Ruchi Soya allegedly misled lenders? Here is why banks put firm under scanner
Ruchi Soya, which is undergoing insolvency, where Adani Wilmar has emerged as the highest bidder, also manipulated bank documents, specially stock audit report to secure more money from banks. Banks’ documents reveal that RSIL had a large number of transactions with associated companies having massive outstanding. “Poor disclosure of material, adverse information and no qualification by the statutory auditors” led Ruchi Soya into State Bank of India’s fraud report, and called RFA.
From being a wilful defaulter to synchronised trading in the commodity market, consumer goods major Ruchi Soya Industries Ltd (RSIL) has allegedly used almost every trick to survive and manage cash crunch. Image source: youtube