Technoglitch
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In fresh troubles for embattled businessman Vijay Mallya, a forensic audit has found possible 'irregularities and mismanagement' in advances and investments made by Mangalore Chemicals and Fertilizers to his other group companies.
The Board of Mangalore Chemicals and Fertilizers Ltd (MCFL), which Zuari Fertilizer & Chemicals last year vested control from Mr Mallya, had appointed Ernst & Young LLP to do a forensic investigation into the Rs 200 crore investment MCFL had made in Bangalore Beverages Ltd.
The audit was also asked to look into various advances made by MCFL to Mr Mallya's flagship United Breweries (Holdings) Ltd (UBHL) of which a sum of Rs 16.68 crore was outstanding as of March 31, 2016.
Upon completion of its investigations, Ernst & Young made a presentation to the Board of Directors of MCFL on Friday.
The audit concluded that these "transactions may have involved irregularities and elements of mismanagement in the company," MCFL said in a stock exchange filing.
Fresh Trouble For Mallya Over MCFL Investments In UB Group Firms – NDTV Profit
The Board of Mangalore Chemicals and Fertilizers Ltd (MCFL), which Zuari Fertilizer & Chemicals last year vested control from Mr Mallya, had appointed Ernst & Young LLP to do a forensic investigation into the Rs 200 crore investment MCFL had made in Bangalore Beverages Ltd.
The audit was also asked to look into various advances made by MCFL to Mr Mallya's flagship United Breweries (Holdings) Ltd (UBHL) of which a sum of Rs 16.68 crore was outstanding as of March 31, 2016.
Upon completion of its investigations, Ernst & Young made a presentation to the Board of Directors of MCFL on Friday.
The audit concluded that these "transactions may have involved irregularities and elements of mismanagement in the company," MCFL said in a stock exchange filing.
Fresh Trouble For Mallya Over MCFL Investments In UB Group Firms – NDTV Profit
