Audit Trail Gap and RBI Default List Raise Concerns for Gaza Capital

The prospectus notes that the accounting software used by Gaza Capital normally logs every transaction through an audit‑trail feature. However, from April 1, 2025 to August 27, 2025, this function was disabled. Auditors could not find evidence of tampering during the period, but the absence of a continuous audit trail is a governance weakness that may hinder transparent tracking of changes.

Additionally, one of the promoters, Gopal Jain, appears on the Reserve Bank of India’s list of accounts with defaults exceeding INR 1 crore that have not faced legal action. The name surfaced because he was a nominee director on the board of another firm that defaulted. The promoter asserts he was not associated with the defaulting entity at that time, and a former bank has reportedly requested his removal from the list.