He is neither a CA/ICWA
As per his confessional statement -
1) He is M.COM. from OSMANIA UNIVERSITY
2) His designation is Director & CFO although he is not a member of
the Board of Directors
3) He draws an annual remuneration of Rs.1.25 crores per annum
4) His duties & responsibilities:
- Accounts closing as per Policy
- Budget & Business plans preparation
- Investors relations
- Policy guidelines
- Corporate services
- Legal matters
- Risks & Frauds prevention !!!
- " I am not aware of any funds diversion & understatement of profits
until Mr Raju has confessed. I was asked specifically not to look into
Banks matters which was personally handled by Mr Raju. I was just
asked to look into the day-to-day operations."
- "My role in audit process is also limited. Every Quarter I used to
have a review with the Auditors. I used to finalise the accounts based
on the discussions with them"
- "At no time auditors have pinpointed any weaknesses in the
accounting system or process"
- " When payables settlement were delayed , I suggested to the
Management to liquidate fixed deposits and pay the creditors but they
declined and instead suggested to pay from cash from operations. Then
only I smelled something is wrong"
- "My assistant Ramakrishna used to prepare the financial statements
and audit process. I used to blindly sign the same without giving much
attention. Then I used to place the same before the Board and after
approval I will sign and send it to Administrative Dept"
- "To my knowledge Fixed Deposits are fictitious entries. I think
there is an understanding between Management and the Audit wing to
that effect"
CAclubindia
