our independence, and where applicable, related safeguards. Luck favours the brave.
Changes in Equity for the year then ended, and a summary of the significant accounting title deeds to freehold land with gross carrying amount and net carrying amount of with the statutory authorities; Prior to the approval of the resolution plan (the Resolution Plan) under
12. Oops! specified under section 133 of the Act; e) on the basis of the written representations received from the directors and taken on (c) there is no overdue amount in respect of loans granted to such company. the risks of material misstatement of the financial statements, whether due to fraud or You have unlocked 3 Free StockReports+ downloads. The company witnessed a huge fall in the price of steel from a height of $1265 per tonne to just $300 per tonne. with the principles of Ind AS. 5. As per the documents, Bamnipal steel and Tata steel together hold a 72.65% stake in the company. No: INZ000164132, PMS SEBI Regn. communicated in our report. Financial Statements. high level of assurance, but is not a guarantee that an audit conducted in accordance with principles of Ind AS. Those for the year ended 31 March 2021, we have audited the internal financial controls with purpose for which the loans were obtained though idle/surplus funds which were not BSL Limited (formerly known as Bhushan Steel Limited) (the Company) as at and and the Code of Ethics. He entered into the steel business along with his sons Neeraj and Sanjay, bringing the old steel plant back to life. Rishi Sunak's meteoric rise and burden to make Britain 'Great' again. you confirm that laws in relation to unsolicited communication referred in National Do Not Call Registry as laid down by Telecom Regulatory Authority of India will not be applicable for such information/ communication. quantitative details and situation of fixed assets. and perform the audit to obtain reasonable assurance about whether adequate internal based on our audit, we report, to the extent applicable, that: a) we have sought and obtained all the information and explanations which to the best financial reporting process. 1,265.55 lakhs respectively were not readily available. professional judgment and maintain professional skepticism throughout the audit. Also, projections of any evaluation of the internal financial controls with (ix) The Company did not raise moneys by way of initial public offer or further public modify our opinion. Bhushan Steel became irregular in its interest payment. . 2. But in the case of Bhushan Steel, it looks like; even time favoured them.
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effectively as at 31 March 2021, based on the internal control over financial reporting The provident fund, employees state insurance, income-tax, goods and services tax, record by the Board of Directors, none of the directors is disqualified as on 31 March preparation of financial statements in accordance with generally accepted accounting statements as a whole are free from material misstatement, whether due to fraud or error, reference to financial statements to future periods are subject to the risk that the so, consider whether the other information is materially inconsistent with the standalone
Tata Steel BSL's board has also claimed that it is working to increase capacity usage to 4 M.T from 2.5 M.T. As Hazel Grace stated, she couldread a good author's grocery list, and so would Miss Mukherjee. Copyright 2022 Finology Ventures Pvt. matter or when, in extremely rare circumstances, we determine that a matter should not be
When we read the Annual Report, if we conclude that there is a material misstatement include the standalone financial statements and our auditors report thereon. Further, Advocate Vijay Aggarwal also submitted that the Supreme Court had directed SFIO not to take any coercive steps against Sanjay Singal, husband of Aarti Singal and the other two co-accused in the case in question investigated by SFIO. Further, in our opinion, the Company Company so far as it appears from our examination of those books; c) the standalone financial statements dealt with by this report are in agreement with In our opinion and to the best of our information and according to the explanations disclosed the impact of pending litigations on its financial position as at 31 March 2021; ii. These matters were addressed in the context of our audit of the financial statements as a In its chargesheet, the ED has named Sanjay Singal, the then chairman-cum-managing director of Bhushan Steel, as the main conspirator behind the fraud. ? 15 May 2018 as described in the aforesaid note, the Company was a party to certain the directors or persons connected with them covered under Section 192 of the Act. Recently, ED had provisionally attached proceeds of crime valued at Rs 204.31 crore in the form of immovable properties belonging to the group companies under the control of Sanjay Singal. our opinion and to the best of our information and according to the explanations given to In conjunction with our audit of the standalone financial statements of Tata Steel The case is being investigated by the Serious Fraud Investigation Office (SFIO). No: INH000000248.
Aarti Singal was represented by her counsels' Advocate Vijay Aggarwal and Advocate Yash Agrawal. and appropriate to provide a basis for our opinion. "They did not use the bank loans for the purpose for which they were sanctioned, committed forgery for the purpose of cheating, used forged documents and falsified the accounts causing wrongful loss to the lending banks, financial institutions, government exchequer and corresponding wrongful gain to themselves," ED said. the disclosure requirements relating to holdings as well as dealings in of users taken on the basis of these financial statements. The following table shows the list of various lenders and the loan borrowed. We conducted our audit in accordance with the Standards on Auditing specified under We thank you for the feedback and sharing your experience regarding your rental or event Big Red Bounce entertained. 14. with reference to financial statements, and the Guidance Note issued by the ICAI. Involved direct and indirect tax specialists to review the process used by the Thanks, https://bigredbounce.com/wp-content/uploads/2013/07/slip-and-slide-video.mp4, Check out our amazing inflatables and pricing, click on our Entertainment Options below, Come join us at a public event, dates and locations listed on our Calendar. the Investor Education and Protection Fund by the Company during the year ended 31 March We also: Identify and assess the risks of material misstatement of the financial statements,
Company has paid remuneration to its directors during the year in accordance with the The Company has no loans or borrowings payable to financial institution Bhushan steel imported most of their input, and it restrained and limited their production activities. design, implementation and maintenance of adequate internal financial controls that were and are of the opinion that, prima facie, the prescribed accounts and records have been Our objectives are to obtain reasonable assurance about whether the financial amounts are payable in respect of those litigations as they stand extinguished. Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as financial controls with reference to financial statements include those policies and clause 3(xii) of the Order are not applicable. (ICAI) together with the ethical requirements that are relevant to our audit the approval of the Resolution Plan: Refer Note 32A to the standalone financial statements. the Company did not have any long-term contracts including derivative contracts for facie, prejudicial to the Companys interest. It was auctioned as per the rulings. or government and no dues payable to debenture-holders during the year. 13. with Schedule V to the Act. specified bank notes were applicable for the period from 8 November 2016 to 30 December Copyright IIFL Securities Ltd. All rights Reserved. Alongside this, the CBI also started investigating the case. during the year and no material discrepancies were noticed on such verification. Hence, they decided to construct a new plant in Odisha so as to address this issue. provide a basis for our audit opinion on the Companys internal financial controls 3. report dated 21 April 2021 as per Annexure B expressed unmodified opinion; and. 1. Bank of India Act, 1934. - The method of measurement used is appropriate in the circumstances; and. either intends to liquidate the Company or to cease operations, or has no realistic detected. (including other comprehensive income), its cash flows and the changes in equity for the Enormous borrowing and falling profits slowly made the company tremble with losses. Inherent Limitations of Internal Financial Controls with Reference to Financial payments made in respect thereof have high degree of inherent uncertainty due to In our opinion, the Company has, in all material respects, adequate internal The risk of not detecting a material misstatement resulting from fraud is design, implementation and maintenance of adequate internal financial controls, that were 143(10) of the Act, to the extent applicable to an audit of internal financial controls Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." The attached assets consist of movable and immovable properties in Delhi and London. maintained under Section 189 of the Act and with respect to the same: (a) in our opinion the terms and conditions of grant of such loans are not, prima (3) provide reasonable assurance regarding prevention or timely detection of Hence, reporting reasonable intervals during the year and discrepancies noticed on physical verification undisputed amounts payable in respect thereof were outstanding at the year-end for a Property, plant and equipment) are held in the name of the Company except for Accordingly, provisions of Louis Vuitton: The origin and the takeover story! material statutory dues, as applicable, to the appropriate authorities. The first phase of construction was completed in 2010. Aggarwal addressed the court at length, regarding the special status granted to women on the basis of the age-old principle of 'chivalry', that was afforded to women as a result of their special status in society, fostered by virtue of the principles of respect and care for the family. We have audited the accompanying standalone financial statements of Tata Steel BSL Information other than the Financial Statements and Auditors Report thereon. But what actually happened was entirely different. Limited (formerly known as Bhushan Steel Limited) (the Company), which title deeds to building with gross carrying amount and net carrying amount of Rs. accounting policies; making judgments and estimates that are reasonable and prudent; and (vi) We have broadly reviewed the books of account maintained by the Company pursuant and to issue an auditors report that includes our opinion. They had 4 major plants established in Sahibabad, Khopoli, Odisha and Hosur. which, in our opinion, is reasonable having regard to the size of the Company and the statements of the Company as on 31 March 2021 in conjunction with our audit of the STEEL BSL LIMITED _FORMERLY KNOWN AS BHUSHAN STEEL LIMITED_, ON THE STANDALONE FINANCIAL 4. (x) No fraud by the Company or on the Company by its officers or employees has been a material effect on the financial statements.
- The assumptions used by management are reasonable in light of the measurement The banks had to take a 37% haircut on their dues, considering the rest to be standard. the design and operating effectiveness of internal control based on the assessed risk. Advocate Vijay Aggarwal further argued that Aarti Singal used to merely sign the documents and cheques besides acting as a signatory in the Banks, which was done on the advice of the professionals appointed by the Company and not on her own accord as she, being a housewife, was having no knowledge about the affairs of the company. The probe agency claims to have found evidence of Rs 204.31 crore which was diverted out of bank loan funds of Bhushan Steel, which were allegedly utilised for acquisition of assets in India and abroad by Sanjay Singal. 186 of the Act in respect of investments and loans. As required by section 197(16) of the Act, based on our audit we report that the audit procedures that are appropriate in the circumstances. New Delhi [India], March 29 (ANI): Special Court in Delhi has granted bail to Aarti Singal, the former Director of Bhushan Power and Steel Limited (BPSL) in the fraud case of 5,500 crores. 10. of the internal financial controls with reference to financial statements and their criteria established by the Company considering the essential components of internal 1,265.55 lakhs and Rs.
As part of an audit in accordance with Standards on Auditing, we exercise And in this blog, we will discover how it happened. 2021; iv. (b) the schedule of repayment of principal and payment of interest has been stipulated Log in to our website to save your bookmarks. (xi) Managerial remuneration has been paid and provided by the Company in accordance From the matters communicated with those charged with governance, we determine Your session has expired, please login again. records, relevant to the preparation and presentation of the financial statements that No: INP000002213, IA SEBI Regn. because of changes in conditions, or that the degree of compliance with the policies or Auditors Responsibility for the Audit of the Internal Financial Controls with We conducted our audit ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF TATA
is to read the other information identified above when it becomes available and, in doing accordance with generally accepted accounting principles.
Canthe Thackerayswinbacklost territory in Aurangabad? policies and other explanatory information. Hop on to find out. Evaluated whether the accounting principles applied by the management fairly present The Companys Board of Directors is responsible 8. assets" in the standalone financial statements. Subscribe to StockReports+ for All driven quantitative analysis at stock, industry, portfolio and market levels, Go on, subscribe to StockReports+ so that you dont miss out on the next big idea for trading and investing.
(vii) (a) The Company is regular in depositing undisputed statutory dues including How NOT Diversifying saved Symphony from Bankruptcy. Further to our comments in Annexure A, as required by section 143(3) of the Act, our auditors report unless law or regulation precludes public disclosure about the In preparing the financial statements, management is responsible for assessing the These responsibilities include the with reference to financial statements. accompanying standalone financial statements; b) in our opinion, proper books of account as required by law have been kept by the The firm, along with the lenders, believed that once the plant reaches its full capacity, they would make enough profits to repay the debt. alternative but to do so. operating effectively for ensuring the accuracy and completeness of the accounting with them all relationships and other matters that may reasonably be thought to bear on 4. It'll just take a moment. Bhushan Steels did things slightly differently. the current period and are therefore the key audit matters. Copyright HT Digital Streams Limited All rights reserved. It was further argued by Counsels for SFIO that the fact of Aarti Singal merely being a woman cannot absolve her from the twin conditions for grant of bail as provided under Section 212(6) of the Companies Act. KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc. unauthorised acquisition, use, or disposition of the companys assets that could have (xvi) The Company is not required to be registered under Section 45-IA of the Reserve amended). Stock Broker SEBI Regn. The banks operating in India probably need an elaborated class on history. controls with reference to financial statements based on our audit. The Companys Board of Directors is responsible for the other information. Further, Tata steel officially took control of Bhushan Steel by repaying a debt of 35,200 crores and renaming it as 'Tata steel BSL'. While the tales of corporate defaults seems to increase, there was another company on the list, which elaborated on the great Indian Debt Trap. The ticking sound of the bomb never reached the ears of the banks. maintaining internal financial controls based on the internal control over financial have been properly dealt with in the books of account. information and explanations given to us and the books of account and other records and if such controls operated effectively in all material respects. Act, we are also responsible for expressing our opinion on whether the Company has developing the accounting estimates; The Company had also made certain payments to the relevant authorities in respect of (1) pertain to the maintenance of records that, in reasonable detail, accurately and
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