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Grant Thornton India LLP (GT), the forensic auditor of IL&FS Engineering and Construction Co Ltd (IECCL), has found instances of potential bogus purchase transactions, and anomalies pertaining to sub-contractors in the company s Pune-Solapur Road project. IECCL was doing this project for its sister concern IL&FS Transportation Networks (ITNL).
Poddar Enterprises and Jagdamba Traders were steel vendors for the Pune-Solapur Road project. GT says, We identified an email dated 29 December 2010, which was sent by Rajesh Sunkaraveera to Naresh Penumetcha, both from IECCL, with regard to the purchase of steel from Poddar Enterprises and Jagdamba Traders where it was mentioned that inward receipt notes (IRN) were generated against the purchase order (PO) amounting to Rs1.64 crore. However, actual material or steel was not received at the site.
Grant Thornton India LLP (GT), the forensic auditor of IL&FS Engineering and Construction Co Ltd (IECCL), found several anomalies in the many projects undertaken by the company.
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Grant Thornton India LLP (GT), which was appointed to conduct forensic audit of IL&FS Engineering and Construction Co Ltd (IECCL), a unit of Infrastructure Leasing & Financial Services (IL&FS), found potential anomalies about lapse in internal controls in the company.
The auditor had shared five instances it came across during the forensic audit, out of which four issues were raised by senior officials of IECCL, including Naresh Penumetcha, chief internal auditor of the company. The lapse of internal control ranges from bidding process, inventory, non-recording of bills of sub-contractors, dues of suppliers, unbilled revenue billing, receivable and payables as well as buying poor quality material for various projects undertaken by the IL&FS group company.
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Grant Thornton India LLP (GT), which was appointed to conduct a forensic audit of IL&FS Engineering and Construction Co Ltd (IECCL), a unit of Infrastructure Leasing & Financial Services (IL&FS), shows lack of system and record to handle complaints raised by whistle-blowers. The forensic auditor identified numerous email communications that highlighted whistleblower complaints with regards to the business operations of IECCL.
GT says, during its review, it had identified multiple whistleblower complaints, which highlighted anomalies in the projects executed by IECCL.
However, based on the clarification dated 22 November 2019, we were informed by the representatives of IECCL that there were no whistleblower complaints received by IECCL during the review period. Thus, it appears unusual that even after multiple whistleblower complaints highlighting various issues in the projects, no documentation such as actions taken or investigation reports are available with the
UK remains attractive investment destination for Indian companies in 2021: Report
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Last Updated: Apr 22, 2021, 09:50 PM IST
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Synopsis
The number of Indian companies operating in the UK has grown to 850 in 2021 from 842 in 2020, according to 8th Grant Thornton India meets Britain Tracker report, developed in collaboration with Confederation of Indian Industry.
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This year, 49 companies met the qualifying criteria for appearing in India meets Britain Tracker, achieving an average growth rate of over 40%
Despite COVID-19 induced disruptions and Brexit, the UK remained an attractive investment destination in 2021 for Indian investors, a report said on Thursday.
The number of Indian companies operating in the UK has grown to 850 in 2021 from 842 in 2020, according to 8th Grant Thornton India meets Britain Tracker report, developed in collaboration with Confederation of Indian Industry (CII).