Latest news with #FRRB
The Print
30-05-2025
- Business
- The Print
ICAI to review financial statements of IndusInd Bank
'It has been decided in the FRRB Board meeting today that FRRB of ICAI will undertake the review of the financial statements and the statutory auditor's reports of the IndusInd Bank Limited for the financial years 2023–24 and 2024–25,' ICAI President Charanjot Singh Nanda told PTI on Thursday. The institute's Financial Reporting Review Board (FRRB) will carry out the review. New Delhi, May 29 (PTI) The Institute of Chartered Accountants of India (ICAI) will review fraud-hit IndusInd Bank's financial statements for 2023-24 and 2024-25. FRRB conducts the review of financial statements of companies to assess compliance with Accounting Standards, Standards on Auditing, Schedule II and III of the Companies Act, 2013, among others. Also, FRRB assesses compliance with various guidance notes on accounting and auditing, and master circulars/directions issued by the Reserve Bank of India (RBI). Starting with a March 10 disclosure about a potential hit to the net worth because of incorrect recognition of derivative trades over the last two years, the last two months have been tumultuous for IndusInd Bank. In March, the bank reported a Rs 1,979 crore accounting lapse in its derivative portfolio, followed by its internal audit review finding Rs 674 crore incorrectly recorded as interest from microfinance business, besides a Rs 595 crore 'unsubstantiated balances' in 'other assets' of balance sheet. On Wednesday, markets regulator Sebi barred former CEO of IndusInd Bank, Sumant Kathpalia, and four other senior officials from accessing the securities markets in connection with an alleged insider trading in the bank's shares. PTI RAM NKD BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Mint
29-05-2025
- Business
- Mint
IndusInd Bank crisis: ICAI to review financial statements of fraud-hit private lender for FY24, FY25
The Institute of Chartered Accountants of India (ICAI) will review fraud-hit IndusInd Bank's financial statements for 2023-24 and 2024-25. The institute's Financial Reporting Review Board (FRRB) will carry out the review. "It has been decided in the FRRB Board meeting today that FRRB of ICAI will undertake the review of the financial statements and the statutory auditor's reports of the IndusInd Bank Limited for the financial years 2023–24 and 2024–25," ICAI President Charanjot Singh Nanda told PTI on Thursday. FRRB conducts the review of financial statements of companies to assess compliance with Accounting Standards, Standards on Auditing, Schedule II and III of the Companies Act, 2013, among others. FRRB assesses compliance with guidance notes on accounting and auditing, and master circulars/directions issued by the Reserve Bank of India (RBI). Starting with a March 10 disclosure about a potential hit to the net worth because of incorrect recognition of derivative trades over the last two years, the last two months have been tumultuous for IndusInd Bank. In March, the bank reported a ₹ 1,979 crore accounting lapse in its derivative portfolio, followed by its internal audit review finding ₹ 674 crore incorrectly recorded as interest from microfinance business, besides a ₹ 595 crore 'unsubstantiated balances' in 'other assets' of balance sheet. On Wednesday, markets regulator Sebi barred former CEO of IndusInd Bank, Sumant Kathpalia, and four other senior officials from accessing the securities markets in connection with an alleged insider trading in the bank's shares. IndusInd Bank reported a net loss of ₹ 2,328.9 crore on a consolidated basis for the fourth quarter ended March 31, 2025, mainly on account of higher provisioning and lower income. The private sector bank has been embroiled in accounting lapses, fraud in microfinance portfolio and balance sheet disclosures during the March quarter of FY'25, which triggered an internal audit review, top-level resignations, and a forensics probe. The bank had a consolidated net profit of ₹ 2,349.15 crore in the March quarter of 2023-24. The bank has made provisioning of ₹ 2,522 crore during the March quarter of FY25, up from ₹ 950 crore provisioning made in the corresponding period in FY'24. Bank's interest income during the quarter fell 13 per cent to ₹ 10,634 crore from ₹ 12,199 crore in the March quarter of FY'24. For the full 2024-25 fiscal, IndusInd Bank reported over 71 per cent drop in net profit to ₹ 2,576 crore. In FY'24, the bank had a net profit of ₹ 8,977 crore.
Time of India
29-05-2025
- Business
- Time of India
ICAI to review IndusInd Bank's financial statements for amid fraud concerns
The Institute of Chartered Accountants of India (ICAI) will review private lender IndusInd Bank's financial statements for the financial years 2023–24 and 2024–25 in the wake of recent fraud allegations , reported PTI citing ICAI President Charanjot Singh Nandal on Thursday. The move comes amid concerns over accounting discrepancies recently disclosed by the private lender in its foreign exchange derivative portfolio . ET had reported in March that ICAI was likely to take suo motu cognisance of the issue. According to the previous ET report, the review will be undertaken by the Financial Reporting Review Board (FRRB), a body within ICAI tasked with promoting transparent and compliant financial reporting. Nanda had told ET the FRRB could refer the matter to ICAI's disciplinary committee if it finds that the bank's financials are not 'true and fair' as per prescribed standards. Established in 2002, the FRRB's role is to improve financial reporting standards and ensure investor confidence by scrutinising the accuracy of published financial statements and the reporting conduct of auditors. Its findings can trigger disciplinary action if serious lapses are uncovered. Live Events IndusInd Bank has admitted to discovering discrepancies during an internal audit of its derivative transactions spanning over seven to eight years, up to FY24. The bank estimated the irregularities could impact its net worth by around 2.35% as of December 2024, translating to a financial hit of approximately Rs 1,600 crore post-tax and Rs 2,100 crore pre-tax. While the bank has assured investors it has sufficient capital reserves to absorb the losses, its stock has plunged significantly since the disclosure.
The Hindu
06-05-2025
- Business
- The Hindu
Corporate Affairs Ministry orders probe against Gensol Engineering, BluSmart
The Corporate Affairs Ministry has ordered a probe into the affairs of crisis-hit Gensol Engineering and BluSmart Mobility for alleged violations of companies law, according to officials. Gensol Engineering came under the regulatory scanner for alleged fund diversions and corporate governance lapses after SEBI, in April, passed an order barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations. BluSmart Mobility, which offers ride-hailing services, is promoted by Anmol Singh Jaggi. The officials on Tuesday said the ministry ordered an investigation against the companies last week under Section 210 of the Companies Act, 2013. Under Section 210, the ministry has powers to order a probe into the affairs of a company on various grounds, including in public interest. Earlier, the Ministry had said it would take necessary action in the matter after examining the Sebi order. The order by the Securities and Exchange Board of India (SEBI), on April 15, came against the Gensol promoters amid accusations of siphoning off loan funds from their publicly-listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial misconduct. Meanwhile, the Institute of Chartered Accountants of India (ICAI) is likely to complete the review of the financial statements of Gensol Engineering Ltd and BluSmart Mobility in six months. ICAI's Financial Reporting Review Board (FRRB) is reviewing the financial statements of the two companies for the financial year 2023-24. FRRB conducts the review of financial statements of companies to assess compliance with Accounting Standards, Standards on Auditing, Schedule II and III of the Companies Act, 2013, among others. Also, FRRB assesses compliance with various guidance notes on accounting and auditing, and master circulars/directions issued by the Reserve Bank of India (RBI). Gensol is also being probed by the Enforcement Directorate (ED).
Time of India
04-05-2025
- Business
- Time of India
ICAI likely to complete review of Gensol Engg, BluSmart Mobility's fin statements in 6 months
New Delhi: Chartered accountants' apex body ICAI is likely to complete the review of the financial statements of crisis-hit Gensol Engineering Ltd and BluSmart Mobility in six months, according to officials. ICAI's Financial Reporting Review Board (FRRB) is reviewing the financial statements of the two companies for the financial year 2023-24. Institute of Chartered Accountants of India (ICAI) officials on Saturday said the review of the financial statements is expected to be completed in six months. Gensol Engineering has come under the regulatory scanner for alleged fund diversions and governance lapses, with regulator Sebi , last week, barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations. BluSmart Mobility, which offers ride-hailing services, is promoted by Anmol Singh Jaggi. FRRB conducts the review of financial statements of companies to assess compliance with Accounting Standards , Standards on Auditing, Schedule II and III of the Companies Act, 2013, among others. Also, FRRB assesses compliance with various guidance notes on accounting and auditing, and master circulars/directions issued by the Reserve Bank of India (RBI). In case serious accounting irregularities are found in the financial statements, the matter will be referred to ICAI's Director Discipline for a detailed probe and also to the relevant regulatory bodies. Sebi's order on April 15 came against the Gensol promoters amid accusations of siphoning off loan funds from their publicly-listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial misconduct. On April 21, the Corporate Affairs Ministry told PTI that it would take necessary action in the Gensol Engineering matter after examining market regulator Sebi's order against the company.
