DHFL NFRA

NFRA chairman Ajay Bhushan Pandey emphasized the audit committee's responsibility in ensuring accurate financial statements, even if auditors fail in their duty. He highlighted the need for meaningful communication between audit committees and audit...

The National Financial Reporting Authority (NFRA) has barred auditors of M/s Brightcom Group for up to ten years and imposed heavy monetary penalties on them, citing professional misconduct in auditing the company between FY20 and FY22.

The National Financial Reporting Authority (NFRA) has debarred auditor Ratan Laxminarayan Rathi of RL Rathi & Co for two years and imposed a penalty of Rs 3 lakh for professional misconduct in the audit of Bilcare. The financial statements of Bilcar...

In two separate orders, made public on Wednesday, the regulator has banned Jignesh Mehta for taking up audits for 10 years and Amit Vinay Chaturvedi for five years. A penalty of Rs 5 lakh has also been imposed on each of them. These are among the se...

The NFRA can also recommend accounting and auditing policies and standards to the government for adoption. Before it was set up, the Institute of Chartered Accountants of India (ICAI) had, more or less, exclusive jurisdiction over disciplining the a...

Granules India announced that the USFDA has approved its Abbreviated New Drug Application, filed by Granules Pharmaceuticals, a wholly owned foreign subsidiary of the company, for Sildenafil for Oral Suspension.

The National Company Law Appellate Tribunal has upheld the penalty imposed by the National Financial Reporting Authority (NFRA) on auditors of Dewan Housing Finance Corporation Ltd (DHFL). The NFRA had fined 18 DHFL auditors Rs 1 lakh each, with 14 ...

They have been barred from "being appointed as an auditor or internal auditor or from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate".

NFRA has already barred some auditors allegedly involved in the IL&FS crisis from undertaking fresh work, in addition to imposing fines on them, but its orders have been challenged by them at the Delhi high courts. In fact, the aggrieved auditors ha...

As reporting entities, professionals have to undertake KYC (know your customer) of all clients entering these transactions and maintain their records. This measure is going to influence the way these professionals undertake due diligence of transact...

As per the order, NFRA's investigation revealed that the appointment of none of the 33 branch auditors was approved at the Annual General Meeting (AGM) of DHFL, as required by the Companies Act. According to NFRA, the auditors also portrayed themsel...

Reeling out some of the steps taken in the recent past, he said the government decriminalised the company law defaults, permitted shifting of compoundable offences to an in-house education mechanism and cleared 72 amendments to the Companies Act, 20...