The Securities And Exchanges Board of India (SEBI), the country’s regulatory authority has ordered a forensic audit of the statements of Future Retail, a subsidiary of Future Group for the FY2020, FY2021, and FY2022, according to a regulatory filing.
Future Consumer Ltd, a subsidiary of Future Retail said in a regulatory filing that the company received through email a letter from the Securities and Exchange Board of India on Wednesday regarding the audit.
Chokshi & Chokshi LLP, a chartered accountant firm has been appointed as the forensic auditor concerning the consolidated financial statements of FRL and audit of the books of accounts of the company and some other entities for the review period being the financial year ended March 31, 2020, March 31, 2021, and March 31, 2022, as per the regulatory filing.
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Notably, last month, the National Company Law Tribunal ordered bankruptcy proceedings against the debt-ridden Future Retail and its subsidiaries-- Future Enterprises, Future Supply Chains and Future Consumer as per a petition filed by the Bank of India.
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