Srei appoints forensic auditors for debt realignment

The Kolkata-headquartered Srei group owes nearly Rs 18,000 crore to as many as 15 lenders, including SBI, Axis Bank, and UCO Bank.

New Delhi: Srei Infrastructure Finance on Saturday said it has appointed KPMG and DmKH & Co as forensic auditors of the company as part of its debt realignment process.

“The board at its meeting held on April 23, 2021, noted the appointment of KPMG Assurance and Consulting Service LLP and DmKH & Co. as the forensic auditors of the company as advised by the bankers,” Srei said in a regulatory filing.

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The infra financier said the appointment is a step towards the proposed debt realignment plan and by the independent directors of the company as good governance respectively, it added.

The Kolkata-headquartered Srei group owes nearly Rs 18,000 crore to as many as 15 lenders, including SBI, Axis Bank, and UCO Bank.

The non-banking finance company has been facing an asset-liability mismatch post the lockdown-induced economic stress. Besides, it has been battling a human resource crisis with the exit of nearly 200 employees, including top-level executives, since December as the lenders have taken control of company finances, to the extent that they have put a cap of Rs 50 lakh salary for top-level officials.

Srei is expecting concrete engagement/ progress in areas such as debt alignment, equity raising plan, and stabilization of ongoing operations in the coming months.

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