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MahaRERA issues show-cause notice to chartered accountants

Dated on: Wednesday 3rd May 2023

Upon discovering that MahaRERA regulations were being violated, as the same chartered accountant (CA) had been appointed to serve as both the project auditor and the statutory auditor, appropriate action was taken by authorities. MahaRERA issued show-cause notices to CA and also wrote to the Institute of Chartered Accountants of India. Promoters are needed to provide Form 3 when withdrawing funds from the bank, which must be confirmed by the project auditor. Promoters must also present a statutory audit report from a statutory auditor or accountant once a year. MahaRERA discovered that a single chartered accountant had filed both the forms and the certifications, which was against MahaRERA rules.

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