Latest news with #GensolEngineering
Time of India
3 days ago
- Business
- Time of India
ICAI begins review of IndusInd Bank, Gensol accounts, says audit probe may take six months; disciplinary action to follow if lapses found
The Institute of Chartered Accountants of India (ICAI) has begun reviewing the financial statements of IndusInd Bank and Gensol Engineering and expects the process to take at least six months before any action is taken against auditors for alleged lapses. ICAI president Charanjot Singh Nanda said the review is being handled by the Financial Reporting Review Board (FRRB), which will examine financial records of IndusInd Bank for 2023–24 and 2024–25, and those of Gensol Engineering and BluSmart Mobility for 2023–24. 'FRRB will take at least six months or more to come to a conclusion on what is happening. It is a long-drawn process,' Nanda said, as quoted PTI. If the board finds that the books were not presented in a true and fair manner, the case will be referred to ICAI's disciplinary committee. The move comes after IndusInd Bank in March disclosed a Rs 1,979 crore accounting lapse in its derivatives portfolio. The bank also reported Rs 674 crore wrongly booked as microfinance interest income and Rs 595 crore in unsubstantiated balances under 'other assets'. Gensol Engineering, meanwhile, is under regulatory scanner after Sebi barred its promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for governance violations. BluSmart Mobility, which is also promoted by Anmol Jaggi, is part of the same audit review cycle. S eparately, ICAI announced a summit series titled 'From Ledger to Global Leadership' to highlight the role of Indian chartered accountants in the Global Capability Centres (GCC) ecosystem. The first edition will be held in New Delhi on June 27–28, 2025, followed by regional events in GIFT City, Mumbai, and Hyderabad. ICAI said the initiative is supported by government bodies including the Ministry of External Affairs, Ministry of Electronics and IT, IFSCA, SEPC, Invest India, NSDC, and IIM Sambalpur. 'With more than 1,800 GCCs operating in India and employing over 1.9 million professionals, India is uniquely positioned to lead the next phase of GCC evolution,' Nanda said. ICAI has also set up a group under its Directorate of International Trade, Services and WTO to promote India as a global hub for finance-led GCCs and expand the role of CAs in areas such as finance, compliance, taxation, risk and analytics. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
3 days ago
- Business
- Business Standard
Initial review of IndusInd and Gensol to be over in 6 months: ICAI
The Institute of Chartered Accountants of India (ICAI) is likely to complete an initial review of IndusInd and Gensol Engineering in six months, said its president on Wednesday. Charanjot Singh Nanda spoke to reporters in New Delhi after announcing global capability centres (GCC) summits that ICAI will host later this month in New Delhi, Ahmedabad (GIFT City), Mumbai and Hyderabad. ICAI's Financial Reporting and Review Board (FRRB) recently undertook a review of IndusInd Bank's financial statements and the statutory auditor's reports on the lender for FY24 and FY25. FRRB is also reviewing Gensol Engineering and BluSmart Mobility, which are linked companies, for FY24 on its own. The FRRB will make recommendations to the disciplinary committee on whether action is required to be taken against professionals involved in vetting the companies' finances. The FRRB reviews compliance with the reporting requirements of various applicable statutes, Accounting Standards, Standards on Auditing. Nanda said an Indian version of Big 4 can be achieved by merging companies or forming a new one altogether, but it would require regulatory support. 'We need to have an equitable field and then the government would have to provide support to the Indian firms. We have the talent pool and are fully equipped to achieve this,' Nanda said. The ICAI, along with the Securities and Exchange Board of India (Sebi) and the National Stock Exchange (NSE), is in the process of determining early warning signs of fraud and lapses in companies. 'These will primarily be for listed companies but can be used by all companies as they will provide a template,' Nanda said. Nanda said the ICAI has formed a dedicated group focused on promoting India as a global accounting and finance hub for GCCs. He said India hosts over 1,800 GCCs, collectively employing more than 1.9 million professionals and contributing over $64 billion annually to the global economy. 'The world's leading organisations are not just outsourcing processes to India, they are bringing their most strategic and knowledge-intensive work to our shores,' Nanda added. India is no longer a support centre but the hub of global innovation, cybersecurity, analytics and artificial intelligence-driven innovation.
Business Recorder
3 days ago
- Business
- Business Recorder
India audit watchdog to complete probe of Gensol, IndusInd Bank within six months, official says
NEW DELHI: The Financial Reporting Review Board (FRRB) will complete its probe into audit reports of Gensol Engineering and IndusInd Bank within six months, the president of the country's audit watchdog said Monday. 'The FRRB will scrutinise all audit documentation to determine if any issues exist and will submit its report within six months,' said Charanjot Singh Nanda, President of the Institute of Chartered Accountants of India (ICAI). Gensol Engineering is facing regulatory action amid concerns that it may have diverted business funds raised for personal purchases. India's markets regulator in April barred Gensol Engineering's founders from the securities markets, alleging that they routed company funds to related parties and used them for unrelated expenses, treating the company's funds as a 'promoters' piggybank.' Promoters in Indian markets are large shareholders who can influence company decisions. IndusInd Bank CEO quits as accounting lapse triggers management shakeup If the review finds audit reports fail to present a true and fair view, the FRRB may refer the matter to ICAI's disciplinary committee for appropriate action against auditors, Nanda told reporters in New Delhi. Separately, IndusInd Bank disclosed in March that years of incorrect accounting of internal derivative trades led to a $230 million hit to its accounts for the financial year ended March 31. An internal audit of its microfinance business found about $80 million was incorrectly recorded as interest across three quarters, which it reversed in January.
Time of India
3 days ago
- Business
- Time of India
India audit watchdog to complete probe of Gensol, IndusInd Bank within six months
The Financial Reporting Review Board (FRRB) will complete its probe into audit reports of Gensol Engineering and IndusInd Bank within six months, the president of the country's audit watchdog said Monday. "The FRRB will scrutinise all audit documentation to determine if any issues exist and will submit its report within six months," said Charanjot Singh Nanda, President of the Institute of Chartered Accountants of India ( ICAI ). Gensol Engineering is facing regulatory action amid concerns that it may have diverted business funds raised for personal purchases. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo India's markets regulator in April barred Gensol Engineering's founders from the securities markets, alleging that they routed company funds to related parties and used them for unrelated expenses, treating the company's funds as a "promoters' piggybank." Promoters in Indian markets are large shareholders who can influence company decisions. Live Events If the review finds audit reports fail to present a true and fair view, the FRRB may refer the matter to ICAI's disciplinary committee for appropriate action against auditors, Nanda told reporters in New Delhi. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Separately, IndusInd Bank disclosed in March that years of incorrect accounting of internal derivative trades led to a $230 million hit to its accounts for the financial year ended March 31. An internal audit of its microfinance business found about $80 million was incorrectly recorded as interest across three quarters, which it reversed in January.
Reuters
3 days ago
- Business
- Reuters
India audit watchdog to complete probe of Gensol, IndusInd Bank within six months, official says
NEW DELHI, June 18 (Reuters) - The Financial Reporting Review Board (FRRB) will complete its probe into audit reports of Gensol Engineering ( opens new tab and IndusInd Bank ( opens new tab within six months, the president of the country's audit watchdog said Monday. "The FRRB will scrutinise all audit documentation to determine if any issues exist and will submit its report within six months,' said Charanjot Singh Nanda, President of the Institute of Chartered Accountants of India (ICAI). Gensol Engineering is facing regulatory action amid concerns that it may have diverted business funds raised for personal purchases. India's markets regulator in April barred Gensol Engineering's founders from the securities markets, alleging that they routed company funds to related parties and used them for unrelated expenses, treating the company's funds as a 'promoters' piggybank.' Promoters in Indian markets are large shareholders who can influence company decisions. If the review finds audit reports fail to present a true and fair view, the FRRB may refer the matter to ICAI's disciplinary committee for appropriate action against auditors, Nanda told reporters in New Delhi. Separately, IndusInd Bank disclosed in March that years of incorrect accounting of internal derivative trades led to a $230 million hit to its accounts for the financial year ended March 31. An internal audit of its microfinance business found about $80 million was incorrectly recorded as interest across three quarters, which it reversed in January.
