Simplex Infrastructure Clarifies Auditors Have Not Resigned

Simplex Infrastructure clarified that the statement of accounts are complete and have now been audited.

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Simplex Infrastructures Ltd clarified that the company's auditors are not stepping down. The company is expected to announce fourth quarter earnings on 1 June.

“The auditors are not resigning,” Simplex Infrastructures Executive Director NK Kakani told BloombergQuint in an interview. The board meeting could not conclude all the items on the agenda yesterday, and was, therefore, postponed, he added. EY is the auditor for Simplex Infrastructures along with HS Bhattacharjee & Co. EY is also on the board of the company.

The clarification comes after the company informed the stock exchanges yesterday that the final audit of its financial statements could not be concluded and a board meeting for approval of audited results for the year ended March 2018 could not be taken up for approval.

The statement of accounts are complete and have now been audited, Kakani said, adding that “audited results will be announced today.”

This comes amid concerns about auditor resignations at listed Indian firms. Yesterday, Price Waterhouse Chartered Accountants resigned as the auditor of Atlanta Ltd, saying the company did not share significant information and significant observations by tax authorities as requested. Auditors at Manpasand Beverages Ltd and Vakrangee Ltd had also resigned recently, leaving stocks plunging.

(This article was first published on BloombergQuint.)