ICAI probe into Gensol, IndusInd Bank expected to take at least six months
The Hindu
ICAI President Charanjot Singh Nanda reviews financial statements of Gensol Engineering, BluSmart Mobility, and IndusInd Bank for six months.
President of the Institute of Chartered Accountants of India (ICAI), Charanjot Singh Nanda informed Wednesday (June 18, 2025) that their review of the financial statements of Gensol Engineering, BluSmart Mobility and private lender IndusInd Bank would take at least six months. Mr. Nanda elaborated that the financials of three entities are presently being evaluated by the regulating body’s Financial Reporting Review Board (FRRB).
Further, the ICAI chief underlined that should the FRRB determine anything suspicious, the matter would be referred to ICAI’s Disciplinary Committee for a detailed investigation. The latter is vested with the power to, among other things, either temporarily or permanently suspend, or accord financial penalties to the entity determined guilty.
Mr. Nanda informed the (judgement) bench of the disciplinary committee would be re-constituted “latest by Thursday (June 19, 2025) evening”. The tenure of the previous bench had concluded sine die on February 11. The formation comprises four benches of five members each inclusive of two members nominated by the Ministry of Corporate Affairs.
Imperative to note, the disciplinary committee is also investigating alleged auditing lapses of the edtech company Byju’s. The matter would also be decided by one of the benches.
ICAI had initiated a review of IndusInd’s financial statements and statutory auditor reports for FY 2023-24 and 2024-25 in March this year. The private lender had back then had informed about a discrepancy in their accounting for derivative holdings. This was followed by another set of disclosures about accounting discrepancies in their microfinance loans segment.
The regulating body commenced their review of Gensol Engineering April this year amidst regulators’ actions against the entity for allegedly having diverted business funds raised for personal purchases.
Rupee strengthens to 89.96 per US dollar amid corporate inflows and falling crude prices, signaling improved market sentiment.
Alembic Pharma gets U.S. FDA approval for its generic Travoprost ophthalmic solution
Aurobindo Pharma's subsidiary receives five observations from the U.S. FDA
Shares of Dell Technologies down 3.2% and HP Inc losing 3.5% on Thursday, missing out on tech rally sparked by an outsized profit forecast from Micron Technology.
Meta’s outgoing chief artificial intelligence scientist Yann LeCun is holding early talks to raise 500 million euros ($586.00 million) for a new startup
India’s trade data for November reveals continued resilience in exports despite mounting U.S. tariffs on several key products. This is particularly significant given that the U.S. remains India’s largest export partner by a substantial margin. Interestingly, overall exports have not only grown, but shipments specifically to the U.S. have also rebounded.
Bharti Airtel Ltd. Chief Executive Officer-designate Shashwat Sharma, who is currently the firm’s chief operating officer, will take over the firm’s reins as CEO on January 1, 2026.
India's crude processing rose 2.3% YoY in November, with state-owned refiners handling two-thirds of the total.
The government is working to amend the Sugar Control Order and further align it with the requirements of the industry at present, Secretary (Food) at the Ministry of Consumer Affairs, Food and Public Distribution Sanjeev Chopra said Thursday.
Indian stock markets decline for the fourth day due to weak global trends and uncertainty over a U.S. trade deal.
The rupee gained 12 paise to 90.26 against the dollar, supported by crude prices and RBI intervention.
India and Oman sign a free trade agreement, enhancing trade access and reducing tariffs on numerous goods and services.
Cyient Semiconductors to acquire a majority stake in Kinetic Tech for $93 million, enhancing its power IC leadership in Edge AI markets.