Kishore Biyani Challenges Future Retail’s Forensic Audit, Report

Future Retail Ltd. said its Founder and Director Kishore Biyani challenged the forensic audit process and the report submitted by BDO India LLP to Bank of India.

Biyani filed a writ petition before the Bombay High Court challenging the forensic audit process and the report, the bankrupt retailer said in a stock exchange announcement.

The development comes after Future Retail’s lender Bank of India last month asked the distressed company as well as its promoters Kishore Biyani and Rakesh Biyani to submit their response on a forensic audit report.

The lender had appointed BDO India as the forensic auditor to conduct the forensic audit of Future Retail’s account. The company had availed various credit facilities that became non-performing asset on 31 January 2022.

Future Retail was admitted into an insolvency resolution by the National Company Law Tribunal in July 2022, following a petition by the company’s financial creditor Bank of India over an alleged default amount of 1,441.62 crore rupees ($173.46 million).

Note: $1 = 83.1110 Indian rupees

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