38.6c New Delhi, India, Thursday, March 28, 2024
Business

PwC Resigns As Auditor For Eveready Citing Inter-Group Transaction

By LawStreet News Network      01 July, 2019 12:00 AM      0 Comments
PwC Resigns As Auditor For Eveready Citing Inter-Group Transaction

Price Waterhouse & Co Chartered Accountants LLP, a network firm of PwC India, has resigned as the statutory auditor of Eveready Industries citing reservations on certain inter-group transactions that promoter group has made during the financial year 2019, the latter said in an exchange filing.

As per the filing, Mumbai-based Singhi & Co has been appointed as the new auditor for Eveready with effect from June 29, 2019.

According to the auditor's report attached with the March quarter's financial result, PwC had sought details of certain deposits and questioned Eveready about how the company wishes to recover these.

The company had raised questions around Rs 62 crore in advances given to a lease hold company. “Neither the deed has been executed nor the refund claimed,” PwC clarified in the audit report.

Further, on May 27, 2019, PwC in a report said Eveready had extended inter-corporate deposits and corporate guarantees to promoter group companies. As of March 2019, the amount of inter-corporate deposits and corporate guarantees stood at Rs 230.8 crore and Rs 283.1 crore, respectively.

PwC said they are unable to obtain sufficient audit evidence regarding the extent of the loss allowance or impairment to be recognised on the aforesaid liabilities and the consequential impact on the standalone financial statements for FY19.

The resignation comes weeks after PwC resigned as auditor of Reliance Capital and Reliance Home Finance.



Share this article:

User Avatar
About:


Leave a feedback about this
TRENDING NEWS

afspa-centre-planning-to-pull-back-troops-from-jammu-and-kashmir
Trending News Updates
AFSPA: Centre planning to pull back troops from Jammu and Kashmir?

Central government will consider revoking the Armed Forces (Special Powers) Act in Jammu and Kashmir. Here's what Union Home Minister Amit Shah said on the matter.

27 March, 2024 06:51 PM
sc-declines-to-reconsider-judgement-holding-conspiracy-to-be-scheduled-offence-under-pmla-only-if-offence-specifically-mentioned
Trending Judiciary
SC declines to reconsider judgement holding conspiracy to be scheduled offence under PMLA only if offence specifically mentioned [Read Order]

Supreme Court declines review, confirms conspiracy must relate to a scheduled offence under PMLA, dismissing appeal on money laundering charges.

27 March, 2024 07:40 PM

TOP STORIES

global-entertainment-giants-warner-bros-netflix-amazon-get-relief-from-delhi-hc-in-copyright-protection-case
Trending Business
Global entertainment giants Warner Bros, Netflix, Amazon get relief from Delhi HC in copyright protection case

Delhi HC grants relief to global entertainment giants like Netflix, Amazon, Warner Bros, ordering takedown of copyrighted content on rogue websites.

22 March, 2024 12:13 PM
arvind-kejriwal-arrested-can-cm-administer-a-region-while-being-in-jail
Trending Top Stories
Arvind Kejriwal Arrested | Can CM administer a region while being in jail?

Will President's rule be imposed in Delhi after Kejriwal’s arrest? Read the full article to know more.

22 March, 2024 03:16 PM
merely-because-you-are-politician-cant-bypass-statutory-remedies-procedure-sc-refuses-to-consider-bail-by-kavitha
Trending Judiciary
'Merely because you are politician, can't bypass statutory remedies, procedure,' SC refuses to consider bail by Kavitha

Supreme Court denies bail to politician Kavitha in Delhi Liquor Policy Scam; ED alleges Rs 100 crore illegal gratification.

22 March, 2024 03:34 PM
ponmudi-to-be-sworn-in-as-minister-tn-governor-relents-before-sc
Trending Judiciary
Ponmudi to be sworn in as Minister, TN Governor relents before SC

Tamil Nadu Governor relents to Supreme Court's order, agrees to swear in DMK leader K Ponmudi as Minister after court's rap.

22 March, 2024 03:54 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email