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Indian market regulator orders continuation of forensic audit on Parsvnath

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Indian market regulator orders continuation of forensic audit on Parsvnath

The Securities and Exchange Board of India, or Sebi, refused to discontinue the ongoing forensic audit of Parsvnath Developers Ltd., which landed on the government's list of suspected shell companies, Press Trust of India reported.

The audit was in relation to an August 2018 interim order, which mandated the stock exchange to appoint an independent forensic auditor to verify any misrepresentation, including of financials or business by the developer to transactions that occurred from fiscal years 2009 to 2012, according to the publication.

Parsvnath submitted an explanation to the regulator in November 2018, but Sebi ruled that the company failed to provide a "plausible reason/explanation" and documentary evidence for the allegations stated in the interim order.

The market regulator deems that the entire extent of violations of the developer can only be discovered through a forensic audit, the Jan. 4 report added.