Consumer electronics brand boAt has disclosed a series of financial reporting and compliance lapses in its updated draft red herring prospectus (DRHP). The statutory auditors of Imagine Marketing, the parent entity of boAt, issued several unfavourable remarks relating to mismatches in statements, fund utilisation, governance, and internal controls across FY23 to FY25.
According to the filing, quarterly returns and statements submitted to banks were not in agreement with the company’s books of accounts for FY23, FY24 and FY25. The auditors also noted…

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