Business

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.”

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Printable version | Jun 3, 2020 4:20:18 PM | https://www.thehindu.com/business/audit-firm-partner-fined-15-lakh/article30873551.ece

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