PwC India Resigns As Auditor Of Paytm Payments Services
The resignation follows an Aug. 2 letter by One 97 Communications, which cited a change in auditor at holding company level.
PricewaterhouseCoopers India resigned as auditors of Paytm Payments Services Ltd.
The statutory auditors have not raised any concern or issue, One97 Communications, the owner of Paytm said in an exchange filing.
The resignation follows an Aug. 2 letter by One 97 Communications, which cited change in auditor at holding company level.
SR Batliboi and Associates have been appointed as the statutory auditors of PPSL with effect from Aug. 7, it said.
It was done keeping in mind One 97 Communications’ practice of aligning the auditor of the holding company with material subsidiary "to bring in synergies and maintain consistency in the audit process of the Group", according to PwC’s resignation letter.
On Monday, Paytm's Chief Executive Officer Vijay Shekhar Sharma will acquire 10.3% stake in the fintech company from Antfin (Netherlands) Holding BV, thereby becoming its single-largest shareholder.
The purchase will be conducted through Netherlands-based Resilient Asset Management BV, in which Sharma owns 100% stake, according to an exchange filing. Antfin, part of the Alibaba Group, will cease to be the largest shareholder in Paytm.
Shares of One97 Communications rose 6.79% on Monday, as compared with a 0.41% gain in the benchmark Nifty50.
