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Stocks

Suckered: We Did Not Audit This, Say Auditors of C Mahendra Exports

Last Year I wrote about “Chipkaofication” and a stock called C Mahendra Exports had seen its stock go from the Rs. 60 levels to Rs. 240, when it sold shares to Bennett and Coleman (the owners of the Times of India and other media properties), and then the stock promptly collapsed.

Yesterday, we see this news on a newspaper:

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The auditors have basically said they didn’t sign off the financial statements, and they haven’t audited the company!

What a mess!

Not that you would want to buy this company, but if you did, you’ve been suckered.

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