FORENSIC AUDIT
CBI books Kishore Biyani and FRL in ₹904 crore SBI fraud case
The CBI has registered a case against Future Retail Ltd and its promoters. This is due to the alleged defrauding of State Bank of India amounting to ₹904.32 crore. The FIR was filed following a complaint from SBI on October 9, and a forensic audit was conducted. Multiple premises linked to the promoters were searched, leading to the seizure of documents.
Rs. 400 crore of ‘cash’ that existed only on paper: Not for the first time, nor will it be the last
When something is wrong inside a company, the people running it know first. The auditors may sense it next. A regulator might confirm it years later, in an order the public finally gets to read. The ordinary shareholder sits at the very end of that queue, usually learning the truth only after the share price has already delivered its verdict. The value of reading the accounts closely is simple: It is the one way to move a little higher up that queue, while there is still time to act.
Largescale cyberattacks test the limits of insurance cover
While businesses rush to enhance their cyber insurance cover, the incidents have triggered a debate over whether existing policies adequately cover emerging cyber risks. The biggest question insurers are policyholders seem to be confronting is: who pays when a vulnerability exposes thousands of organisations to the same threat?
Rs. 15 lakh crore of revenue, questioned by authorities – and the real worry was where the cash went
A company can report a loan, an advance, or an investment even after the cash has moved beyond its control. Sometimes the explanation is legitimate. Sometimes the money has been used for a purpose shareholders never approved. How does this happen?
CBI books IL&FS Energy, executives in alleged Rs 212 crore Canara Bank loan fraud case
The Central Bureau of Investigation has registered a case against IL&FS Energy Development Company and its executives over loan fraud. This case involves an alleged loss of Rs 212.34 crore linked to Canara Bank. The fraud stems from loans sanctioned by Syndicate Bank that were reportedly diverted from their intended projects. CBI conducted searches at multiple locations and seized various important documents related to the case.
NHB appoints forensic auditor for SRG Housing Finance
The National Housing Bank (NHB) has appointed ASA & Associates LLP to conduct a forensic audit of SRG Housing Finance amid allegations of fictitious loan accounts worth ₹300–400 crore, repayment record manipulation and possible fund diversion. The investigation will examine loan disbursements, borrower identities, asset classifications and fund usage, with findings potentially shaping regulatory action and the lender’s financial outlook.
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RBI asks banks, payment firms to forensically clear tech environments in case of a data breach
The RBI has asked financial entities to remove management and administrative interfaces from public internet access, enforce multi-factor authentication for administrative access, and restrict access to cloud and backend systems on a least-privilege basis. The measures include auditing source code, repositories, configuration files, client applications and cloud storage for exposed credentials, and immediately rotating and purging compromised credentials.
Stocks in news: Reliance Industries, Eternal, Alkem Labs, BEL, HPCL, Swiggy and GMDC
Indian markets witnessed a downturn on Wednesday, prompted by significant selling in banking stocks. After showing initial promise, the Nifty 50 index dropped by 77.60 points to close at 22,811.35. Reliance Industries celebrated a reaffirmation from ICRA concerning its non-convertible debenture program, valued at Rs 12,000 crore. Eternal also reported impressive year-on-year growth in Q2 revenue and net profits.
Supreme Court dismisses appeals by DCB Bank and UBS against Fortis audit
The Supreme Court recently dismissed appeals by DCB Bank and UBS Management Services regarding a forensic audit. This audit pertains to transactions linked to Fortis Healthcare and its former promoters. The audit was initially ordered by the Delhi High Court on August 31. The court emphasized that the audit was not a broad investigation into bank affairs. The ruling is significant in the ongoing arbitration case with Daiichi Sankyo.
A simple accounting trick used by companies to manipulate net profit and take investors for a ride
A company may report profits for years, only to reveal later that some figures were wrong. Accounting rules require companies to correct mistakes from earlier years, but how they do so can change the picture of their profitability. Sometimes, old losses are recorded years later or kept outside regular profits. Therefore it becomes imperative for investors to understand how past accounting errors are corrected, how the process can be misused, and what they should watch for.
National Housing Bank likely to double affordable housing outlay for HFCs this fiscal
National Housing Bank plans to double the refinance and affordable housing funds for large housing finance companies. These funds will be available to companies seeking long-term and cheaper financing options. LIC Housing Finance, Bajaj Housing Finance, and others are likely to benefit from this increase. The funding is expected to help reduce reliance on banks while promoting growth in housing loans.
Bajaj Finserv to rope in ex-GIC re chief for reinsurance venture
Bajaj Finserv is preparing to enter the reinsurance sector with the appointment of N Ramaswamy Narayanan. The former chairman of GIC Re brings over thirty years of reinsurance experience to the role. This strategic move aims to strengthen the Bajaj Group's existing insurance operations through a new subsidiary focused on reinsurance.
National Housing Bank set to conduct forensic audit of SRG Housing Finance
Amid growing concerns over dubious lending practices, the National Housing Bank has initiated a forensic audit of SRG Housing Finance. This scrutiny will investigate allegations of fictitious loans, including unsupported accounts and discrepancies in repayment records. Auditors will delve into consumer data and loan origination processes to uncover any fraudulent activity, building on earlier findings that flagged possible fictitious loans ranging from ₹300 to ₹400 crore.
‘Cash flow statement can't lie’ is the most expensive assumption in the stock market. That number can be dressed up too
The cash-flow statement is supposed to be honest, the place you see whether a company is really making money or merely reporting it. But a strong cash number can still hide a weak business: In more troubling cases, money may move between connected companies, making cash flow look stronger than it is. This story explains how to assess cash flow, what can shape it, and the warning signs investors should watch for.
SC upholds HC order, clarifies scope of Fortis forensic audit
The Supreme Court maintained the Delhi HC's directive for a forensic audit of certain banking transactions. This audit specifically concerns transactions involving Fortis Healthcare Ltd and its former promoters. The audit aims to examine transactions related to the erosion of shareholding in Fortis Healthcare.
IHH plans to raise Fortis stake to 51%, expand capacity to 10,000 beds by 2031
IHH Healthcare aims to raise its stake in Fortis Healthcare to 51 percent within three to five years. The company intends to increase Fortis' total capacity to around 10,000 beds by 2031. This decision follows a Supreme Court ruling concerning a forensic audit of Fortis. IHH confirmed it was not involved in ongoing disputes between Fortis and prior management.
SC draws the line on Fortis audit, says no ‘fishing and roving’ probe into banks
The Supreme Court clarified the forensic audit's focus is on Fortis Healthcare Holdings Private Limited and the Singh Brothers. This audit is not a broad inquiry into the dealings of other banks. The court highlighted the audit relates specifically to transactions between FHHPL, FHL, and banks involved. The clarification came in response to a prior ruling by the Delhi High Court.
India's top court disposes of Fortis' petition against IHH Healthcare unit
Malaysia's IHH Healthcare said on Monday that India's top court has disposed of Fortis Healthcare's petition challenging a court-ordered forensic audit relating to a stake purchase by an IHH Healthcare unit in the Indian healthcare provider.
Fortis Healthcare shares in focus as Supreme Court allows forensic audit to proceed
Fortis Healthcare shares will be in focus after the Supreme Court allowed a forensic audit of the hospital chain to proceed, while clarifying that observations made by the Delhi High Court were limited to the audit proceedings. Fortis said no liability, penalty or fine has been imposed and reiterated that it had no role in the transfer of shares by its erstwhile promoters.
Fortis says it was ‘complete stranger’ to Daiichi-Singh Brothers arbitration dispute
Fortis Healthcare has stated that it has no involvement in the dispute between Daiichi Sankyo and the Singh Brothers. The Supreme Court has allowed a forensic audit, affirming that previous observations were tentative. Fortis emphasized there were no penalties or liabilities imposed on them in the High Court's judgment. By March 2018, the Singh Brothers' shareholding in Fortis dropped to below 1%.
Fortis Healthcare confident forensic audit will clear company in share transfer dispute
Fortis Healthcare has expressed confidence that a forensic audit will verify its non-involvement in a share transfer dispute. The Supreme Court's recent ruling allows the audit to proceed while minimizing the influence of previous judgments. Fortis clarified that it was never a party to the arbitration between the Singh Brothers and Daiichi Sankyo.
Fortis defends itself after Supreme Court allows forensic audit, says it was "complete stranger" to Daiichi-Singh Brothers dispute
In a disclosure to the stock exchanges, Fortis said the Supreme Court, in its September 25 order, disposed of the company's Special Leave Petition challenging the Delhi High Court's August 31 order directing a forensic audit of the company in the matter of Daiichi Sankyo Company Limited vs. Malvinder Mohan Singh & Ors.
SC clears forensic audit of Fortis-IHH deal involving erstwhile Religare promoters Singh brothers
The Supreme Court has cleared the way for a Delhi High Court-appointed forensic auditor to examine transactions involving Fortis Healthcare, Malaysia’s IHH Healthcare and entities linked to former promoters Malvinder and Shivinder Singh. The audit will trace assets linked to the brothers and examine the dilution of their Fortis shareholding.
Ram temple donations pilfered during counting process, 105 instances caught on CCTV: SIT
A Special Investigation Team has unveiled a significant case of embezzlement involving donations meant for the Ram temple in Ayodhya. The investigation has produced a chargesheet documenting 105 instances of illicit cash withdrawal recorded on CCTV. Eight suspects have been apprehended and are in judicial custody, while additional witnesses are being interviewed.
Supreme Court backs Delhi HC orders in Daiichi-Fortis dispute, clears way for forensic audit
The Supreme Court has declined to interfere with Delhi High Court orders in the long-running Daiichi Sankyo-Fortis dispute, allowing a forensic audit to proceed as part of efforts to trace assets linked to enforcement of a 2016 arbitral award against former Fortis promoters. The apex court did not examine the merits.
Fortis audit order could drag listed firms into promoters' personal debt cases: InGovern
InGovern has warned that the Delhi High Court’s Fortis Healthcare forensic audit order could set a wider precedent, potentially exposing listed companies to enforcement proceedings over promoters’ personal liabilities and challenging the established separation between companies and their owners.
SIT to file chargesheet in Ram temple donations theft case by Sep 25: Supreme Court told
The SIT probing alleged embezzlement of donations at the Ram temple in Ayodhya will file its first chargesheet by September 25, the Supreme Court was told on Monday. Solicitor General Tushar Mehta said the 90-day period from the first arrest would expire that day, making a chargesheet necessary to avoid default bail.
Sebi bars Kore Digital promoters over alleged Rs 541 crore revenue misstatement
Sebi has restrained Kore Digital and three key executives after finding prima facie evidence of misstated financials, questionable subsidiaries, suspicious accounting and alleged diversion of preferential issue proceeds. The regulator also blocked main-board migration and ordered a forensic audit of company records.
Yes Bank moves SC against forensic audit in Fortis share sale issue
Yes Bank has approached the Supreme Court challenging a recent Delhi High Court directive. The court ordered a forensic audit into the sale of Fortis Healthcare shares. Yes Bank argues it was not a party to the original arbitration proceedings. However, the bank does not oppose auditing Fortis and its former promoters. It will provide relevant transaction information within legal limits.
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