Vishal puts blame on auditors for its faulty accounts

Vishal Retail, on Thursday, said that it was the printing errors done by the auditors that led to faults in its accounts. It claimed that no mistake was done from its side.

The debt-ridden company also said that it would soon complete its corporate debt restructuring (CDR) exercise.

Talking to a private news agency, PTI, Chairman of Vishal Retail, Ram Chandra Agarwal said that the reports of it overstating its profits and under-reporting its losses for the six months period ending December, are misrepresentations. Nothing of the kind has been done by the company. He blamed the auditors saying that all the changes have been done by them.

The auditor of the firm is Haribhakti and Company. In its report, it had said that the retailer had overstated its profit. It was not Rs. 48.93 crore instead it stood at Rs. 20.24 crore, for the above mentioned period.

The auditor's report also stated that the losses of the retailer were not Rs 88.94 crore. Instead they were Rs 94.49 crore.

Agarwal also said that this is a conspiracy of those who don't want the company to grow. They are doing all this so that Vishal Retail loses its credibility.

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