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SREI Equipment Finance auditor reports fraudulent transactions amounting to ₹13,110 cr

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SRE Equipment Finance Ltd has reported alleged fraudulent transactions amounting to Rs 13,110 crore, during the former management of the company run by Hemant Kanoria and Sunil Kanoria.



In the company’s unaudited financial results for the quarter ended September 30, the transaction auditor pegged the alleged value of the fraudulent transactions at Rs 13,110 crore.

Before that, the company had reported fraudulent transactions of about Rs 5,100 crore, through two separate disclosures on the exchange.

The administrator of the bankrupt company, which continues NCLT driven settlement process, BDO has appointed India LLP as transaction auditor.

In its latest disclosure, the company said that the “transaction auditor has indicated that there are transactions worth Rs 13,110 crore that are fraudulent in nature under Section 66 of the IBC, including transactions amounting to Rs 1,283 crore that are classified as undervalued transactions.” are considered”.

The administrator submitted applications before the Kolkata bank of the NCLT for arbitration.

In another disclosure, the company said the Creditors’ Committee has extended the deadline for submission of the resolution plan by potential resolution applicants to Nov. 25, starting Nov. 15.

Last week, the NCLT approved the extension of the deadline for the completion of the resolution process to January 5, 2023.

The insolvency-related Srei Equipment Finance Ltd. is led, together with its promoter Srei Infrastructure Finance, by an administrator, who has been investigating the day-to-day running of the companies since October 2021.

After DHFL, SREI was the second financial services provider to be referred by the RBI for an NCLT-driven resolution process, by replacing the boards of directors of two Srei companies in October 2021.

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