SC allows forensic audit of Ruchi Soya Industries
Supreme Court on Friday allowed completion of a forensic audit of Ruchi Soya Industries (now taken over by Baba Ramdev's Patanjali Ayurved) and asked its erstwhile management to cooperate in the process.
The audit has been initiated at the instance of IDBI Bank, which is leading a consortium of lenders of Ruchi Soya.
«It is imperative that the fresh forensic audit be taken to its logical conclusion,» solicitor general Tushar Mehta told a bench led by Justice Sanjiv Khanna, adding the allegation involved misappropriation of ₹9,000 crore of public money advanced by banks.
Appearing for IDBI Bank, the SG, along with counsels Akshay Sapre and Abhijeet Swaroop, argued that only a forensic audit would unearth any financial mismanagement that has taken place in the company. The bank also wanted restoration of its contempt proceedings initiated against Ruchi Soya's former MD Dinesh Shahra, as it claimed the audit could not be concluded due to his non-cooperation.
