Some related-party transactions not disclosed inadvertently: Kaynes Tech

Shares of Kayne Technologies plummeted over 12 per cent on Friday after the firm said it had “inadvertently not disclosed” some of the related-party transactions in the standalone financial statements of the company.

 

The company, however, said that these transactions were not required to be disclosed under the consolidated accounting standards as per the Indian Accounting Standards. 

Earlier this week, Kotak Institutional Equities flagged in a report inconsistencies in the company’s related party transactions, an ambiguous accounting treatment of goodwill or reserve adjustments under acquisitions, and sharp additions to intangibles for technical know-how, among other issues at the company.

 

“We