In­fibeam gets MCA ap­proval to re­move joint au­di­tor

DNA (Daily News & Analysis) Mumbai Edition - - FRONT PAGE - —PTI

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.

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