Concerns about improper income recognition and falling carbon credit prices have hurt investor sentiment towards India’s leading carbon credits firm. Does the company have a plan?
In early December, EKI Energy Services hired a new auditor. The previous auditor had resigned, citing other engagements. Walker Chandiok & Co., the Indian arm of accounting firm Grant Thornton, was brought in to ensure better scrutiny of the Indore-based company’s accounts and shore up corporate governance.
When the new auditor signed off on EKI’s third-quarter results for the financial year 2022-23, it flagged certain concerns. The auditor said the company did not recognize its income as per accounting norms and that it overstated its revenue for the third quarter. It also noted that EKI Energy overstated its revenue for …
Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.
Executive Editor
surendar@mailtmc.com
Mumbai