Sebi initiates forensic audits of 2 Future companies
06/08/2022
Mumbai, aug 5: The Securities and Exchange Board of India (Sebi) has initiated forensic audit into the financial statements of Future Retail (FRL) and Future Supply Chain Solutions (FSC) over concerns of improper disclosure of financial information.
The markets regulator has also appointed Chokshi & Chokshi LLP, a chartered accountant firm, as the forensic auditor, two Future Group companies informed the stock exchange in separate statements.
“The Sebi has reasonable grounds to believe that the disclosure of financial information and the business transactions in the matter of FRL have been dealt with in a manner which may be detrimental to the interest of the investors or the securities markets…,” Future Enterprises (FEL), one of the group companies said in a regulatory update.
“…an intermediary or a person associated with the securities market may have violated the provisions of the Sebi Act,” the regulatory filing said, quoting a letter it received from Sebi. The letter, an email, was addressed to FRL’s resolution professional, it added.
The audit is with respect to consolidated financial statements and account books of FRL and some other entities for the financial years ended March 2020, March 2021 and March 2022, it said.
Another group company FSC, in a separate statement said an audit of the company would also be conducted.
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