Deloitte has identified issues in the financial statements of VerSe Innovation — the parent company of DailyHunt and Josh — for the financial year ending March 31, 2024, warning that these lapses could potentially lead to material misstatements across different parts of the company’s financial report.“The company did not have appropriate internal controls over selection and evaluation of suppliers, approval of purchase orders and invoices, and payments… which could potentially result in material misstatement in company’s trade payables and expense account balances and preferential payments to suppliers including misappropriation,” the filing said.
Deloitte also highlighted:
- changes in the figures reported for the year ended March 31, 2023,
- an unsubstantiated claim of Rs 35 crore connected to unexplained invoices from a supplier, which VerSe has not recognised as a trade payable.
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Despite these issues, VerSe posted a net loss of Rs 889 crore in FY24, 54% lower than the previous year. Operating revenue stood at Rs 1,029 from Rs 1,104 in FY23.
