National Peroxide: Thief gets 36 Cr, Investors 12 Cr

National Peroxide reported a profit of around 48 Crores last year.

Now it turns out,one of their employees embezzled 36 Crores !

Source: Nov 08, 2017 Exchange Filings of National Peroxide

Considering that National Peroxide is such a small company, one wonders about the quality of internal audits at other Wadia Companies like Bombay Dyeing,Brittania, Go Air etc !

One Reply to “National Peroxide: Thief gets 36 Cr, Investors 12 Cr”

  1. This episode will open up many aspects of pandora box!
    When it comes to Internal Audit quality, it is not designed by Wadia group alone. Besides business angle for such lapses there is also professional angle of lapses attributable to the Internal Audit systems / practices employed. Lapses attibutable to oversight bodies having professional and regulatory responsibilities.
    Forensic Audit has limitations. MCA should order investigation in to this case study to reveal all such lapses are linked to ‘DECADES OF CORRUPT PRACTICES’

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