Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Professional Misconduct by CA - The NFRA found that the auditors neglected their duty to perform an independent and thorough audit. They overlooked critical signals of potential financial irregularities communicated by the previously resigned auditor and failed to investigate or challenge the company's management on these points. The auditors issued an audit report that included an EoM paragraph suggesting no significant issues under section 143(12) of the Companies Act, which was misleading given the substantial evidence to the contrary. A monetary penalty of ₹3 crore was imposed on M/s Pathak H.D. & Associates. - Separate penalties imposed on EP and EQCR Partners.
Professional Misconduct by CA - The NFRA found that the auditors neglected their duty to perform an independent and thorough audit. They overlooked critical signals of potential financial irregularities communicated by the previously resigned auditor and failed to investigate or challenge the company's management on these points. The auditors issued an audit report that included an EoM paragraph suggesting no significant issues under section 143(12) of the Companies Act, which was misleading given the substantial evidence to the contrary. A monetary penalty of ₹3 crore was imposed on M/s Pathak H.D. & Associates. - Separate penalties imposed on EP and EQCR Partners.
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