Forensic Audits ordered for 3 more companies


Regulator Securities and Exchange Board of India (SEBI) has ordered an audit of three more firms

  1. Mumbai Based Indian Infotech and Software, which was also known as Indian Leasers Limited
  2. Kolkata Based Newever Trade Wings, which was also known as Newer Infrahomes
  3. Kolkata Based Shivom Investment and Consultancy, which was also known as G.Raj Financial Consultancy Services.

These three companies appeared in the 331 suspected shell companies list published by the regulator. SEBI, on August 7, had initiated action against the 331 suspected shell companies by ordering trading restrictions.

This has taken the total number of firms to 11 against which the SEBI has ordered an audit.

In three separate orders passed on September 21, SEBI said the regulator, prima facie, found evidence on misrepresentation by these companies and strong suspicion of misuse of books/funds by them.
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SOURCEBusiness Today
Apurva Joshi is the forensic accounting evangelist. She is the author of Students Handbook on Forensic Accounting, which is one of the only textbooks in India on the subject of forensic accounting. She is a director in Riskpro Management Consulting. As one of the leading women professionals she is appointed on the board of Quickheal and Rinder India as the Independent Director.