Tag Archives: public issue

adjudication order on auditor

https://www.sebi.gov.in/enforcement/orders/feb-2020/adjudication-order-in-respect-of-vcg-and-co-and-vishal-chandra-gupta-in-the-matter-of-role-of-statutory-auditor-in-the-ipo-of-tarini-international-limited_46045.html

SEBI has passed an adjudication order in the matter of statutory auditors of Tarini International Limited for giving false and misleading certificate of utilisation of funds post a public issue. The issue was addressed in much exhaustive detail in the order and a fine of Rs.15 lakhs levied on the auditor. The onus on the auditors is very onerous and it behoves him to apply his mind 1000% to the matter and rely only on actual facts corroborated by documentary evidence and not rely on the management representation in this matter. It is not a matter to be taken lightly by the auditors. There should not be price cutting by auditors to secure such mandates as such job entails great responsibility.

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