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Informist, Tuesday, Sep 24, 2024

 

NEW DELHI – The Supreme Court has rejected Amit Goenka's petition against the Securities and Exchange Board of India appointing KPMG Assurance and Consulting Services as forensic auditor for Shirpur Gold Refinery Ltd. Goenka has also challenged the auditor's report on Shirpur Gold.

 

"Having considered the nature of the order that was passed by the division bench of the high court on Aug 14, we see no infirmity with the said order," the Supreme Court said. "The petition is accordingly dismissed. It is needless to say that all contentions kept open for the petitioner in the impugned order will remain so, notwithstanding the present dismissal order."

 

The case has its genesis in SEBI's decision in 2021 to pick KPMG as the forensic auditor for Shirpur Gold's financial accounts for 2018-2019 (Apr-Mar) through 2020-2021. The auditor submitted its report in March 2023.

 

In April 2023, SEBI issued show-cause notices against Shirpur Gold and former chairman Goenka for alleged syphoning of funds and directed him not to dilute or sell his holdings in the company. Goenka argued that KPMG was not eligible to submit a forensic report since it was not registered under Section 2(1)(ca) of the Chartered Accountants Act, 1949, and did not have a firm registration number or corporate identification number.  End

 

Reported by Surya Tripathi

Edited by Rajeev Pai

 

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