IL&FS appoints CNK Associates for audit work after SRBC resignation

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New Delhi, Oct 11 | The board of beleaguered infrastructure financier IL&FS has approved the appointment of CNK & Associates LLP as the statutory auditor in casual vacancy for FY 2020-21.

Its appointment as official auditor of the company for FY22 was confirmed by the IL&FS board post the resignation of SRBC & Co LLP, which resulted in immediate casual vacancy in the office of the auditor.

The board of directors of the company at its meeting held on October 9 considered and approved the appointment of CNK & Associates LLP as the statutory auditor.

“In view of the above, the company would seek the requisite approval for CNK & Associates LLP to act as the auditor for the term starting from FY2020-21,” IL&FS shared in its letter to BSE, informing the bourse of the development.

SRBC tendered its resignation from all assignments of IL&FS Transportation Networks Ltd (ITNL) after audit regulator National Financial Reporting Authority (NFRA) found several audit failures on the part of the auditor for its work on crisis-ridden ITNL.

In its audit quality review (AQR) report of the statutory audit of ITNL, NFRA had raised fresh doubts over the ability of statutory auditors in presenting true facts about the accounts of ITNL.

In its report, the NFRA not only termed initial appointment of SRBC & Co LLP and its continuation as statutory auditor of ITNL as illegal and void, but it also questioned the audit firm’s failure to appropriately and sufficiently evaluate the use of the going concern basis of accounting by the management and thus missing out on registering the implications thereof in the auditor’s report.

The NFRA audit quality review for ITNL came for the period of 2017-18. That was the year when the board of IL&FS was superseded by the government and a new management under Uday Kotak was put in place to correct the mishandling of the group and resolve the debt running over Rs 90,000 crore.

In its letter to BSE, IL&FS said that in view of the affidavit filed by the MCA on December 4, 2020 with the National Company Law Tribunal (Mumbai bench), preparation of financial statements for the year ended March 31, 2021 is dependent on the completion of the restatements of accounts as directed by the NCLT.

In view of the pending restatements, SRBC, the statutory auditor, was not able to commence audit for FY 2020-21. Details of the said affidavit were filed with the exchange on February 25, 2021.

The resignation from SRBC has thus resulted in the unique situation for the company to appoint an auditor in casual vacancy for FY 2020-21 as well, after the completion of the said year, the letter mentioned.

Source: IANS

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Guy Kawasaki has rightly said that pursuing your passions makes you more interesting, and interesting people are enchanting. Passion is an underrated term as people believe more in hard work and dedication. We often forget that passion is what guides us to success. Deependra Singh Shekhawat is one of the few who proved that hurdles are hidden opportunities, and when utilized appropriately, they will lead you to victory.

Deependra Singh Shekhawat, being the son of a farmer, has the background of a middle-class family. He belongs to a small village of Udaipurwati, district Jhunjhunu of Rajasthan. However, his status never deterred him from dreaming. Dreams full of his passion gave him the strength to fight the battles in his life. After graduation, he initially started from a regular job. However, he was not content with his occupation. He sensed stagnancy in his career. Soon, he started thinking and strategizing about business. This thought process led him to join a renewable energy company, Adani Renewable Energy, to learn about business as the next step in his professional journey. From then on, there was no stopping him; he was on a roll. In 2015, he established Vertex Solution Company and became one of the top vendors of Adani Solar Energy. He went the extra mile by working with India’s well-known renewable energy organizations as Avada Sola, Tata Solar, O2 Power, and many more.

Deependra says that his passion for renewable energy spawns from the fact that renewable energy is one of the significant contributors to boosting the country’s economy and generating jobs. He further adds that adopting renewable sources of energy is a healthier option. He claims it is high time we start living peacefully with nature for the sanity of itself and humankind. Additionally, he has provided with job opportunities for the youth of his village Sarai and has become the Youth icon of Rajasthan. Despite belonging to a middle-class family, he left no stones unturned to achieve success and rose from the bottom of the pit to flying like an eagle. From having big dreams to making others’ dreams come true, he has come a long way.

His journey is inspiring hundreds and thousands of youngsters of middle-class families throughout the country. People are burning with passion after witnessing the change in his life. His life journey is constantly changing the lives of many for the best. He is igniting the fire of eagerness for victory in them.

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Today, job sites are the most widely used portals used by individuals across the globe to find the right job that meets the qualification requirements. Every job is one search away. These portals have transformed the recruitment process to provide seamless and unified  experience to individuals.

Crediting the same, Recruitment Mantra is going to introduce their own job portal named myhireindia.com to enable recruiters and individuals find the best job as per their requirement. The portal will enable employers to post unlimited jobs in this portal and hire the right talented candidates as per their requirements at free of cost. Jobseekers can register and upload their CV in this portal free of cost and can also search and apply for unlimited job openings through this portal.

Emerging as one of the best job sites in India that acts as a bridge between recruiters and job seekers, the platform has uniquely been curated to serve as a comprehensive for both students and young professionals looking for employment opportunities in their preferred location.

As one of the best job portals in India, MyhireIndia allows its users to search for either internship or job opportunities within a few clicks. The company review section enables the users to go through the reviews from the companies registered on the platform to get a glimpse of the work-life at the firm behind the curtain.

  • Keyword search: The keyword search function available on job search sites allows users to look for his/her preferred jobs in a single-click just by typing in the job keyword like retail jobs, media, pharmacy job, etc. on the keyword search bar.
  • User-friendly interface: The job site is developed for the key purpose of making job searches easier for its users. A user-friendly interface allows users to browse through job opportunities in his/her preferred areas of life without losing his/her focus in doing the same.
  • Options to filter preferences: The filters available on the job site allow users to filter out their job preferences exactly according to their needs and requirements. You can filter out your job search with your location, salary, job type, and other preferences.
  • Easy application process: If a job site has a complicated application option for jobs, it will automatically receive backlash for its services. The platform serves an easy application option to users, allowing them to apply for jobs within minutes.

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