Home Case Index All Cases Companies Law Companies Law + AT Companies Law - 2021 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (8) TMI 124 - AT - Companies LawSeeking an Order directing a Forensic Audit caused in respect of the affairs and accounts of the 1st Respondent Company as well as the Respondent No. 7 and present a report - HELD THAT:- Without expressing any opinion in regard to the merits of the Appeal, keeping in view the facts and circumstances of the case and the serious allegations of irregularities alleged by the Appellants and also having regard to the fact that no Statutory Audit has been done for the years 2018-19 and 2019-20; the RoC letter detailed in the Impugned Order, that the Forensic Audit is being sought for by shareholders who own a substantial 49.4% of the shares, we are of the considered view that a Forensic Audit in respect of the affairs and accounts of the Company Account with effect from Financial Year 2017-18 is necessary in the larger interest of the Company. The Forensic Auditors Report will helpful to decide the veracity of the allegations of Oppression, Mismanagement and Financial irregularities. The Independent Chairperson Mr. E. Selvaraj is directed to appoint a Forensic Accountant before 20th August, 2021 for conducting a Forensic Audit for the Financial Years 2017-18 to 2020-21, in respect of the affairs and accounts of the Respondent Company. The Forensic Accountant shall submit the Report in a sealed cover to the Appellate Tribunal, within a period of three months from the date of appointment. The fees of the Forensic Accountant shall be borne by the Company. Application allowed.
|