The regulator also barred Vastani for 5 years from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate
 "NFRA imposes Rs 2.5 cr fine on two auditors in Reliance Commercial Fin case")
Press Trust of India New Delhi
The National Financial Reporting Authority (NFRA) has slapped penalties totalling Rs 2.5 crore on two auditors for professional misconduct and auditing lapses in the Reliance Commercial Finance case for FY2018-19.
The audit regulator imposed a fine of Rs 2 crore on Shridhar & Associates and Rs 50 lakh on Ajay Vastani.
Click here to follow our WhatsApp channel
In addition, the regulator also barred Vastani for 5 years from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate.
The order came after the corporate affairs ministry informed NFRA that Price Waterhouse & Co Chartered Accountants LLP (PW) had filed a report to the ministry under the Companies Act, 2013.
Thereafter, PW resigned as the auditor of RCFL, without issuing an audit report for FY 2018-19. Further, Shridhar & Associates was appointed by the board of directors of RCFL in June…
