Infibeam gets MCA approval to remove joint auditor
New Delhi: E-commerce company Infibeam Avenues said on Tuesday its proposal to remove Ey-affiliate SRBC & Co LLP as one of its joint statutory auditors has been approved by the Ministry of Corporate Affairs (MCA).
Last month, Infibeam Avenues had said its Board has made a recommendation “to terminate” SRBC & Co LLP (Auditor) as one of the joint statutory auditors on grounds of alleged sharing of unpublished price-sensitive information.
“The regional director, North-western region, Ministry of Corporate Affairs, Central Government of India, has approved the removal of M/s SRBC & Co, LLP, chartered accountants...as one of the joint statutory auditors under section 140 (1) of the Companies Act, 2013,” Infibeam said in a BSE filing on Tuesday.
SRBC & Co LLP, an affiliate of global auditing firm EY, has previously issued a statement refuting the charges and had said it is open to a regulatory inspection and will respond to the regulators, as required.