Forensic Audit Initiated at Capillary Technologies Following Suspected Banking Fraud
Capillary Technologies India Limited has initiated a forensic audit in connection with suspected fraudulent and unauthorized banking transactions that affected the company. The decision was made by the Company's Audit Committee, aiming to independently examine the facts and circumstances surrounding the incident and recommend necessary corrective measures.The forensic audit aims to investigate the recent incident involving the suspected fraud and unauthorized banking activity. By engaging external expertise, the company seeks to determine the root cause of the matter and ensure all relevant steps are taken for mitigation.
Key details regarding the initiation and execution of the forensic audit have been disclosed as follows:
| Particulars | Details |
|---|---|
| Reason for initiating the forensic audit | To independently investigate the recent incident involving suspected fraudulent and unauthorised banking transactions affecting the Company, ascertain the facts and circumstances, and recommend corrective measures. |
| Initiating Authority | Capillary Technologies India Limited through its Audit Committee. |
The Company has appointed KPMG Assurance and Consulting Services LLP to conduct the audit. The scope of the forensic review is comprehensive and includes a detailed examination of all relevant records and banking processes.
The engagement focuses on assessing internal financial controls related to the incident, conducting a thorough review of the suspected unauthorized transactions, determining the root cause, and ultimately submitting a report that includes findings and recommendations.
| Audit Detail | Information |
|---|---|
| Forensic Auditor Name | KPMG Assurance and Consulting Services LLP |
| Scope of the forensic audit | Review of suspected unauthorized banking transactions, examination of relevant records and banking processes, assessment of internal financial controls, determination of the root cause, and submission of a forensic audit report with findings and recommendations. |
| Initiated by Regulatory Agency? | No. The forensic audit has been initiated by the Company. |
Capillary Technologies confirmed that it will extend full cooperation to the Forensic Auditor throughout the process. Furthermore, the company stated that it will provide subsequent disclosures as required upon completion of the forensic audit or should any material developments occur in the interim.
CAPILLARY Stock Price Movement
Shares of Capillary Technologies India Limited are shedding value as they dip 3.94% to trade at ₹493.65, based on market activity recorded at 3:07 PM today. The equity is seeing heavy trading interest, having seen a volume of 114,449 shares change hands so far in the live market session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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