INDIA detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and a KPMG affiliate while investigating a fraud at a financial company, leading it to seek a five-year ban on the auditors, according to government legal filings.
The failures were detected as part of a wide-ranging probe into alleged fraud and mismanagement at Leasing & Financial Services (IL&FS), which defaulted on its debt obligations last year and sparked fears of financial contagion.
Both auditors have denied wrongdoing.
After the government took over IL&FS, federal investigators began looking into one of its key financial units, IFIN, which was audited by Deloitte between 2008-09 and 2017-18, and by a KPMG affiliate, BSR & Associates, from 2017-18.
The auditing firms gave clean audit reports and "deliberately" failed to report fraudulent activities at IFIN, said a 214-page tribunal filing submitted on Monday (10) by the corporate affairs ministry.
Citing an investigation by the Serious Fraud Investigation Office (SFIO), the filing said auditors had "miserably failed to fulfil the duty entrusted to them", adding they colluded with a group of IFIN officials to conceal facts.
"Simply put, the fraud committed at IFIN is nothing short of organised crime, actively aided and abetted by the statutory auditors," said the ministry filing.
In response to an e-mail from Reuters detailing the allegations made in the filing, a Deloitte spokesman said it was confident "it has been thorough and diligent" in its duties as an auditor and looked forward to presenting its position to the courts and relevant authorities.
"The firm stands fully for its audit work which has been conducted in full compliance with the professional standards in India," Deloitte said.
KPMG affiliate BSR said it was studying the government's tribunal filing and would "defend our position in accordance with the law", adding: "BSR's audit of IFIN was performed in accordance with the applicable auditing standards and legal framework."
IL&FS did not respond to a request for comment.
The National Company Law Tribunal on Monday asked Deloitte and the KPMG affiliate to file their responses on the allegations, setting June 21 as the next hearing date, said Sanjay Shorey, director for legal prosecution at the corporate affairs ministry.
The government has urged the tribunal to impose a five-year ban on the two auditors. It has also sought to bar the accounting firms from selling any of their properties while the case is heard, legal filings showed.
Part of the IL&FS group, IFIN was one of the thousands of shadow banking companies in India, whose primary business is to raise funds for lending from banks and the public.
The SFIO probe found IFIN extended loans to companies that did not service their debt. Then, to avoid classifying them as bad loans, it lent funds to the defaulters' group companies that were used to repay the earlier loans, the filing said.
There were 88 instances of loan disbursals and repayments with an amount totalling Rs 92.8 billion.
"The auditors, despite being aware of this modus operandi of fraudulently funding of principal and interest to the defaulting borrowers, had not reported the same in the audit report," the government alleged in the court filing.
IFIN also raised funds through debentures: its 2017-18 financial statements showed it had borrowed around Rs 51bn over the years. The government alleged Deloitte made no reference to auditing how those funds were used in recent years, and BSR too did not do so in 2017-18.
Other alleged violations that the government filing said were detected by the SFIO included a lack of verification through analytical tools, non-compliance with company law provisions and lack of auditing based on central bank inspections of the company.
The probe, which included a review of internal e-mails, also found that a Deloitte partner in 2017 had been offering an accounting service of Deloitte's consulting arm to IL&FS. In another instance in 2016, a Deloitte partner was providing management consultancy on a transaction.
Deloitte did not respond to a request for comment on these allegations, which the government alleges were breaches of company law rules in India that prohibit auditors from rendering certain other services.
The IL&FS crisis has since last year spooked stock markets and cast a pall over on India's shadow banking sector, which comprises of more than 10,000 firms with a combined balance-sheet of about $304bn.
"IFIN may only (be) the tip of the iceberg, as the rest of the IL&FS Group companies are still under investigation," the government filing said.
Tesco has increased the price of its meal deal, sparking shopper anger.
Clubcard members now pay £3.85 (up from £3.60), while non-members pay £4.25 (up from £4).
Premium meal deals also rise, costing up to £6 without a Clubcard.
Some shoppers threaten a boycott, while others argue the deal still offers value.
Tesco raises meal deal prices
Tesco has announced a price hike on its popular meal deals, prompting criticism from shoppers and even boycott threats.
From this week, the standard meal deal — which includes a main such as a sandwich or salad, a snack, and a drink — will cost £3.85 for Clubcard holders (up from £3.60), and £4.25 for non-Clubcard holders (up from £4).
The supermarket’s premium meal deal, which includes higher-end options, has also gone up from £5 to £5.50 for Clubcard holders, and from £5.50 to £6 for those without.
Shopper reactions divided
The price rise has sparked a wave of frustration online, with some customers claiming the deal no longer offers value.
On Reddit, one shopper wrote: “I will be boycotting the meal deal from [Tesco] when this hike occurs.” Another added: “That’s it, I’m legit done buying these now.”
A reader responding to Manchester Evening News said: “Everything that once was a deal no longer is.”
However, not all shoppers share the outrage. Marlene Whitehead commented: “That’s still good value.” While Peter Collins argued: “It’s actually still very good value compared to buying the items separately eg., Costa coffee on its own would be roughly £2.60.”
Do Tesco meal deals still save money?
Despite the increase, Tesco insists its meal deal remains competitive. Popular choices — such as a Tesco Chicken Club sandwich, an Egg Protein Pot, and a 500ml Coca-Cola — cost £6.50 if bought individually.
That means Clubcard members still save £2.65, while non-members save £2.25.
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Looking ahead, Chaudry said: 'Our core strategy is centred on gyms, fitness, and wellness. Through our premium health club brand M Club and our affordable fitness chain igym, we will continue expanding across the UK.'
WATERWORLD Aqua Park has been sold to European leisure operator the Looping Group in a multi-million pound deal.
The sale takes M Investment Group’s net assets beyond £110 million, with overall shareholder value now exceeding £170 million.
Mo Chaudry, chairman of M Investment Group, said: “Waterworld has been a huge part of my life and business journey and I am proud of everything we have achieved as a Team. I am now handing over the baton to Looping, a world-class operator with the vision and expertise to take Waterworld even further ensuring the resort has an exciting future.”
He said Waterworld had been “an incredible success story and a big part of my life for over 26 years. But the time is right to hand over the baton to Looping, a world-class operator with the scale and expertise to take the attraction to the next level. This sale also enables M Investment Group to sharpen our focus on our core strengths in fitness, wellness, and international leisure opportunities.”
Chaudry confirmed that the details of the deal remain confidential but added: “As a result, M Investment Group’s net assets now exceed £110 million, and our overall business worth has grown to more than £170 million. It’s a major milestone in our journey.”
He said staff jobs at Waterworld are secure. “They have a proven track record of running successful leisure destinations across Europe, and they’ve made a clear commitment to investing in the park and supporting the local community. Staff jobs are secure, and the park’s loyal visitors can expect even more exciting developments ahead.”
Looking ahead, Chaudry said: “Our core strategy is centred on gyms, fitness, and wellness. Through our premium health club brand M Club and our affordable fitness chain igym, we will continue expanding across the UK. At the same time, our fitness solutions provider Pulse Global Group is targeting strong international growth in the Middle and Far East regions with outstanding long-term potential.”
He said Waterworld had played a key role in his business journey. “Waterworld has been more than just a business — it’s been a passion. It taught me valuable lessons in entrepreneurship, resilience, and vision. It’s been a place where millions of families have created memories, and I’m proud to have played a part in that.”
Chaudry confirmed he will not remain involved in its operations. “Waterworld will now be fully operated by Looping. I’ll remain a passionate supporter but my focus as Chairman of M Investment Group will be on driving our next phase of growth.”
Looping Group operates more than 20 leisure destinations across Europe. Laurent Bruloy, Executive Chairman and co-founder of the group, said: “We are delighted to welcome Waterworld into the Looping family. It is a truly iconic attraction, and we look forward to building on its reputation for excellence while supporting the regional community.”
Chaudry said he is now focused on the future. “I’m excited about the opportunity to make a lasting impact on health and wellbeing, both in the UK and internationally. With the combined strength of M Club, igym, and Pulse Global Group, we are well positioned in the fast-growing fitness and wellness sector whilst continuing to build a world-class family investment group.”
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FILE PHOTO: A pharmacist shows a box of Prednisolone by Zentiva in Brest, western France. -(FRED TANNEAU/AFP via Getty Images)
INDIA's Aurobindo Pharma on Wednesday (20) dismissed media reports suggesting it had finalised a deal to acquire Czech drugmaker Zentiva, calling the claims “premature” and added that no binding agreement has been signed.
The clarification came after The Economic Times reported that Aurobindo was the frontrunner to acquire Zentiva from US-based private equity firm Advent International in a deal valued between $5 billion and $5.5bn (around £3.95bn to £4.35bn). If confirmed, this would be the largest-ever overseas acquisition by an Indian pharmaceutical company.
However, Aurobindo issued a statement to stock exchanges denying that any agreement had been finalised.
“As part of our business strategy, the company regularly explores various strategic opportunities, including potential acquisitions and partnerships, which can enhance shareholder value,” Aurobindo Pharma said in a regulatory filing on Wednesday.
“But at present, no binding agreement or definitive decision has been made by the Board of Directors of the company in relation to the transaction referred to in the said article(s). Accordingly, the said news item is premature and should not be relied upon,” the company added.
Aurobindo also assured investors that it would make timely disclosures if any definitive development arises that requires notification under India's regulator, SEBI.
The company's shares fell as much as 4.7 per cent during early trading on Wednesday after the report was published, but recovered slightly following the clarification. The stock closed 3.9 per cent lower on the NSE. So far in 2025, Aurobindo Pharma’s stock has dropped around 21 per cent, compared to a two per cent rise in the benchmark Nifty 50 index.
Advent International and Zentiva have not commented on the report.
Zentiva, based in Prague, is a well-known producer of generic medicines across Europe. If Aurobindo were to go ahead with the acquisition, it would mark a major step in expanding its presence in the European market and diversifying its portfolio beyond the US.
The reported deal would surpass other significant transactions in the Indian pharma sector, including Sun Pharma’s acquisition of Ranbaxy and Biocon Biologics’ buyout of Viatris’ biosimilar business.
Aurobindo is already active in international expansion. In July, its wholly owned US subsidiary signed a deal to acquire Lannett Company LLC, a generics manufacturer, for about $276 million (£218m). That deal is aimed at strengthening its manufacturing base and product offerings in the US.
The US remains a crucial market for Aurobindo, contributing nearly half of its annual revenue. Industry analysts say Indian pharma firms are increasingly pursuing global acquisitions to mitigate risks from potential US trade policies. US president Donald Trump had recently suggested steep tariffs on imported medicines.
“We’ll be putting initially a small tariff on pharmaceuticals, but in one year – one and a half years, maximum – it’s going to go to 150 per cent and then it’s going to go to 250 per cent because we want pharmaceuticals made in our country," Trump said in an interview.
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Britain’s food retailers have said that higher employer taxes and regulatory costs as well as increased staff wages are adding to inflationary pressure
British grocery inflation nudged down to stand at five per cent over the four weeks to 10 August, data from market researcher Worldpanel by Numerator showed on Tuesday (19), providing a little relief for consumers.
The figure, the most up-to-date snapshot of UK food inflation, compared with 5.2 per cent in last month’s report.
“We’ve seen a marginal drop in grocery price inflation this month, but we’re still well past the point at which price rises really start to bite and consumers are continuing to adapt their behaviour to make ends meet,” Fraser McKevitt, head of retail and consumer insight at Worldpanel, said.
The researcher said prices were rising fastest in markets such as chocolate, fresh meat and coffee and falling fastest in champagne and sparkling wine, dog food and sugar confectionery.
Britain’s food retailers have said that higher employer taxes and regulatory costs as well as increased staff wages are adding to inflationary pressure from higher prices for commodities.
Trade body the British Retail Consortium, which represents Britain’s biggest retailers, predicts that food inflation will hit 6 per cent by the end of the year, putting more pressure on household budgets in the run-up to Christmas.
The Bank of England has forecast it will hit 5.5 per cent before Christmas and then fall back as global wholesale factors fade.
Official UK inflation data for July will be published on Wednesday. (Reuters)
As the global cryptocurrency market expands, UK-based cloud mining platform SNEYD has released a new mobile app that redefines how users participate in cryptocurrency mining. This launch provides a seamless experience for users looking to earn passive income from Bitcoin, Dogecoin, Litecoin, and other major digital assets—without requiring hardware or technical expertise.
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