KPMG audit report on Srei filed in time, say lenders in NCLT

Time period starts from red-flagging of the account, they argue

The KPMG forensic audit report on Srei was submitted within three months of red-flagging the account by banks and was well within the timeline, lenders argued before the Kolkata Bench of the National Company Law Tribunal (NCLT) on Thursday.

Hemant Kanoria, founder of Srei, had moved NCLT for setting aside the forensic audit by KPMG appointed by lenders.

Kanoria’s application mentioned that according to the provisions of a Reserve Bank of India (RBI) circular, dated July 3, 2017, an auditor, once appointed, was required to complete the audit and give the report within a maximum period of three months from