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Report: Reliance Home bond investors consider filing complaint against auditors

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Report: Reliance Home bond investors consider filing complaint against auditors

Some bond investors in Reliance Home Finance Ltd. are considering filing a complaint to a regulator against auditors Grant Thornton and PricewaterhouseCoopers for failing to spot accounting irregularities such as alleged misappropriation of funds by the company, The Economic Times reported Jan. 13, citing unnamed market sources.

The potential complaint to the National Financial Reporting Authority will be one of the options for the investors to try to recover their outstanding investments after the stressed home financier was taken to the National Company Law Tribunal last week.

PricewaterhouseCoopers was the statutory auditor of Reliance Home Finance, but resigned in June 2019 and informed the ministry of corporate affairs about certain alleged irregularities in the accounts of the company and its majority owner, Reliance Capital Ltd., the report added.

The two auditors did not respond to the newspaper's request for comment, while Reliance Home Finance said it was not aware of any allegations raised by investors.