Sebi orders forensic audit of Future Retail’s financial statements

Mumbai: The Securities and Exchange Board of India (Sebi) has ordered a forensic audit of the financial statements of Future Retail.

The regulator has written to the interim resolution professional of Future Retail informing about the appointment of Chokshi & Chokshi, chartered accountants as forensic auditor.

The terms of reference to the auditor is with respect to audit of the book of accounts of Future Retail and some other entities for the financial period ended March 31, 2020 to March 31,2022.

The regulator said audit will be with respect to the related party transactions with Future Retail only.

“Sebi has reasonable grounds to believe that the disclosure of financial information and the business transactions in the matter of Future Retail, have been dealt with in a manner which may be detrimental to the interest of the investors or the securities markets and/or an intermediary or a person associated with the securities market may have violated the provisions of the Sebi Act..” the regulator said in its letter addressed to the company.