trending Market Intelligence /marketintelligence/en/news-insights/trending/bn9I5YKxJJtH0750JMQVrg2 content esgSubNav
In This List

Report: Reliance Home bond investors consider filing complaint against auditors

Blog

Balance Sheet Strategy in an Unusual Rate Environment

Blog

Investors' Views of the Industry Today & the Outlook for Tomorrow

Podcast

Street Talk | Episode 98: Regulatory scrutiny having cooling effect on community bank M&A

Blog

Insight Weekly: M&A outlook; US community bank margins; green hydrogen players' EU expansion


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.