Lenders select Future Retail for a forensic audit


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According to two people with knowledge of the situation, Future Retail (FRL), which is subject to insolvency proceedings, has hired BDO India to perform a forensic audit. The lenders are led by Bank of India.

Future Retail, headed by Kishore Biyani, tried to avoid bankruptcy by selling its businesses to the retail division of Reliance Industries. Creditors did not approve the deal and the company was admitted to the National Company Law Tribunal for insolvency proceedings after it defaulted on ₹3,495 crore debt.

A forensic audit of Future Retail will be carried out by chartered accountants Chokshi & Chokshi, who were also selected last week by market regulator Securities and Exchange Board of India.

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