Who wrote this article?

Deepak Shenoy, Capitalmind's research team.

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

21 Oct 2015Deepak Shenoy1 min read

Quick Facts

What is "Suckered: We Did Not Audit This, Say Auditors of C Mahendra Exports" about?
What category is this article in?: Stocks
Who wrote this article?: Deepak Shenoy, Capitalmind's research team.
When was this article published?: Published 21 October 2015.
How long does this article take to read?: 1 min read
What topics does this article cover?: CMahendra, Suckered

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:

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.