The audit, carried out by KPMG, reveals that the funds were channelled through 'box companies'
The audit, carried out by KPMG, reveals that the funds were channelled through 'box companies', the report added.
Moneycontrol could not independently verify the report.
What's worrying is that the Securities and Exchange Board of India (SEBI) is aware of the forensic audit report, the report said. The same has so far not been submitted to DHFL’s board of directors. The market regulator has not asked the lenders to present the forensic audit report to the board as required by its own regulations, the article stated.
A Mint report, too, said the forensic audit had confirmed a gap in the financials, but did not specify a number. The forensic audit had been initiated by lenders in February. “We haven’t seen the report yet, but we understand that there are gaps in the assessment of the projects against which DHFL has lent," a banker told the paper.As on July 6, the housing financier's total debt stood at Rs 83,873 crore, of which Rs 38,342 crore was owed to banks.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.