In the unaudited financial results of the company for the quarter ending September 30, the transaction auditor has pegged the alleged value of the fraudulent transactions at Rs 13,110 crore.
Before this, the company had reported fraudulent transactions of around Rs 5,100 crore, through two separate disclosures on the stock exchange.
The administrator of the bankrupt company, which is going through
In the latest disclosure, the company has said that the "transaction auditor has indicated that there are transactions amounting to Rs 13,110 crore which are fraudulent in nature under section 66 of the IBC, including transactions amounting to Rs 1,283 crore determined as undervalued transactions".
The administrator has filed applications before the
In another disclosure, the company has informed that the Committee of Creditors has extended the last date for the submission of the resolution plan by the prospective resolution applicants to November 25, from November 15.
Last week, NCLT approved the extension of the deadline for the completion of the resolution process to January 5, 2023.
Insolvency-bound Srei Equipment Finance Ltd., along with its promoter Srei Infrastructure Finance, is being run by an administrator, which is looking into the day-to-today affairs of the companies since October 2021.
After DHFL, SREI was the second financial services group that was referred by the
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