Inox Wind auditor quits, cites ‘time constraints’

Inox Wind’s independent auditor has resigned due to “time constraints” stemming from its other commitments and engagements.

With this, the renewable player became the latest to join the bandwagon of companies that have seen auditors resigning halfway through.

The stock on Friday closed 1.97 per cent up at Rs 93. The company made the announcement post market hours.

In a BSE filing, Inox Wind said, “Patankar & Associates, Chartered Accountants, Independent Auditors of the company, who were appointed for five years to hold office from the conclusion of 6th Annual General Meeting (AGM) till 11th AGM, have informed, vide their letter dated 8th June, 2018, the inability to continue… due to time constraints caused by their other commitments and engagements, with effect from the conclusion of the ensuing 9th AGM.”

Inox Wind last month logged a consolidated net loss of Rs 55.66 crore for the March quarter, mainly due to lower revenues. The figure read Rs 127.54 crore a year ago.

According to the statement, consolidated total income dropped to Rs 205.64 crore, from Rs 1,033.55 crore a year earlier.

The company suffered a loss of Rs 187.61 crore in 2017-18. It had reported a consolidated net profit of Rs 303.29 crore in 2016-17.

Since January this year, more than 30 firms have resigned as auditors of companies midterm, compared with seven such resignations in 2017, data collated by Prime Database showed.

Recently, Deloitte resigned as auditor of Manpasand Beverages after the company failed to share key data, and Price Waterhouse (PW) quit as auditor of construction and infrastructure company Atlanta.

Source: economictimes.indiatimes