Key Points
Two of Anil Ambanis Reliance Group are under the scanner of National Financial Reporting Authority (NFRA) for irregularities in the accounts...
According to a report in Times of India, NFRA has banned the auditors of Reliance Home Finance and Reliance Commercial Finance, as well as the firms, and has also levied a penalty for irregularities in their accounts for 2018-19 period..
Both the companies had appointed new auditors after Price Waterhouse auditors resigned suspecting fraud.. Reliance Home Finance auditor Dhiraj & Dheerak has been fined Rs 1 crore, and the chartered accountants and partners at the firm Piyush Patni and Pawan Kumar Gupta, have also been penalised..
Reliance Commercial Finance auditor Shridhar & Associates has been fined Rs 2 crore penalty, and engagement partner Ajay Vastani has been barred for five years, along with a Rs 50 lakh fine..
NFRA said that the auditor accepted the companys legal interpretation that there was no fraud, and based on that dismissed any suspicions of fraud even while the matter was pending with the ministry of corporate affairs...
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