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Ferguson is auditor to several Tata firms

BS Corporate in Mumbai

A F Ferguson, which nixed its controversial report on Tata Finance, is the statutory auditor for several of the top group companies. These include top blue-chips like Tata Steel, Tata Engineering, Tata Power and Titan Industries among others.

At stake is auditing fees of almost Rs 20 million from the four main Tata companies, as per details provided in the respective companies' balance sheets.

This does not, however, include any other fees earned by AF Ferguson for special assignments which it conducts for the Tata group firm, as in the Tata Finance case. From the Tata Finance mandate, AF Ferguson was to receive a fee of almost Rs 10 million.

From time to time, AF Ferguson has also helped several other Tata firms. In recent times, it has conducted a major manpower audit at Tata Engineering, which sources would have fetched the audit firm a considerable fee.

Y M Kale, the senior partner at AF Ferguson who was in charge of the Tata Finance issue, has been past president of the Institute of Chartered Accountants of India.

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