Indostar informs about credit process lapses and hence need for additional provisions. Fixing of accountability awaited.

In a surprise development, Indostar Capital Finance Limited (ICFL) informed the following – On March 31, 2022, the management had informed Audit Committee of certain control deficiencies observed during the interim statutory audit Observations specifically related to the CV loan portfolio They were in respect of sanctioning of loans to existing customers, loan documentation and … Read more

Blackrock flags concern about SpiceJet’s accounting practices

As per a news report by Mint newspaper, Blackrock (US based large fund manager) had highlighted accounting irregularities at SpiceJet in December 2021. Key points to note: Blackrock had raised the issue of accounting irregularities at the time of rejecting re-appointment of Shivani Singh (wife of the promoter CMD, Ajay Singh) as Director. Blackrock rejected … Read more