The National Financial Reporting Authority (NFRA) on Tuesday slapped a penalty of ₹2 crore on Deloitte Haskins & Sells LLP and a total penalty of ₹15 lakh on two chartered accountants (CAs) for professional misconduct in connection with the audit of Zee Entertainment Enterprises (ZEEL) for the financial years 2019 (FY19) and FY20.
NFRA also imposed a penalty of ₹8 lakh on two CAs in relation to the statutory audit of DB Realty and debarred them for five and three years, respectively.
NFRA also found that the auditors ignored several red flags and did not take into account critical factors such as the role of promoters, the basis for appropriation of fixed deposit and transactions between ZEEL and other group companies.
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