0

0

0

0

0

0

0

0

0

This article is more than 2 year old.

Yes Bank faces fresh audit into whistleblower complaints, says report

Mini

Yes Bank’s auditor BSR & Co., has sought fresh audit after complaints were levelled by a whistleblower.

Yes Bank faces fresh audit into whistleblower complaints, says report
Yes Bank’s auditor BSR & Co., has sought fresh audit after complaints were levelled by a whistleblower, reported Livemint. The development comes after a special audit done by JLN US & Co. turned out to be inconclusive, said the report.
“The regulators can suo moto call for an audit of the loans given by the bank to promoter’s related party entities. The shareholders should push for a change in the board, especially of directors who are considered close to the promoter, who no longer owns any significant shareholding in the company," Shivram Subramanian, founder and managing director of proxy advisory firm InGovern Research Services was quoted as saying in the report.
Earlier, the audit committee of the lender's board had ordered a special audit into the complaints received last year. The whistleblower had made allegations about irregularities in the bank and conflict of interests in relation to founder Rana Kapoor, said the report.
The bank, in response to this, conducted an internal inquiry and later engaged the Vadodara-based JLN to independently examine the matter. However, the auditor informed the board about its inability to examine some allegations due to limited access to certain documents, the report said.
next story