There is trouble brewing ahead for MCX, which may face a big tax liability post the PwC's forensic audit report, reports CNBC-TV18’s Varinder Bansal.

Now it will place its audit report before Audit Committee in the April 23 meet. The Board will decide on further course of action in the April 26 meet. This report is likely to have an impact on the MCX stake sale going forward.  It was mentioned in the initial report that there were transactions worth Rs 800-1,000 crore between MCX and FT group.

There were issues of transfer pricing with NSEL. All these transactions which happened within the FT group and MCX did not have board nod and the amount was spent out of any business context - related party transaction was happening between NSEL, FT Group and MCX.

In order of transfer pricing, MCX can face a huge tax liability going ahead and this will be stated or mentioned by PwC in the report that they will be releasing soon.

There has been no speculation on the amount of tax liability. Sources say all bidders will be meeting the MCX board today and will be discussing this issue with the management. FMC has already intimated MCX board to share the entire details of this PwC audit report with all the bidders before they finally take any decision in terms of binding bids. But now it is only the non-binding bids which have gone and not the binding bids. So this report could be very crucial because if there is any contingent liability which is big in nature, there could be a lot of things changing in terms of the bidding process going for MCX.

MCX on the other hand said it was waiting for the final PwC report and can only comment after they see the entire board.(Money Control)