Mumbai: Srei Equipment Finance Ltd has reported alleged fraudulent transactions amounting to Rs13,110 crore, during the erstwhile management of the company, run by Hemant Kanoria and Sunil Kanoria. In the unaudited financial results of the company for the quarter ending September 30, the transaction auditor has pegged the alleged value of the fraudulent transactions at Rs13,110 crore.
Before this, the company had reported fraudulent transactions of around Rs 5,100 crore, through two separate disclosures in the stock exchange.
The administrator of the bankrupt company, which is going through NCLT driven resolution process, has appointed BDO India LLP as the transaction auditor.
In the latest disclosure, the company has said that, “transaction auditor has indicated that there are transactions amounting to Rs13,110 crore which are fraudulent in nature under section 66 of the IBC, including transactions amounting to Rs1,283 crore determined as undervalued transactions”. The administrator has filed applications before the Kolkata bench of the NCLT for adjudication.
In another disclosure, the company has informed that the Committee of Creditors has extended the last date for the submission of resolution plan by the prospective resolution applicants to November 25, from November 15.
Last week, NCLT had approved the extension of deadline for the completion of the resolution process to January 5, 2023.