By Securities and Exchange Board of India (SEBI) has ordered a forensic audit into the future retail financial statements for FY20, FY21, and FY22 for fears that “Disclosure of Financial Information and Business Transactions in the Retail Future Limited issue has been handled in a possible way Harming the interests of investors or the Sekuritas Market … “.
Explain the reasons for starting a forensic audit, Sebi wrote in a letter: “Sebi has a reasonable reason to believe that the disclosure of financial information and business transactions in terms of Limited retail future has been handled in a way that may be detrimental to the detrimental harmfulness with detrimental recroimmentals. For the benefit of investors or the securities market and/or intermediaries or people related to the Securities Market may have violated the provisions of the Indian Securities and Exchange Laws, 1992, the Law on the Securities Contract (Regulation), 1956, as a Regulation (PFUTP), 2003 , and the provisions as specified in section 24 of the Companies Act, 2013 or other rules or regulations made or direction issued by Sebi underneath. “
Future Consumer Limited informed the stock exchange on August 4 that they had received a letter from Sebi, addressed to the temporary resolution professional, intimating the company about the appointment of M/S Chokshi & Chokshi LLP as a forensic auditor.
The market regulator appoints a forensic auditor to look into the FRL consolidated financial statements and to audit the company’s account books and several other entities for the following review period – the financial year ended March 31, 2020; The financial year ended March 31, 2021; and the financial year ended March 31, 2022.
Party transaction audits related to future retail will be carried out in connection with future supply chains, future companies, and future consumers.
In particular, the Amazon e-commerce giant, who has been arguing with the future retail for several years now, previously asked for the Bank of India Reserve to carry out the future retail forensic audit for the last three fiscal.