I found these incidents of importance while digging for red flags…
- There was a spat between the management and auditor when the auditor had asked for an investigation over the firm’s merger with CCAvenue and an investigation over a statement on the same.
- The firm sacked the auditor with allegations of sharing price sensitive information.
- The auditor said the firm did not maintain proper records of assets.
- There was a case of insider trading for which Sebi barred three entities from the capital markets for one year.