SEBI orders forensic audit of accounts of Future Retail

Future Group, the owner of Big Bazaar, which has been the leading brand in India’s retail sector for over two decades, is in trouble. After the cancellation of Ambani’s deal with Reliance Retail due to Amazon’s insistence, the company has now reached the door of bankruptcy, now the eyes of the market regulator are also […]
 


SEBI orders forensic audit of accounts of Future Retail

Future Group, the owner of Big Bazaar, which has been the leading brand in India’s retail sector for over two decades, is in trouble. After the cancellation of Ambani’s deal with Reliance Retail due to Amazon’s insistence, the company has now reached the door of bankruptcy, now the eyes of the market regulator are also falling on the company’s books.

SEBI orders forensic audit of accounts of Future Retail

Markets regulator SEBI has slapped debt-ridden Future Retail Limited (FRL). SEBI has ordered forensic audit of the accounts of the company for the financial years 2019-20, 2020-21 and 2021-22.

The Securities and Exchange Board of India (SEBI) has also asked FRLs to audit related party transactions (RPTs). Under this company, transactions were carried out between Future Group companies Future Enterprise Limited, Future Consumer Limited and Future Supply Chain Solutions Limited.

SEBI orders forensic audit of accounts of Future Retail

The three Future Group companies, in a regulatory filing with stock exchanges, said they have received a letter dated August 3, 2022 from SEBI. A letter sent to the interim resolution professional of FRL said that Choksi & Choksi LLP has been selected as the forensic auditors.