India's market regulator penalises two former auditors of CG Power

CG Power and Industrial Solutions

20/04/2023 14:26

April 20 (Reuters) - India's market regulator penalised
two former auditors of CG Power and Industrial Solutions Ltd
 CGPO.NS  on Thursday for rule violations, according to an order
published on the regulator's website. 
    The Securities and Exchange Board of India (SEBI) levied a
penalty of 500,000 rupees each on the auditors, Chaturvedi &
Shah, and K. K. Mankeshwar & Co. 
    In its order, the regulator  held  that instead of working
in the interest of the shareholders of CG Power, the auditors
"facilitated the scheme of cleaning up the books of accounts of
CG Power". 
    And that despite being aware of the irregularities and
misstatements in the financial statements of CG Power, the
auditors "certified the books as true and fair".

 (Reporting by Jayshree  P Upadhyay in Mumbai; Editing by Pooja
Desai)
 ((Jayshree.Pyasi@thomsonreuters.com; 9920092491; Reuters
Messaging: Twitter: @jaysh88))