Infibeam Avenues Ltd. on Tuesday said its proposal to remove EY-affiliate SRBC & Co. LLP as one of its joint statutory auditors has been approved by the Union Ministry of Corporate Affairs.
Infibeam Avenues had last month said that its board has made a recommendation “to terminate” SRBC & Co. LLP as one of the joint statutory auditors on grounds of alleged sharing of unpublished price-sensitive information.
“... the Regional Director, North-Western Region, Ministry of Corporate Affairs, Central Government of India, has approved the removal of M/S SRBC & Co. LLP, Chartered Accountants...as one of the Joint Statutory Auditors under Section 140 (1) of the Companies Act, 2013,” Infibeam said in a BSE filing on Tuesday.
SRBC & Co LLP, an affiliate of global auditing firm EY, had previously issued a statement refuting the charges and said it is open to a regulatory inspection and will respond to the regulators, as required.
On Tuesday, Infibeam shares rose 5.01 percent to Rs 47.20 apiece on the BSE while the benchmark Sensex gained 0.42 percent to end the day at 39,950.46 points.
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