This is just a drama. Who has taken action for fraud in Ratanamani Engineering Limited Now Ratanamani Metals and Tubes Limited , a case of dividend paid out of capital , illegal payment of dividend as back in 31.03.1994!!!! All organization including our alma has failed to take any action. Not only this fraud but against Reporting requirement MERE BOOK ENTRY OF PROFIT , which was there but not reported by C R Sharedalal & Co Chartered Accountants !!!! Till in last 20 years no body has taken any action!! What can you expect? Even Judiciary also has ignored this case. Not only this this case has become a precedent and permitted by Law , in inaction!!!!!
All Government , SEBI , MCA has been silent. Copy of this e mail is sent to all also.
On the record of all, Alma , Official Liquidaotrs has document of fraud while merger of Ratnamani Engineering Limited with Ratanamani Metals and Tubes Limited took place in Company Petition No 19 of 1996 of Gujarat High Court Ahmedabad Granting Merger Order may be seen . Online you can get it and see the order of ignoring the all questions.
C A Shah D J
On Monday, 10 March 2014 4:53 AM, S.KUMAR RAKHECHA AND CO. . <carakhecha@yahoo.com> wrote:
The "great story" shared above is "enough" to "open" eyes of all the practising CAs
who be "happy" to have good number of audits
and
sign the balance sheets "believing" on the "words" of the clients."
.
Now it is time to "rethink" to remain in practice with "high risks"
(imprisonment with fine)
or
to choose 100s of other careers with "risk free" assignments.
.
.
CA Surendra Kumar Rakhecha
On Monday, March 10, 2014 8:28 AM, CS A Rengarajan <csarengarajan@gmail.com> wrote:
--NSEL, FTIL auditors face actionSurojit Gupta & Sidhartha, TNN | Mar 10, 2014, 05.25AM ISTNEW DELHI: Three audit firms — Mukesh Shah & Co, S V Ghatalia & Associates and Deloitte, Haskins & Sells — are facing criminal action for alleged lapses at the now-defunct National Spot Exchange Ltd (NSEL) and its parent Financial Technologies (India) Ltd.
Mukesh Shah & Co and S V Ghatalia & Associates were auditors of NSEL and have been accused of "false disclosures in the auditors' reports on annual financial statements without verifying books and accounts of the company", sources involved with the exercise told TOI. They further said that show cause notices have been issued for action under section 628 of the Companies Act, which carries a maximum punishment of up to two years and a fine.
"We have called for an explanation as to why action should not be taken against them," said a ministry of corporate affairs official. The notices, the official said, were served last Tuesday. "Once we receive their response then we will examine the next course of action," the official said.NSEL, which was set up for spot trading of commodities, was hit by a Rs 5,500 crore payment settlement crisis last summer as it was operating in unregulated segments of the market and allowed trades without physical assets.
In case of FTIL auditor, Delloitte, Haskins & Sells, a show cause notice is ready. "The notice has been sent to the registrar of companies (RoC) in Chennai and is likely to be delivered to them within a few days," the official said, adding that the firm is also facing action under section 628 of the Companies Act.
"The auditor (Delloite, Haskins and Sells) in their report showed observations, which were in the nature of the 'qualifications' (i.e. adverse findings) as if they were not qualifications," according to an RoC report reviewed by TOI.
A spokesperson for S V Ghatalia and Associates said that it is yet to receive any notice. "Our audit of NSEL's financial statements as of and for each of the years ended March 31, 2010, March 31, 2011 and March 31, 2012 was conducted in accordance with the auditing standards generally accepted in India. We assure our full cooperation to the ministry," the spokesperson said in response to a questionnaire.
When contacted over the phone a few days ago, Mukesh Shah too said he had not received a notice but refused to comment any further, citing ICAI rules.
Deloitte Haskins & Sells did not respond to a questionnaire mailed to its spokesperson.
The actions follow a detailed investigation ordered by the ministry of corporate affairs, which has initiated action against NSEL as well as FTIL, following the payment crisis at the exchange.--CS A Rengarajan9381011200CS Benevolent Fund is a collective effort towards extending the much needed financial support to the community of Company Secretaries in times of distress Let us lend support and join for noble cause.SHARING KNOWLEDGE SKY IS THE LIMIT
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MAILS SENT THROUGH THIS GROUP ARE MEANT FOR THE INFORMATION TO THE MEMBERS OF THE CA PROFESSION, TO KEEP THEM UPDATED ABOUT THE PROFESSION...MODERATOR(S) OF THE GROUP DO NOT HAVE ANY INTENTION TO DEFAME ANY BODY...VIEWS EXPRESSED IN THE MAILS ARE THE INDIVIDUAL VIEWS OF THE SENDER AND THE MODERATOR(S) OF THE GROUP IS NOT RESPONSIBLE IN ANY WAY FOR THE VIEWS EXPRESSED BY OTHER MEMBERS....BEFORE ACTING ON THE BASIS OF ANY PROFESSIONAL DISCUSSION,TAKE PROPER ADVICE BEFORE ACT..MODERATOR WILL NOT BE HELD RESPONSIBLE IN ANY MANNER...
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