NFRA bars Auditors of Cafe Coffee Day for 2 years and imposed 1 Cr Penalty
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National Financial Reporting Authority (NFRA) has barred ASRMP & Co, auditors of Coffee Day Global (CDGL), for two years after finding it guilty of audit lapses and “professional misconduct” in FY19. In an order issued on Wednesday, the regulator of auditors of larger and listed firms also imposed a penalty of Rs 1 crore on the audit firm.
In the matter of M/s ASRMP & Co., CA A. S. Sundaresha, CA Madhusudan U A, and CA Pranaav G. Ambekar, under Section 132(4) of the Companies Act 2013.
This Order disposes of the Show Cause Notice ('SCN' hereafter) number NF-23/14/2022 dated 15th November 2022, issued to M/s ASRMP & Co., Firm No: 018350S, Statutory Auditor ('Firm' hereafter) and CA A. S. Sundaresha, ICAI Membership no- 019728 ('EP' hereafter), CA Madhusudan U A, ICAI Membership no- 238953 ('Madhusudan' hereafter) & CA Pranaav G. Ambekar, ICAI Membership no- 240379 ('Pranaav' hereafter), (All are collectively called as 'Auditors' hereafter), who are members of the Institute of Chartered Accountants oflndia ('ICAI' hereafter) and were members of Engagement Team for the statutory audit of Coffee Day Global Limited ('CDGL' or 'the company' hereafter) for the Financial Year ('FY' hereafter) 2018-19.
This Order disposes of the Show Cause Notice ('SCN' hereafter) number NF-23/14/2022 dated 15th November 2022, issued to M/s ASRMP & Co., Firm No: 018350S, Statutory Auditor ('Firm' hereafter) and CA A. S. Sundaresha, ICAI Membership no- 019728 ('EP' hereafter), CA Madhusudan U A, ICAI Membership no- 238953 ('Madhusudan' hereafter) & CA Pranaav G. Ambekar, ICAI Membership no- 240379 ('Pranaav' hereafter), (All are collectively called as 'Auditors' hereafter), who are members of the Institute of Chartered Accountants oflndia ('ICAI' hereafter) and were members of Engagement Team for the statutory audit of Coffee Day Global Limited ('CDGL' or 'the company' hereafter) for the Financial Year ('FY' hereafter) 2018-19.
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