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HindustanTimes Wed,16 Apr 2014

ICAI seeks information from Deccan Chronicle lenders

HT Correspondent, Hindustan Times  New Delhi, April 02, 2013
First Published: 22:24 IST(2/4/2013) | Last Updated: 22:25 IST(2/4/2013)

The Institute of Chartered Accountants of India (ICAI) has sought “relevant information” from the lenders of the ailing media group Deccan Chronicle Holdings to examine if there has been any discrepancy in preparing audit reports.

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“We have written to the appropriate authorities seeking information on audit details of the media group, we would have to wait for the report before coming into any conclusion,” Subodh Kumar Agrawal, president, ICAI, told mediapersons on Tuesday.

He added it would be too early to come to a conclusion on the particular case.

The total exposure of banks to DCHL is over Rs.4,000 crore.

The accounting regulator has also written to the finance ministry to re-look the threshold limit for auditing of loans.

The government has increased the threshold from Rs.6 crore to loans upward of Rs.20 crore.

“We have written to the finance ministry on the issue as under the present norm, a large chunk would go unaudited and  this could be worrisome.” Agrawal said.

ICAI had also sought information from Reebok India’s former CFO Vishnu Bhagat regarding alleged fraud at the sportswear maker and is yet to get a reply.

Bhagat was supposed to respond by March 31. “We would decide on the issue,” he said.

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