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State Bank of India (SBI) has ordered a forensic audit of one of its borrowers which reportedly has a .`360-crore liability towards the bank and also happens to be a defaulter on the crisis-hit NSEL. One of the important terms of reference (ToR) of the audit is to examine whether funds borrowed from the bank were diverted and if so to establish the money trail.
The bank has appointed CA firm Chokshi & Chokshi, which earlier did a forensic audit of e-series bullion contracts on NSEL, to run a forensic audit of Dunar Foods, two persons aware of the development told ET. The terms of reference are to find out whether funds borrowed from SBI were transferred to related entities or elsewhere. A forensic audit is an examination of an entity's financial information for use as evidence in court.
For instance, Dunar Foods, known for its Dunar basmati brand of rice, raised some .`50 crore by way of trades on NSEL through PD Agroprocessors, the third-biggest defaulter on the spot bourse with a liability of around Rs640 crore. PD Agro traded on NSEL on behalf of Dunar Foods, Dulisons Foods and Dulisons Cereals. "The attempt is to ascertain whether funds worth Rs360 crore borrowed from SBI were diverted to related parties — like from Dunar Foods to Dulisons Foods or to invest in real estat ..
The forensic audit will involve examining the books of Dunar, its income tax records, signature testing of the top management, etc," said one of the persons cited earlier on anonimity
Source: Economic Times
The bank has appointed CA firm Chokshi & Chokshi, which earlier did a forensic audit of e-series bullion contracts on NSEL, to run a forensic audit of Dunar Foods, two persons aware of the development told ET. The terms of reference are to find out whether funds borrowed from SBI were transferred to related entities or elsewhere. A forensic audit is an examination of an entity's financial information for use as evidence in court.
For instance, Dunar Foods, known for its Dunar basmati brand of rice, raised some .`50 crore by way of trades on NSEL through PD Agroprocessors, the third-biggest defaulter on the spot bourse with a liability of around Rs640 crore. PD Agro traded on NSEL on behalf of Dunar Foods, Dulisons Foods and Dulisons Cereals. "The attempt is to ascertain whether funds worth Rs360 crore borrowed from SBI were diverted to related parties — like from Dunar Foods to Dulisons Foods or to invest in real estat ..
The forensic audit will involve examining the books of Dunar, its income tax records, signature testing of the top management, etc," said one of the persons cited earlier on anonimity
Source: Economic Times
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