The Reserve Bank of India (RBI) Bans Haribhakti & Co. LLP from undertaking any type of audit in any of the entities regulated by RBI for a period of 2 years with effect from April 1, 2022.

This action has been taken on account of the failure on the part of the audit firm to comply with a specific direction issued by RBI with respect to its statutory audit of a Systemically Important Non-Banking Financial Company.

Read the full Press Release Issued by RBI:

October 12, 2021

Action against Statutory Auditors of NBFC under section 45MAA of RBI Act, 1934

The Reserve Bank of India (RBI) in the exercise of the powers vested under section 45MAA of the Reserve Bank of India Act, 1934, has, by an order dated September 23, 2021, debarred M/s Haribhakti & Co. LLP, Chartered Accountants (ICAI Firm Registration No. 103523W / W100048), from undertaking any type of audit assignment/s in any of the entities regulated by RBI for a period of two years. This action has been taken on account of the failure on the part of the audit firm to comply with a specific direction issued by RBI with respect to its statutory audit of a Systemically Important Non-Banking Financial Company.

2. This will not impact audit assignment/s of M/s Haribhakti & Co. LLP in RBI regulated entities for the financial year 2021-22.

Press Release: 2021-2022/1027. RBI

(Yogesh Dayal)

Chief General Manager

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