Shillong: Meghalayan Age Limited cleared most hurdles in its 2020-21 audit. Auditors found no fraud. However, they flagged a glaring issue: the firm failed to process its accounting through an IT system. Susanta Kumar Roy of Susanta & Co. signed the report in Shillong on June 19, 2023.
The company complied with the Companies Act 2013 on loans, grants, and statutory dues. Officials paid all dues regularly. No arrears existed as of March 31, 2021. The firm carried no inventory and accepted no public deposits. It did not borrow from banks, financial institutions, or the government.
Rules regarding preferential allotment and managerial remuneration did not apply to the company. It is not a Nidhi company and required no RBI registration under Section 45-IA. Auditors confirmed that State Government grants were used as sanctioned. "The company had no inventory, granted or taken no loans from parties listed under Section 189, and complied with Sections 185 and 186."
Internal controls existed by March 2021. Even so, auditors noted missing documents and significant matters during the review. These gaps made it difficult to judge the overall impact on financial statements.
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