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NPR > Blog > News > Deloitte Gets Rs 2 Crore Penalty Over ZEE Audit. Here’s Why
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Deloitte Gets Rs 2 Crore Penalty Over ZEE Audit. Here’s Why

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Last updated: December 25, 2024 1:38 am
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The National Financial Reporting Authority (NFRA) has slapped a penalty of Rs 2 crore on Deloitte Haskins & Sells LLP, along with a fine on two chartered accountants for lapses in the audit of Zee Entertainment Enterprises Ltd (ZEEL) during the 2018-19 and 2019-20 financial years.

The regulator has fined CA AB Jani Rs 10 lakh and barred him for five years from being appointed as an auditor or internal auditor or from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company. A fine of Rs 5 lakh has been imposed on CA Rakesh Sharma and the regulator has banned him for three years from being appointed as an auditor.

While Mr Jani was the Engagement Partner (EP), Mr Sharma was the Engagement Quality Control Review (EQCR) Partner for the audit of the company for 2018-19 and 2019- 20.

Why has NFRA fined Deloitte?

The regulator’s action stems from Deloitte’s alleged failure to identify and report irregularities related to a Rs 200 crore fixed deposit held by ZEEL in Yes Bank. 

In 2018, the ZEEL Chairman, who is also the promoter of the Essel Group, issued a letter to Yes Bank, committing Rs 200 crore fixed deposit of ZEEL as a guarantee for the loans given by Yes Bank to a promoter group company Essel Green Mobility Ltd. The bank appropriated the fixed deposit in July 2019 towards the settlement of loan amounts due from seven promoter group companies.

According to NFRA, its examination showed that the auditors were grossly negligent, failed to apply professional scepticism and due diligence, did not adequately challenge the management’s assertions, and failed to evaluate the reporting of suspected fraud. “Neither the creation and maintenance of fixed deposit nor its reappropriation by the bank was with the approval of the board or shareholders of the company. The statutory auditors failed to identify and report this misrepresentation,” the regulator said.

Following this, the regulator issued a show-cause notice to Deloitte and its two auditors. 

After considering their responses, the watchdog found that Deloitte and the two CAs were “guilty of professional misconduct”.

According to Deloitte, they have received the order and are reviewing it.

“We are currently reviewing the order to determine our next course of action,” a Deloitte spokesperson said.

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