The Subhiksha Saga
https://articles.economictimes.indiatimes.com/2011-08-25/news/29926869_1_r-subramanian-subhiksha-renuka-ramnath
The case of Deloitte almost beggars belief. It stopped auditing the accounts after April-June 2007 for some unfathomable reason. The annual 2007/08 audit was undertaken by another Chennaibased firm, but in the latter half of 2008, Deloitte was reappointed by Subhiksha shareholders . But it did not get an appointment letter , leaving the matter in a limbo.
A Deloitte spokesperson said the firm was bound by confidentiality rules and that they had not done any audit as they had not received any financial statements after March 2007. Did Deloitte wash its hands off the crisis after realising that it could not explain the murky accounting? Or was it sidelined by Subramanian, who found its questions on the issue uncomfortable ?
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The subhiksha scam
Replies (1)
Will the "Accounting Regulator" :) please rise to the demands in the areas in its domain? Especially when it has all the time, money, energy to interfere in other people's domain.
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