September 28, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

The long chase of NFRA to book DHFL auditors Chaturvedi & Shah

Clockwise from top-left: D N Chaturvedi, chairman, Chaturvedi and Shah LLP; Rajesh Chaturvedi, vice chairman and managing partner, Chaturvedi and Shah LLP; Jignesh Mehta, partner, Chaturvedi and Shah LLP; Gagan Chaturvedi, managing partner, Chaturvedi and Shah LLP; image credit:


The Mumbai-based firm was the statutory auditor for the scandal-hit NBFC between 2016 and 2019. NFRA has found discrepancies in the DHFL audit process and has prepared a draft audit quality review after working on it for 15 long months. However, that is being challenged in the Bombay High Court and that too before its publication.

In 2016, veteran chartered accountant Dinanath Chaturvedi was nominated for the lifetime achievement award of International Accounting Bulletin. A citation in the magazine’s portal reads: “An early advocate of raising funds from the market, in 1977 first-generation entrepreneur took Mr Chaturvedi’s advice and issued a large IPO. It marked the turning point for India’s population, prompting people to channel savings into equity

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