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DHFL auditors seek more info on financials

New Delhi: Auditors of crisis-hit DHFL have sought more information from the company’s management, according to sources. On Saturday, the housing finance company reported a loss of Rs 2,224 crore for the quarter ended March 31. The firm had a profit of Rs 134.35 crore in the year-ago period.

The sources said auditors have sought additional information on the company’s financials under Section 143 of the Companies Act, 2013.

Section 143 pertains to powers and duties of auditors and auditing standards.

Deloitte Haskins and Chaturvedi & Shah are the auditors of the company.

When contacted, a Deloitte India spokesperson said, “We do not comment on market speculation”. Chaturvedi & Shah could not be immediately contacted.

“The Audit Committee has directed the management to place the audited Ind AS standalone and consolidated financial results… on or before July 22, 2019,” the company said in a filing on Saturday.

As per the filing, the “unreviewed and unaudited Ind AS standalone financial results” were placed before the Audit Committee and Board of Directors on July 13.

The Ind AS standalone and consolidated financial statements are under compilation from which the Ind AS standalone and consolidated financial results have been prepared, it added.

On Monday, DHFL said it is working with stakeholders and creditors to ensure resolution of liquidity issues, without any haircut to the lenders. Shares of the company plunged nearly 30 per cent.

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Banking/Finance-Industry-Economic Times

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