Aug 20, 2024 · NEW DELHI: In the sternest action against an auditor, National Financial Reporting Authority (NFRA) on Monday barred Aravind Maiya, a former partner at BSR & Co and now the CEO of Embassy REIT, from practicing for 10 years and also slapped with a Rs 50 lakh penalty, while levying a Rs 10 crore fine on the firm, in a case involving the fraud at C...

Aug 20, 2024 · The National Financial Reporting Authority (NFRA) has barred Aravind Maiya, former partner at BSR & Co and current CEO of Embassy REIT, from practicing as an auditor for 10 years. Additionally, Maiya has been fined Rs 50 lakh.

Aug 20, 2024 · NFRA has imposed a massive ₹10 crore fine on BSR & Associates LLP, marking one of the largest penalties ever levied by the regulator. Along with the fine, NFRA debarred two of BSR’s partners Aravind Maiya and Amit Somani for 10 and 5 …

Nov 6, 2024 · Aravind Maiya stepped down as chief executive of India’s first listed real estate investment trust on Tuesday after the Securities and Exchange Board of India (SEBI) directed the manager of Embassy REIT to suspend him from the position.

Nov 4, 2024 · The Securities and Exchange Board of India (SEBI) has passed an interim order directing the suspension of Aravind Maiya, from acting as the chief executive officer of Embassy Office Parks...

Aug 20, 2024 · The National Financial Regulatory Authority (NFRA) barred Aravind Maiya and Amit Somani, partners at BSR & Associates, for 10 years and five years from being appointed as an auditor or internal auditor or undertaking any audit …

Aug 20, 2024 · The NFRA has also barred auditors Aravind Maiya and Amit Somani from conducting audit work for ten and five years, respectively. In addition, Maiya has been fined Rs 50 lakh, while Somani faces a Rs 25 lakh penalty.

Aug 19, 2024 · The auditors, including the engagement partner (EP) CA Aravind Maiya and the engagement quality control reviewer (EQCR) CA Amit Somani, failed to conduct necessary audit procedures, particularly regarding significant loans and advances involving MACEL, a promoter-controlled entity.

Nov 5, 2024 · Embassy REIT announced CEO Maiya's resignation after SEBI issued a show-cause notice citing his disqualification following a 10-year audit ban. Maiya will now serve as Head of Strategy for the REIT.

Aug 20, 2024 · As a result of its own assessment of the matter, NFRA has debarred auditors Aravind Maiya and Amit Somani for 10 years and five years, respectively. Additionally, Maiya and Somani are mandated to pay penalties of Rs 50 lakh and Rs 25 lakh, respectively.