TRANSACTIONS

DID NOT CHALLENGE MANAGEMENT DECISION OF RECOGNIZING ONLY A SMALL AMOUNT OF IMPAIRMENT LOSS ALLOWANCES IN RESPECT OF TRADE RECEIVABLES

DID NOT PREPARE AUDIT DOCUMENTS AS PER STANDARDS ON AUDITING 230

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

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

DID NOT DESIGN AND IMPLEMENT AUDITOR�S RESPONSE TO ASSESSED RISKS

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

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

DID NOT PERFORM AUDIT PROCEDURE IN RESPECT OF IDENTIFICATION AND ASSESSMENT OF RISK OF MATERIAL MISSTATEMENT VIOLATING STANDARDS ON AUDITING 315

DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG)

12-JUN-2023

GAUTAM GUHA

G.BASU & CO.

NFRA

MADE INCORRECT REPORTING OF OUTSTANDING LIABILITY ARISING OUT OF FOREIGN CURRENCY LOAN IN MATTER OF NICCOUCO ALLIANCE CREDIT LTD.

DID NOT REPORTIMPROPER ACCOUNTING OF ASSETS GIVEN ON FINANCE LEASE IN MATTER OF NICCOUCO ALLIANCE CREDIT LTD.

DID NOT REPORT BREAKUP OF TRADE RECEIVABLES OF RS.2.95 CRORE INTO OUTSTANDING AMOUNT OF MORE THAN SIX MONTHS AND LESS THAN SIX MONTHS IN MATTER OF NICCOUCO ALLIANCE CREDIT LTD.

DID NOT REPORT THAT DEPRECIATION SCHEDULE DID NOT MENTION ADJUSTMENT/ADDITIONS/DEDUCTIONS IN GROSS BLOCK AND DEPRECIATION FOR PREVIOUS YEAR 2014-15 IN MATTER OF NICCOUCO ALLIANCE CREDIT LTD.

DID NOT REPORT MISMATCH IN INVESTMENT SCHEDULE IN FINANCIAL STATEMENTS IN MATTER OF NICCOUCO ALLIANCE CREDIT LTD.

DID NOT DETERMINE MATERIALITY AND PERFORMANCE MATERIALITY IN STATUTORY AUDIT VIOLATING STANDARDS ON AUDITING 320 IN MATTER OF NICCOUCO ALLIANCE CREDIT LTD.

IMPOSED PENALTY RS.1,00,000

12-JUN-2023

30-MAY-2023

C.RAMESH
(M.No.: 022268)

SUNDARESHA & ASSOCIATES

NFRA

DID NOT PERFORM APPROPRIATE AUDIT PROCEDURES TO EVALUATE AND MAINTAIN INDEPENDENCE IN MATTER OF GIRI VIDHYUT (INDIA) LTD.

DID NOT EXERCISE PROFESSIONAL SKEPTICISM AND JUDGEMENT WHILE PERFORMING AUDIT OF GIRI VIDHYUT (INDIA) LTD.

DID NOT PERFORM AUDIT WITH PROFESSIONAL SKEPTICISM AND DID NOT PERFORM RISK ASSESSMENT PROCEDURES TO IDENTIFY, ASSESS AND RESPOND TO RISK OF MATERIAL MISSTATEMENT IN FINANCIAL STATEMENTS DUE TO FRAUDULENT DIVERSION OF RS.520 CRORE, UNDERSTATEMENT OF RELATED PARTY LOAN BY RS.350 CRORE AND EVERGREENING OF LOANS IN MATTER OF GIRI VIDHYUT (INDIA) LTD.

DID NOT EVALUATE MANAGEMENT�S ASSESSMENT OF THE ENTITY�S ABILITY TO CONTINUE AS GOING CONCERN IN MATTER OF GIRI VIDHYUT (INDIA) LTD.

DID NOT REPORT MATERIAL MIS-STATEMENT OF RS.325 CRORE IN CASH FLOW STATEMENT OF GIRI VIDHYUT (INDIA) LTD.

DID NOT ENSURE FINANCIAL STATEMENTS OF GIRI VIDHYUT (INDIA) LTD. APPROVED BY BOARD OF DIRECTORS AND SIGNED BY THE DIRECTORS AUTHORIZED

DID NOT CONSIDER MATERIAL MISSTATEMENTS OF RS.1776.16 CRORE WHILE MAKING AUDIT CONCLUSIONS AND FORMING AUDIT OPINION VIOLATING STANDARDS ON AUDITING 700

DID NOT ASSEMBLE AUDIT FILE WITHIN SIXTY DAYS OF SIGNING OF AUDIT REPORT VIOLATING STANDARDS ON AUDITING 230

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 DEVELOP AND DOCUMENT THE AUDIT PLAN AND AUDIT STRATEGY THAT SET THE SCOPE, TIMING AND DIRECTION OF AUDIT VIOLATING STANDARDS ON AUDITING 300

DID NOT ENSURE MATERIAL INCONSISTENCY BETWEEN OTHER INFORMATION IN ANNUAL REPORT AND FINANCIAL STATEMENTS VIOLATING STANDARDS ON AUDITING 720

DID NOT ADHERE TO RESPONSIBILITIES RELATING TO AUDIT ENGAGEMENT VIOLATING STANDARDS ON QUALITY CONTROL (SQC)

30-MAY-2023

CHAITANYA G.DESHPANDE
(M.No.: 230802)

SUNDARESHA & ASSOCIATES

NFRA

19-MAY-2023

RAKESH PURI
(M.No.: 092728)

Y.D.& CO.

NFRA

DID NOT EVALUATE ACCOUNTING POLICY RELATING TO RECOGNITION OF REVENUE

DID NOT EVALUATE RISK OF FRAUD IN REVENUE RECOGNITION

DID NOT CHECK CONTRACT NOTES OF COMMODITY TRADES

DID NOT PLAN AUDIT AND DID NOT UNDERSTAND ENTITY AND ITS ENVIRONMENT

DID NOT VERIFY BALANCES OF DEBTORS AND CREDITORS

DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG)

DID NOT APPOINT ENGAGEMENT OF QUALITY CONTROL REVIEWER (EQCR)

DID NOT MAKE DISCLOSURE OF MATERIAL MISSTATEMENTS IN AUDIT REPORT

28-APR-2023

HEMANT KHATOR
(M.No.: 117596)

GSV & CO.

NFRA

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

DID NOT IDENTIFY RELATED PARTY AND/OR RELATED PARTY TRANSACTIONS

DID NOT OBTAIN EXTERNAL CONFIRMATION OF FOR TRADE RECEIVABLES AND TRADE PAYABLES

DID NOT PLAN AUDIT AND DID NOT UNDERSTAND ENTITY AND ITS ENVIRONMENT

DID NOT IDENTIFY AND COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG) VIOLATING PARAS 11 AND 14 TO 16 AND STANDARDS ON AUDITING 260 AND 265

DID NOT REPORT NON-COMPLIANCE WITH LAWS AND REGULATIONS

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

DID NOT DOCUMENT SAMPLING METHODOLOGY ADOPTED FOR SUBSTANTIVE TESTING VIOLATING PARA 1 OF STANDARDS ON AUDITING 500

DID NOT OBTAIN ENGAGEMENT QUALITY REVIEW VIOLATING STANDARDS ON AUDITING 220

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 28-05-2023 TO 27-05-2025

28-APR-2023

28-APR-2023

NARAYAN PRASAD SWAMI
(M.No.: 409759)

AGARWAL JAIN & GUPTA

NFRA

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

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

DID NOT OBTAIN EXTERNAL CONFIRMATION OF FOR TRADE RECEIVABLES AND TRADE PAYABLES

DID NOT REPORT NON-PROVISIONING OF DOUBTFUL DEBTS

DID NOT PLAN AUDIT AND DID NOT UNDERSTAND ENTITY AND ITS ENVIRONMENT

DID NOT IDENTIFY AND COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG) VIOLATING PARAS 11 AND 14 TO 16 AND STANDARDS ON AUDITING 260 AND 265

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

DID NOT DOCUMENT SAMPLING METHODOLOGY ADOPTED FOR SUBSTANTIVE TESTING VIOLATING PARA 1 OF STANDARDS ON AUDITING 500

DID NOT OBTAIN ENGAGEMENT QUALITY REVIEW VIOLATING STANDARDS ON AUDITING 220

26-APR-2023

C.RAMESH
(M.No.: 022268)

SUNDARESHA & ASSOCIATES

NFRA

DID NOT PERFORM APPROPRIATE AUDIT PROCEDURES TO EVALUATE AND MAINTAIN INDEPENDENCE IN MATTER OF TANGLIN DEVELOPMENTS LTD.

TEMPERED AUDIT FILE WITHOUT VALID REASON AND MADE AUDIT FILE UNRELIABLE IN MATTER OF TANGLIN DEVELOPMENTS LTD.

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

DID NOT REPORT FRAUDULENT LOAN TRANSACTIONS WITH MYSORE AMALGAMATED COFFEE ESTATE LTD. AND EVERGREENING OF LOANS THROUGH STRUCTURED CIRCULATION OF FUNDS

DID NOT EXERCISE PROFESSIONAL SKEPTICISM AND JUDGEMENT AND DID NOT PERFORM RISK ASSESSMENT PROCEDURE WHILE PERFORMING AUDIT OF INTEREST INCOME OF RS.76.84 CRORE RECEIVED/RECEIVABLE FROM MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT EXERCISE PROFESSIONAL SKEPTICISM AND JUDGEMENT AND DID NOT PERFORM RISK ASSESSMENT PROCEDURE WHILE PERFORMING AUDIT OF LOAN RS.507.05 CRORE GIVEN TO GIRI VIDHYUT (INDIA) LTD.

DID NOT EXERCISE PROFESSIONAL SKEPTICISM AND JUDGEMENT AND DID NOT PERFORM RISK ASSESSMENT PROCEDURE WHILE PERFORMING AUDIT OF LOAN TRANSACTIONS RS.1743.42 CRORE GIVEN TO TANGLIN RETAIL REALITY DEVELOPMENTS PVT.LTD.

DID NOT EXERCISE PROFESSIONAL SKEPTICISM AND JUDGEMENT AND DID NOT PERFORM RISK ASSESSMENT PROCEDURE WHILE PERFORMING AUDIT OF FRAUDULENT DIVERSION OF FUNDS IN GARB OF LAND ADVANCE OF RS.415 CRORE GIVEN TO RELATED PARTIES

25-APR-2023

LAVITHA SHETTY
(M.No.: 220473)

LAVITHA & ASSOCIATES

NFRA

DID NOT UNDERSTAND NATURE OF BUSINESS OF MYSORE AMALGAMATED COFFEE ESTATE LTD. IN AUDIT RELATING TO FRAUDULENT DIVERSION OF FUNDS

DID NOT DETECT EVERGREENING OF LOANS THROUGH STRUCTURING CIRCULAR TRANSACTIONS OF FUNDS

DID NOT PERFORM RISK ASSESSMENT PROCEDURE AND ANALYTICAL PROCEDURE AND DID NOT EXERCISE PROFESSIONAL SKEPTICISM IN RESPECT OF INAPPROPRIATE RECOGNITION OF AS CORRESPONDING BORROWINGS WERE NOT USED FOR BUSINESS ACTIVITY OF MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT REPORT MATERIAL MIS-STATEMENT IN CASH FLOW STATEMENT OF MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT EVALUATE APPROPRIATENESS OF CONTINGENT LIABILITIES AND CREATION OF CHARGES ON THE ASSETS OF MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT CONSIDER MATERIAL MIS-STATEMENTS WHILE MAKING AUDIT CONCLUSIONS AND FORMING AUDIT OPINION OF MYSORE AMALGAMATED COFFEE ESTATE LTD.

DID NOT ADHERE TO PARA 2 OF STANDARDS ON AUDITING 220 AND PARA 3 OF STANDARDS ON QUALITY CONTROL WHICH STIPULATES THAT QUALITY CONTROL SYSTEMS, POLICIES AND PROCEDURES ARE RESPONSIBILITY OF THE AUDIT FIRM IN MATTER OF MYSORE AMALGAMATED COFFEE ESTATE LTD.

21-APR-2023

NARESH KUMAR
(M.No.: 085238)

OSWAL SUNIL & CO.

NFRA

DID NOT GIVE APPROPRIATE AUDIT OPINION

DID NOT ADHERE TO RESPONSIBILITIES RELATING TO AUDIT DOCUMENTATION

SUBMITTED FALSE AND MISLEADING STATEMENTS RELATED TO ENGAGEMENT OF QUALITY CONTROL REVIEW (EQCR) PARTNER

DID NOT ADHERE TO RESPONSIBILITIES RELATING TO FRAUD/SUSPECTED FRAUD AS REQUIRED BY PARAS 16 AND 24 OF STANDARDS ON AUDITING 240

DID NOT ADHERE TO RESPONSIBILITIES RELATING TO JOINT AUDIT AS REQUIRED BY PARAS 2 AND 3 OF STANDARDS ON AUDITING 299

DID NOT DEVELOP AND DOCUMENT THE AUDIT PLAN AND AUDIT STRATEGY THAT SET THE SCOPE, TIMING AND DIRECTION OF AUDIT VIOLATING STANDARDS ON AUDITING 300

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

DID NOT REPORT NON-COMPLIANCE WITH IND STANDARDS ON AUDITING 36 IMPAIRMENT OF ASSETS

DID NOT EVALUATE PROPERTY, PLANT AND EQUIPMENT AS REQUIRED BY PARAS 6, 15 AND 16 OF STANDARDS ON AUDITING 200 AND 500

DID NOT PERFORM DUTIES WITH RESPECT TO UNUSUAL TRANSACTIONS VIOLATING PARA 28 OF STANDARDS OF ACCOUNTING 315 AND PARA 16 OF STANDARDS OF ACCOUNTING 550 AND PARA 32(C) OF STANDARDS ON AUDITING 240

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

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 21-05-2023 TO 20-05-2026

21-APR-2023

21-APR-2023

PANKAJ KUMAR
(M.No.: 091822)

SVP & ASSOCIATES

NFRA

DID NOT ADHERE TO RESPONSIBILITIES RELATING TO FRAUD/SUSPECTED FRAUD AS REQUIRED BY PARAS 16 AND 24 OF STANDARDS ON AUDITING 240

DID NOT ADHERE TO RESPONSIBILITIES RELATING TO AUDIT DOCUMENTATION

DID NOT GIVE APPROPRIATE AUDIT OPINION

DID NOT DEVELOP AND DOCUMENT THE AUDIT PLAN AND AUDIT STRATEGY THAT SET THE SCOPE, TIMING AND DIRECTION OF AUDIT VIOLATING STANDARDS ON AUDITING 300

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

SUBMITTED FALSE AND MISLEADING STATEMENTS RELATED TO ENGAGEMENT OF QUALITY CONTROL REVIEW (EQCR) PARTNER

DID NOT ADHERE TO RESPONSIBILITIES RELATING TO JOINT AUDIT AS REQUIRED BY PARAS 2 AND 3 OF STANDARDS ON AUDITING 299

DID NOT EVALUATE PROPERTY, PLANT AND EQUIPMENT AS REQUIRED BY PARAS 6, 15 AND 16 OF STANDARDS ON AUDITING 200 AND 500

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

13-APR-2023

HARISH KUMAR T.K.
(M.No.: 212219)

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.

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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