BGR Energy Systems Limited has informed the Exchange that the Company received Letter from SBI regarding intimation of closure of Forensic Audit
BGRENERGY · price
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BGR Energy Systems has informed stock exchanges that State Bank of India has closed the Forensic Audit of the company's accounts covering the period from April 1, 2018 to January 31, 2024. The Forensic Auditor did not find any instance of fraud by the company as per RBI guidelines for declaration of fraud. Based on these findings, SBI's competent authority has officially declared the company's account as 'No Fraud'. This follows an earlier intimation from March 19, 2024 about the initiation of the audit by consortium lenders.
This is a positive development for shareholders as it removes a significant overhang of uncertainty around the company's books. The 'No Fraud' declaration by SBI clears BGR Energy of major financial irregularities and should improve investor confidence in the company's governance and credibility with lenders.