COMPILERS’ NOTE
National Financial Reporting Authority (NFRA) had on 29th March, 2023 issued an Order (14 pages) under section 132 of the Companies Act, 2013 and NFRA Rules, 2018 in respect of Complaint made by Brigadier Vivek Chhatre against Mahindra Holidays Resorts India Ltd (MHRIL). In terms of the said order, NFRA issued certain directions to the company and its auditor. Given below is an extract of the said directions and disclosures by the company in its results declared on 25th April, 2023 for the year ended 31st March, 2023.
EXTRACT OF ORDER DATED 29TH MARCH, 2023
We pass the following directions to the MHRIL and its auditor:
1. MHRIL shall, going forward, thoroughly and proactively review its accounting policies and practices in respect of segment reporting, as they relate to application of Ind AS 108; and also Ind AS 115, keeping in mind our above findings relating to deficiencies in accounting disclosures. Following such a review, MHRIL shall take necessary measures to address the deficiencies pointed out in the foregoing paragraphs and effect changes in the disclosures in its financial statements in the letter and spirit of the disclosure as required under the Companies Act and the SEBI LODR. MHRIL shall complete this process by 30th June, 2023.
2. MHRIL’s review and the changes brought in its accounting practices and reporting should be properly documented, especially with resp
