3 months ago
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The probe by audit regulator Institute of Chartered Accountants of India (ICAI) of engineering institution Gensol and mobility services supplier BluSmart is astatine an precocious signifier and has been referred to the regulatory body’s disciplinary committee to contemplate further action, President CA Prasanna Kumar. D said connected Monday (February 16, 2026).
“The Financial Reporting Review Board (FRRB) has completed their reappraisal of Gensol Engineering and BluSmart Mobility, and it has been sent to the disciplinary committee,” helium stated successful effect to a query from The Hindu.
Additionally, Mr. Kumar informed the FRRB reappraisal of backstage lender IndusInd Bank is expected to implicit successful different 2 months. He stated that an interior informal radical wrong the FRRB would beryllium constituted to look into akin high-profile cases of nationalist interest.
“The radical would beryllium looking to spot their study successful the adjacent 2 months,” helium said.
For context, the FRRB is entrusted with conducting the archetypal review, that is, evaluating for the usage of close audit standards and accounting practice; and should they find thing suspicious, it is referred to the disciplinary committee for further probe and contemplating further people of action. Among different things, it whitethorn urge to either temporarily oregon permanently suspend oregon accord fiscal penalties to the entity determined guilty.
The audit regulator had commenced the reappraisal of Gensol Engineering and BluSmart’s fiscal statements and statutory auditor’s books successful April past year, pursuing concerns implicit imaginable illicit diversion of funds. Probe into IndusInd Bank’s books had commenced a period earlier successful March past year.
