New Delhi: The RP of Future Retail Ltd (FRL) has filed an application with the NCLT, naming Kishore Biyani, Rakesh Biyani, and eight other organisations as defendants in a "fraudulent transaction" case.
This application "has been filed pursuant to the findings in the report received from Nangia & Co. LLP, which was appointed as 'Transaction Review Auditor' by the RP," Future Retail Ltd (FRL) stated in a regulatory filing.
When a transaction is reported under Section 66 of the Code for adjudication by the NCLT, the Transaction Review Auditor's role is to assist the RP in performing his duties and making the determination.—Inputs from Agencies