Sebi orders forensic audit of 3 firms as clampdown on shell cos continues

Markets regulator Sebi has ordered forensic audit of three firms -- Trinity Tradelink, Info-Drive Software and Edynamics Solutions -- which figure among 331 suspected shell companies that are under its scanner.

These are in addition to Sebi ordering forensic of four other such firms -- IRIS Mediaworks, Hit Kit Global Solutions, Kavit Industries and GV Films.

In three separate orders dated September 13, Sebi has observed that prima facie Edynamics Solutions Ltd (ESL), Info-Drive Software Ltd (ISL) and Trinity Tradelink Ltd (TTL) were involved in misrepresentation of books of accounts.

In the interest of investors, it said, the regulator believes that financials of these companies should be independently audited to establish their genuineness.

Accordingly, Sebi has asked exchanges to appoint independent auditors to conduct forensic audit of these firms for verification, including their credentials/financials.

Besides, promoters and directors of the firms have been allowed only to buy securities of these companies. However, the shares held by them in these firms would not be allowed to be transferred for sale, by depositories.

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