Deloitte Haskins & Sells LLP. has resigned as the statutory auditor of Styrenix Performance Materials Ltd., effective Aug. 12, on remuneration discord.
Deloitte had requested the management in June and the audit committee in August to increase their remuneration citing "efforts involved for the increase in scope of statutory audit, the thermoplastics maker said in an exchange filing.
However, the audit committee did not accept the request at its Aug. 10 meeting and, instead, asked the auditor to consider reducing their remuneration for the year ending March 31, 2024 from what it charged in the previous year, Styrenix said.
Deloitte has neither any raised concerns regarding the management of Styrenix nor has it cited any material reason for the resignation, the company said.
The audit committee and the board of the company will consider the appointment of new statutory auditors in due course, Styrenix said.
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