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GMR Group Didn’t Write Down Rs 2,250-Crore Investments Despite Auditor’s Red Flag
Why auditor says GMR Infrastructure’s power business loss would have been far bigger.
05 Mar 2019, 06:43 PM IST i

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Guru Nanak Dev Thermal Plant, a thermal power station, dominates the skyline of Bhatinda, Punjab, India. (Photographer: Prashanth Vishwanathan/Bloomberg)
The auditor to GMR Infrastructure Ltd. said that its power sector loss would have been Rs 2,250 crore higher in the nine months ended December had it accounted for the reduced value of its investments.SRBC & Associates LLP, the audit arm of EY, based its qualified opinion on a valuation report submitted by external experts, according to the auditor’s statutory limited review of the third-quarter earnings. The company didn’t disclose ...

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