Aircel’s lenders rope in EY for second forensic audit

Aircel’s lenders have commissioned EY to carry out a second forensic audit of the company’s accounts after the first audit by a Delhi-based CA firm was found to be “unsatisfactory”, according to people aware of the matter.

A second forensic audit while addressing gaps in the first one would also serve the dual purpose of enabling the lenders of the telco to establish the company’s intrinsic value if they decide on inviting fresh bids for Aircel, these people said. “The resolution plan for the telco has been significantly delayed, there is a view among the lenders that a fresh forensic audit be undertaken as a precursor to fresh bids, so that the intrinsic value is clear,” said an official in the know.