The National Financial Reporting Authority (NFRA) has fined an audit firm and two auditors a total of Rs 4.5 crore for alleged auditing deficiencies in Reliance Capital’s 2018-19 financials. Pathak H D & Associates faces a Rs 3 crore fine, while Parimal Kumar Jha and Vishal D Shah are fined Rs 1 crore and Rs 50 lakh respectively. Jha and Shah are barred from audit work for 10 and 5 years respectively. Despite Price Waterhouse & Co LLP reporting suspected fraud, auditors failed to perform required procedures, leading to material misstatements in financials. Reliance Capital, formerly owned by the Anil Ambani group, has since been taken over by the Hinduja group via insolvency proceedings.