The Delhi High Court dismissed an interim application filed against the decision of the NFRA (National Financial Reporting Authority) which imposed penalties on CAs and audit firm for lapses in the audit of Reliance Capital Limited for the FY 2018-19.
According to the consolidated financial statements for 2018-19, Reliance Capital had approximately INR 12,000 crore in loans from banks and around INR 32,000 crore in other external borrowings. These funds were utilized to provide loans and make investments in other group companies.
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