Padmini Ravichandran

SAT-appeal

• Failure to obtain prior Audit Committee approval for related party transactions; loss of independent-director independence due to employment of relatives in a subsidiary; and failure to disclose appointment of a forensic auditor as a material event.
  Appeals partly allowed and common AO order dated 14 September 2022 modified. · Company penalty reduced from Rs. 25 lakh to Rs. 10 lakh.
  Appeal: Appeal Nos. 918, 919 and 920 of 2022 decided together on 12 June 2023; appeals partly allowed
• RPTs without prior audit committee approval; loss of independence as relatives appointed in subsidiary; non-disclosure of forensic audit initiation as material event under Reg 30.
  Appeals partly allowed, AO order dated 14.09.2022 modified · Company penalty Rs 25 lakhs reduced to Rs 10 lakhs
  Appeal: Appeal Nos. 918, 919, 920 of 2022 partly allowed on 12.06.2023 (reserved 07.06.2023), impugned AO order modified to reduce penalties
• RPTs without prior audit committee approval; relatives of independent directors employed in overseas subsidiary impairing independence; non-disclosure of forensic audit initiation as material event under Reg 30.
  Appeals partly allowed; AO order dated 14.09.2022 modified · Company penalty reduced from Rs 25 lakhs to Rs 10 lakhs
  Appeal: Appeal Nos. 918, 919 and 920 of 2022 decided on 12.06.2023 (reserved 07.06.2023); partly allowed with penalty reduction