Signage of Vadilal Ice creams. (Source: BloombergQuint)

Vadilal Group Auditor Gives Qualified View On Payments Under Probe

The auditor to two Vadilal Group companies said in its statutory review that it can’t comment on the impact of certain payments on their financial results till the probe initiated by their boards is completed.

Vadilal Industries Ltd. and Vadilal Enterprises Ltd. today filed the limited review reports to the second-quarter earnings by Deloitte Haskins and Sells after a delay of more than 45 days.

Such a delay is rare for Indian companies. BloombergQuint on Dec. 28 reported that the boards had raised questions over the legitimacy of certain payments.

In their latest exchange filing, the boards said the auditor’s qualification is not likely to have any material impact on the financial statements.

The auditor, however, is more cautious. “Pending completion of the inquiry we are unable to conclude on any adjustments that may be required to the statement and possible effects, if any, of any other consequential matters that may arise pursuant to the conclusion of said matter on the financial results or operations of company,” it said.

Deloitte Haskins and Sells and the companies have yet to respond to BloombergQuint’s queries.