8K Miles’ related party co cleared of forgery

Chennai: Cloud services entity 8K Miles Software, said in an exchange filing that an independent forensic review has cleared 8K Miles Media, a related party entity, of forgery charges alleged by the latter’s auditor.

In a board meeting held on Tuesday, 8K Miles Software put forward the results of the forensic review, which says the signature in the ODI certificates is the same as the the specimen signatures provided to the forensic auditors, thereby concluding there was no forgery.

“Since the forensic report has just been provided to us, we are yet to review the same and perform the necessary procedures to enable us to conclude on the matter,” 8K Miles Software’s auditors Deloitte said in its report.

The auditors of 8K Miles Media resigned in 2018 alleging misuse of the audit firm's letter head and signature of their partner by the company in Overseas Direct Investment (ODI) certificates used for fund transfers.

The promoters of 8K Miles Sofware and 8K Miles Media are common. RS Ramani, former CFO, 8K Miles Software, holds over 80% stake in the latter company.

8K Miles Software also appointed a new CFO Swasti Bhowmick, an executive with over two decades of finance experience, to replace Ramani, who resigned last year.

The company delivered a 16% year-on-year growth in revenue in the December quarter at Rs 260 crore, and its quarterly net profit grew 3% from the year-ago period at Rs 46 crore.

CEO Venkatachari said cloud transformation for healthcare, data management services and electronic management of records for hospitals, drove business this quarter.

8K Miles shares were trading at Rs 112.6, down by 3% on the BSE, at the close of Thursday.


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