Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
The National Financial Reporting Authority (NFRA) held that the statutory auditors of Coffee Day Enterprises Limited (CDEL) committed professional misconduct u/s 132(4) of the Companies Act, 2013, due to diversion of funds and evergreening of loans/advances. The auditors failed to report fraudulent transactions, exercise due diligence, and comply with auditing standards and the Act, resulting in grossly misstated consolidated financial statements of CDEL. The NFRA imposed a monetary penalty of Rs 2 crore on the audit firm, Venkatesh & Co., Rs 10 lakh on the engagement partner (EP), CA D.V., and Rs 5 lakh on the engagement quality control review (EQCR) partner, CA D.G. Additionally, CA D.V. and CA D.G. were debarred for 10 years and 5 years, respectively, from being appointed as auditors or undertaking audits of companies.
The National Financial Reporting Authority (NFRA) held that the statutory auditors of Coffee Day Enterprises Limited (CDEL) committed professional misconduct u/s 132(4) of the Companies Act, 2013, due to diversion of funds and evergreening of loans/advances. The auditors failed to report fraudulent transactions, exercise due diligence, and comply with auditing standards and the Act, resulting in grossly misstated consolidated financial statements of CDEL. The NFRA imposed a monetary penalty of Rs 2 crore on the audit firm, Venkatesh & Co., Rs 10 lakh on the engagement partner (EP), CA D.V., and Rs 5 lakh on the engagement quality control review (EQCR) partner, CA D.G. Additionally, CA D.V. and CA D.G. were debarred for 10 years and 5 years, respectively, from being appointed as auditors or undertaking audits of companies.
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