Ansal Properties & Infrastructure Limited has informed the Exchange about Initiation of Forensic Audit of the Company, by the Forensic Audior of the Company i.e. M/s SLO Technologies Private Limited ( Advarisk ), appointed by the Resolution Professional of the Company, as per the provisions of IBC, 2016
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Ansal Properties & Infrastructure Limited has informed the exchange that a forensic audit of the company has been initiated by M/s SLO Technologies Private Limited (Advarisk). The forensic auditor was appointed by the company's Resolution Professional under the provisions of the Insolvency and Bankruptcy Code (IBC), 2016. The appointment of a Resolution Professional indicates that the company is already in the Corporate Insolvency Resolution Process (CIRP). A forensic audit at this stage typically aims to examine past financial transactions, detect any irregularities, and support the resolution process.
This development signals ongoing insolvency proceedings and raises governance concerns for shareholders. The forensic audit could uncover financial irregularities, potentially affecting the valuation of the company during resolution and impacting existing shareholders' recovery prospects.