boAt's updated draft red herring prospectus reveals that its statutory auditors have raised concerns over discrepancies between the financial information the company submitted to lenders and the figures reflected in its own books.

The observations, flagged in the DRHP filed by parent company Imagine Marketing a little over a month ago, surface as the Gurugram-headquartered brand prepares for its second attempt at an IPO.

According to auditors BSR & Co LLP, several quarterly statements shared with banks did not match the financial records for FY23, FY24 and FY25.

They also pointed out that short-term borrowings had been diverted to meet long-term funding needs of subsidiaries, pointing to broader shortcomings in financial controls during the review period.

The audit further said that ma

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