NFRA imposes fine, bans auditors for 1 yr for misconduct in audit of DHFL branches

As per the order, NFRA's investigation revealed that the appointment of none of the 33 branch auditors was approved at the Annual General Meeting (AGM) of DHFL, as required by the Companies Act. According to NFRA, the auditors also portrayed themselves as the "branch statutory auditor" in all communications with the DHFL and CAS, and issued an "Independent Branch Auditors' Report".

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