#zeel

🚨𝐍𝐅𝐑𝐀 𝐡𝐚𝐬 𝐟𝐢𝐧𝐞𝐝 𝐃𝐞𝐥𝐨𝐢𝐭𝐭𝐞🚨 𝐇𝐨𝐰 𝐦𝐮𝐜𝐡? 𝐑𝐬 𝟐 𝐜𝐫𝐨𝐫𝐞𝐬!! 💥 Breaking News! What’s Happening? 💥

🚨 NFRA Cracks Down on Deloitte: The National Financial Reporting Authority (NFRA) has slapped a hefty fine of ₹2 crores on Deloitte!

⚖️ Trouble for 2 CAs:

CA AB Jani: Fined ₹10 lakhs and banned from audit work for 5 years.

CA Rakesh Sharma: Fined ₹5 lakhs and banned from audit work for 3 years.

Stay tuned for more updates on this major regulatory action! 🌐

🧐𝐖𝐡𝐲? - Due to audit lapses of Zee Entertainment Enterprises Limited (ZEEL) in FY19 and FY20. - The issue relates to a Rs 200 crore FD held by ZEEL which Subhash Chandra, then Chairman of ZEEL, pledged via letter for loans of an Essel Group company, where Chandra was a promoter. - YES BANK appropriated that FD in July 2019 against outstanding loans. - However, NFRA found that the transaction was not approved by ZEEL’s BoD or shareholders! - The NFRA claims that Deloitte did not exercise professional skepticism, were negligent, failed to adequately challenge management’s assertions or evaluate suspected fraud!! - CA AB Jani was the Engagement Partner and CA Rakesh Sharma was the Engagement Quality Control Review Partner. 😲𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐢𝐧𝐠𝐥𝐲: - According to SEBI investigations, ZEEL’s fraud is estimated to range between Rs 800-1000 crores! - Deloitte’s India revenue for FY24 was around $1.2 billion with plans to reach $5 billion by 2030!! ❓𝑰𝒔 𝒂 𝒇𝒊𝒏𝒆 𝒍𝒊𝒌𝒆 𝒕𝒉𝒊𝒔 𝒆𝒏𝒐𝒖𝒈𝒉 𝒕𝒐 𝒔𝒄𝒂𝒓𝒆 𝒕𝒉𝒆𝒔𝒆 𝒈𝒊𝒂𝒏𝒕𝒔? Follow Jobaaj Stories (the media arm of Jobaaj.com Group for more)