President of the Institute of Chartered Accountants of India (ICAI), Charanjot Singh Nanda knowledgeable Wednesday (June 18, 2025) that their overview of the monetary statements of Gensol Engineering, BluSmart Mobility and personal lender IndusInd Bank would take at least six months. Mr. Nanda elaborated that the financials of three entities are presently being evaluated by the regulating physique’s Financial Reporting Review Board (FRRB).
Further, the ICAI chief underlined that ought to the FRRB decide something suspicious, the matter can be referred to ICAI’s Disciplinary Committee for an in depth investigation. The latter is vested with the ability to, amongst different issues, both quickly or completely droop, or accord monetary penalties to the entity decided responsible.
Disciplinary committee bench to be fashioned quickly
Mr. Nanda knowledgeable the (judgement) bench of the disciplinary committee can be re-constituted “latest by Thursday (June 19, 2025) evening”. The tenure of the earlier bench had concluded sine die on February 11. The formation contains 4 benches of 5 members every inclusive of two members nominated by the Ministry of Corporate Affairs.
Imperative to observe, the disciplinary committee can also be investigating alleged auditing lapses of the edtech firm Byju’s. The matter would even be determined by one of many benches.
IndusInd, Gensol probe
ICAI had initiated a overview of IndusInd’s monetary statements and statutory auditor experiences for FY 2023-24 and 2024-25 in March this yr. The non-public lender had again then had knowledgeable a couple of discrepancy of their accounting for spinoff holdings. This was adopted by one other set of disclosures about accounting discrepancies of their microfinance loans section.
The regulating physique commenced their overview of Gensol Engineering April this yr amidst regulators’ actions towards the entity for allegedly having diverted enterprise funds raised for private purchases.
Published – June 18, 2025 06:53 pm IST
