Comments
The National Financial Reporting Authority (NFRA), country’s sole independent audit regulator, has issued the Financial Reporting Quality Review Report on Prabhu Steels Industries Limited (PSIL) for the financial year 2019-20.
PSIL, a listed company, has violated several provisions of the Companies Act 2013 regarding the preparation and presentation of financial statements, said NFRA in a statement.
The company has also failed to make appropriate disclosure as required by Schedule III to Companies Act 2013 regarding its borrowings in the form of loans taken and the assets in the form of loans and advances given, it added.
Violation of Companies Act
The company has made violations of the Companies Act, 2013 and the provisions of applicable Ind ASs in almost all the areas of accounting as detailed in the FRQR Report.
In view of the errors/omissions being pervasive across the entire Financial Statements, PSIL has agreed to prepare and publish restated Financial Statements as per Companies Act, 2013, within 90 days, the statement added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.