Deloitte to continue as FTIL auditor till conclusion of AGM

Sep 28 2013, 20:35 IST
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SummaryCrisis-ridden NSELís promoter Financial Technologies (FTIL) on Friday said Deloitte Haskins & Sells, who had withdrawn its audit report, will continue as its statutory auditor till the conclusion of the companyís adjourned AGM.

Crisis-ridden NSELís promoter Financial Technologies (FTIL) on Friday said Deloitte Haskins & Sells, who had withdrawn its audit report, will continue as its statutory auditor till the conclusion of the companyís adjourned AGM.

On September 24, the auditor had withdrawn the report certifying accounts of the company and said that the financial statements of FTIL for 2012-13 cannot be ďrelied uponĒ any ďlongerĒ in the wake of R5,600 crore payment crisis at the firmís subsidiary, NSEL.

ďThe resolution for re-appointment of M/s Deloitte Haskins & Sells, chartered accountants as statutory auditors of the company was deferred till further notice. They will continue as statutory auditors of the company till the conclusion of adjourned AGM,Ē FTIL said in a BSE filing.

The resolution was deferred at the companyís Annual General Meeting held on September 25. Whereas the first agenda in the AGM was the resolution for approval and adoption of balance sheet, profit and loss account and auditorís report.

The AGM stands adjourned till further notice in view of the deferred agenda items as stated above, the filing added. NSELís auditor Mukesh P Shah & Co had also withdrawn the report.

In an earlier filing, FTIL had said that the standalone and consolidated financial statement has been audited prior to the event occurred at NSEL.

Meanwhile, the AGM has also deferred the declaration of final dividend till further notice. NSEL has so far had defaulted in six pay-outs so far and has been able to settle just about R148 crore out of R5,500 crore outstanding to the 13,000 investors.

NSEL plunged into the payment crisis after it stopped trading of all its contracts on July 31 following the governmentís direction.

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