Audit firm VCG & Company fined ₹15 lakh

The Securities and Exchange Board of India (SEBI) has penalised audit firm VCG & Company and its partner Vishal Chandra Gupta for alleged misleading disclosures with respect to the utilisation of issue proceeds of Tarini International, which came out with an initial public offer in 2014.

The capital markets regulator has imposed a monetary penalty of ₹15 lakh on the audit firm and its partner.

As per the market regulator’s order, VCG & Company, the statutory auditor for the company, issued a utilisation certificate even as the “actual utilisation of IPO proceeds was significantly different from the certificate issued by VCG and the utilisation certificate did not carry any qualifications in spite of the fact he had access to the bank statements and books of accounts of the company.”

A letter from the Editor

Dear reader,

We have been keeping you up-to-date with information on the developments in India and the world that have a bearing on our health and wellbeing, our lives and livelihoods, during these difficult times. To enable wide dissemination of news that is in public interest, we have increased the number of articles that can be read free, and extended free trial periods. However, we have a request for those who can afford to subscribe: please do. As we fight disinformation and misinformation, and keep apace with the happenings, we need to commit greater resources to news gathering operations. We promise to deliver quality journalism that stays away from vested interest and political propaganda.

Support Quality Journalism
Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Jun 3, 2020 4:20:18 PM |

Next Story