Investigative & Internal Audit Services
Investigative & Internal Audit
Harshad Mehta Stock Scam of 1992
The firm had been appointed by The Special Court (TORTS) Act, 1992 to carry out the audit of the accounts of one of the notified group consisting of seven entities where the transactions under review run into several thousand crores of rupees and transactions were of highly complex nature.
We have also been appointed to make realistic assessments of the assets and liabilities of the various entities of Harshad S. Mehta group.
Apart from the above stated assignments, we are involved in providing consultancy to the Custodian Office on various matters.
Our consultancy job includes advising on typical matters such as:
- Reconciliation of highly complex accounts of companies.
- Trace out the assets and liability positions of various entities by analysing incomplete accounts, Income Tax assessment orders, various seized documents with government agencies like CBI, Office of the Custodian, Income Tax etc.
- Analysing various audit reports and advising the Custodian about impacts of each of the observations made by the auditors.
- Given our opinion on lifting of corporate veil of various group companies of notified entities involved in the scam.
- Advising custodian of financial implications involved in the legal matters of the notified and other related parties.
On the behest of the Custodian Office, we had also undertaken investigation of the whereabouts of more than 300 companies and their respective management, assets and net worth. These companies were incorporated and registered throughout the country.
UN Assisted Project - NERCRMP