NFRA finds Reliance Capital's joint auditor guilty of professional misconduct for ignoring a fraud report, imposes penalties and debarments.
National Financial Reporting Authority (NFRA) finds Reliance Capital's joint auditor guilty of professional misconduct for ignoring Price Waterhouse (PW) report of suspected fraud involving Rs 12,571 crore in loans and investments in 2018-19. M/s Pathak H.D. & Associates, its auditors Parimal Kumar Jha and Vishal D Shah are debarred for 10 and 5 years, respectively, from auditing or internal auditing. NFRA imposed a Rs 3 crore penalty on the audit firm, Rs 1 crore on Jha, and Rs 50 lakh on Shah.
April 15, 2024
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