Financial Technologies India's statutory auditor withdraws report due to NSEL crisis

Sep 24 2013, 20:59 IST
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FTIL's statutory auditor Deloitte Haskins & Sells has withdrawn its audit report. FTIL's statutory auditor Deloitte Haskins & Sells has withdrawn its audit report.
SummaryFTIL's statutory auditor Deloitte Haskins & Sells has withdrawn its audit report.

to re-appoint Deloitte Haskins & Sells, Chartered Accountants (ICAI Registration No. 117366W), as the statutory auditors of the company.

NSEL has engulfed into a crisis after it stopped trading of all its contracts on July 31 following the government's direction.

Meanwhile, FTIL in a statement said the impact of NSEL on the company is not 'material' in the standalone financial statement, as contribution of bourse's revenue in the net profit of the company is only 6.56 per cent.

FTIL also added that the balance sheet has already been approved alongwith auditor's report before the crisis at NSEL came into light.

The development of NSEL took place post May 30, 2013, post signing of audited accounts for the year ended March 31, 2013 and auditors' report thereon; as NSEL crisis came to the notice of FTIL on July 31, the statement said.

The Balance Sheet was also approved and recommended to the shareholders on May 30, 2013.

As per standalone financial statement of FTIL, the total income forms part of revenue generated from NSEL during the fiscal 2012-13 is largely on account of technology services which contributes only 4.79 per cent of the total income of FTIL, further there is no outstanding amount pending against the same.

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