NACL has appointed Ernst & Young as the investigation agency to conduct a forensic audit to investigate certain irregularities flagged by the statutory auditors with regard to receivables. “After getting their report, the company would reassess the situation to determine if further adjustments and disclosures are necessary,” the company said in a BSE filing.
It said that it would initiate appropriate legal actions against any employee(s) or third parties found to be involved in the irregularities.
The company said it made a provision in the books of account to account for potential losses and is evaluating evidence to determine the recoverability of affected receivables.
“Based on our findings of the irregularities and misconduct in business dealings, we have terminated the employee concerned,” it said.
The company filed a police complaint against the employee.