Mumbai NCLT Orders Forensic Audit Of Narangs International Hotels Accounts Over Alleged Financial Irregularities
Mumbai: The Mumbai Bench of the National Company Law Tribunal (NCLT) has directed a forensic audit of the accounts of Narangs International Hotels Pvt Ltd for 2023-24 and 2024-25, following allegations of financial irregularities and mismanagement raised by family shareholders. The order was passed on October 6 by a bench comprising Judicial Member Vinay Goel and Technical Member Charanjeet Singh…
The Mumbai National Company Law Tribunal (NCLT) has ordered a forensic audit of Narangs International Hotels Pvt Ltd's accounts for the financial years 2023-24 and 2024-25 following allegations of financial irregularities and mismanagement from family shareholders. The order was passed on October 6 by a bench comprising Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati.
The allegations raised by Mona Rama Narang and Rahul Rama Narang concern various financial and corporate matters, including the alleged use of funds from a rights issue, a disputed land transaction, advances made by the company, write-off of receivables, accounting treatment, disclosures relating to the company's airport-related business, and related-party transactions.
The tribunal clarified that the forensic audit is not a finding of guilt but rather an independent examination of the company's accounts to be considered in the main company petition.
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