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jiten kenya   05 August 2020

Legal action against auditors for scammed companies

How can we recover lost money like Gitanjali and IL&FS shares.
Can we sue company Auditors and company Secretary etc.

Further,What r the legal remedies available.
Are auditors not responsible for such big fraud?
What is protecting them?



 3 Replies

G.L.N. Prasad (Retired employee.)     05 August 2020

Investing in shares is speculation and the investor after going through financial statements then only invested in such companies.  Government with investigation from SEBI and other agencies may take action against those companies (Directors) and their auditors.  If you have lost substantial investment, contact a local advocate and try to file a PIL before High Court praying for directions to Government to safeguard the interest of the innocent investors.

jiten kenya   05 August 2020

Investing is not a speculation, It is a proper science which is done by proper study and trusting auditors report etc. Above companies there is a massive breach of trust and report was completely hiding important facts of the company. Hence, we should be able to file a complaint to recover loss. which section and provision of law allow that.

SHIRISH PAWAR, 7738990900 (Advocate)     05 August 2020

Hello,

Investment in shares is share in profit and loss. You are entitle for profits as well as risk. However if you doubt breach of trust you can always file complaint to SEBI and local police station.

 


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