BSR & Co tendered its resignation as one of the statutory auditors of Reliance Power with effect from August 9, the company said in an exchange note dated the same day.

An annexure to the company’s note stated, “On review of the annual continuance process, BSR has expressed its inability to continue as auditors of the company for the reasons included in ‘Basis for Qualified Opinion’ in their audit report dated June 08, 2019, for the financial year ended March 31, 2019.” BSR served as statutory auditors of the company for the last two financial years and “have submitted clean audit reports up to the quarter ending December 31, 2018, ie for six consecutive quarters,” it further said. Meanwhile, Pathak HD & Associates, that have been the statutory auditors of the company for the past three financial years, from financial year 2016-17, confirmed they would continue as sole statutory auditors of the company, the note stated.

Pathak HD & Associates’ term is valid till the conclusion of the AGM for the year ended March 31, 2020.

Reliance Power’s board of directors will meet on August 12 to consider and approve the unaudited financial results — standalone and consolidated — for the first quarter ended June 30 of the fiscal year. Reliance Power, and its subsidiary Vidarbha Industries Power, have signed inter-creditor agreement (ICA) with six of their lenders for resolution of debt payments.

As of March 31, Reliance Power’s consolidated debt was around Rs 30,000 crore, which includes all the assets such as Sasan Ultra Mega Power Project , Rosa Power plant in UP, Butibori plant in Maharashtra, and other solar assets.