India Markets Regulator Orders Forensic Audit of Gensol Accounts

Securities and Exchange Board of India will appoint a forensic auditor to examine books of accounts of Gensol Engineering Ltd. and its related parties over corporate governance concerns, the regulator said in an order posted on its website.

• The auditors will submit their report within six months of being appointed
• The regulator found instances of fund diversion from the listed company to related parties and its use for unconnected expenses
• “What has been witnessed in the present matter is a complete breakdown of internal controls and corporate governance norms in Gensol,” Sebi Member Ashwani Bhatia said in the interim order ...