Him Teknoforge Undergoes Special Audit After Payment Default

Him Teknoforge Ltd. said IFCI Venture Capital Funds Ltd. appointed an auditor to carry out special audit of the company following a default in payment.

IFCI Venture, a subsidiary of government-owned IFCI Ltd., appointed New Delhi-based Agarwal Anil & Co. to carry out the special audit of the company, Him Teknoforge said in a stock exchange announcement.

Him Teknoforge, formerly known as Gujarat Automotive Gears Ltd., didn’t disclose the default amount.

IFCI Venture exercised its rights under the investment agreement dated 5 May 2011 to appoint the auditor for carrying out specific assignments to examine the financial transactions, financials and procedures adopted by Him Teknoforge for its working, according to a letter from IFCI Venture filed with the stock exchange.

IFCI Venture asked the Chandigarh-based company to provide necessary information and documents to the auditor for the special audit assignment.

Him Teknoforge, established in 1981, is the flagship company of Him Group, according to its website. The company is a leading manufacturer and supplier of a wide variety of forgings and machined components (blanks & finished heat treated) like gears, axles, shafts, non-gear, assemblies, sub-assemblies, spider kits and repair kits.

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