Forced To Sue Partners To Ensure Efficient Resolution, Says BDO India
BDO India today said that it was forced to approach the Bombay High Court to ensure that two of its partners complete their six month notice period and that the resolution process in two insolvency companies is efficiently completed.
The consultancy firm said in a statement that two of its partners – Mahender Khandelwal and Vandana Garg – had submitted their resignations in December 2017 to join PricewaterhouseCoopers India.
“It may be noted that the prayer of BDO India was restricted to ensure that they complete these mandates and honour their commitment to service notice period with no intention to hold them in BDO beyond the stipulated period not block them from joining PwC,” the statement said.
In June 2017, Khandelwal had been appointed as the resolution professional for Bhushan Power & Steel Ltd, while Garg is the resolution professional for Jyoti Structures Ltd.
BloombergQuint had reported last week that this had raised concerns about the effective completion of the resolution process in the two companies, since BDO India offered supporting infrastructure to its two partners.
While entry of partners joining from other services firms and vice versa, exit of partners to join competing firms is matter of routine, BDO India was forced to act and seek legal intervention so that individual actions of partners did not come in the way of efficient Resolution which is also in national interest.BDO India statement
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