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PwC Resigns Serving as the Statutory Auditors of Paytm

CIO Insider Team | Tuesday, 8 August, 2023
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Price Waterhouse Chartered Accountants LLP (PwC) has formally resigned from serving as the statutory auditors of One97 Communications Limited's wholly-owned subsidiary Paytm Payments Services Limited (PPSL), and S.R. Batliboi (SRB) & Associates has been named as the new auditor.

The company noted in the regulatory filing that both decisions take effect on August 7, 2023.

SR Batliboi & Associates LLP (SRB), an EY network business that was appointed as One 97's auditor for a period of five years in April, will now also audit PPSL.

The Board of Directors of PPSL has acknowledged their resignation and expressed gratitude for M/s Price Waterhouse Chartered Accountants LLP for their work, according to the corporate filing.

Price Waterhouse CA stated in a letter from the auditor that One 97 filed with the exchanges that Paytm tendered the resignation since it wanted its audit practices to be in line with those of the controlling company (One 97).

One97 Communications informed the stock exchanges earlier in the day that its founder, managing director, and CEO, Vijay Shekhar Sharma, will buy a 10.3 percent share in the business from Antfin (Netherlands).

After PwC's five-year time as the company's statutory auditor expired, SRB would be the new auditors, the company had told the exchanges in March. In addition, it gave its brief report on the company's financial performance for the three months ended June 30, 2023.

In a regulatory filing, One 97 said that Ant Financial Services had decreased its ownership of the business by 10.3 percent.

After a term of five years, it is advised for a listed company to rotate auditors, according to Section 139 (2) of the Companies Act, 2013.

One97 Communications informed the stock exchanges earlier in the day that its founder, managing director, and CEO, Vijay Shekhar Sharma, will buy a 10.3 percent share in the business from Antfin (Netherlands).

Sharma's ownership of Paytm will rise to 19.42 percent following this deal, while Antfin's ownership will fall to 13.5 percent. $ 62.8 crore is the projected total deal value.

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