Alvarez & Marsal’s Satish Kumar Gupta, is the IRP for Essar Steel while Deloitte’s Vijaykumar V. Iyer is in charge of operations at Bhushan Steel. This is the second instance of a forensic audit being ordered on the books of accounts of both these companies. In the case of Bhushan Steel, lenders had asked Deloitte to complete the forensic audit three years ago. State-run Steel Authority of India Ltd (Sail) has also expressed interest to buy Essar Steel. In fact, a good forensic audit may actually help attract enhanced bids for the asset,” said Ramesh Vaidyabathan, founder & managing partner of law firm Advaya Legal.

Source: Mint November 16, 2017 19:18 UTC