I exited 4 years back.Last year Deloitte has made scathing reference to how they were prevented from looking at subsidiary accounts,very strong indications of fraud in the group and they have put in writing all the concerns.They were not even shown the report of findings of forgery as alleged by the previous auditor.
They resign.Their fees Rs45 lacs.New auditor appointed with a fees if Rs4.5 lacs.
The new LODR rules stipulate that the statutory auditory should review the subsidiary co results every qtr and every year. But the new auditor just makes a passing reference that the management is responsible for the accounts and the subsidiaries are audited by respective auditors.All the financial frauds are in the subsidiaries,which are unlisted.
All shares are held by retailers/ public and I wonder how they are hoping to make money.
Every year I read the AR to see the revelations and concealment- by the management and auditors.
I am sure the mgt will not be able to raise money again and wondering - even if the business is genuine- how they will grow it.
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