A worker holds his goods and services tax (GST) papers in his store at a wholesale market in the Old Delhi area of Delhi, India (Photographer: Anindito Mukherjee/Bloomberg)  

Inox Wind Auditor Resigns After Completing FY18 Audit, Cites Time Constraints

Patankar & Associates has tendered its resignation as the statutory auditor of listed wind energy service provider Inox Wind Ltd., citing time constraints.

The chartered accounting firm said it would be unable to “continue as Independent Auditors of the Company due to time constraints caused by their other commitments and engagements, with effect from the conclusion of the ensuing 9th AGM of the Members of the Company,” Inox Wind said in its filing with the stock exchanges.

Patankar & Associates will continue to remain the auditor till the 9th annual general meeting is held “around July” this year, the filing added. The company will propose a the name of an chartered accountant firm to replace P&A at that same meeting, based on recommendations of the audit committee, for a period of five years.

The resignation comes only after P&A already completed the audit of Inox Wind’s financial statement for the year ended March 2018 and “issued an unmodified audit report on the financial statements for the year, without any adverse observations, qualifications or reservations”.

This is not a case of an abrupt resignation of statutory auditors, because of any issues in the financial statements, or other corporate governance issues, but a case of the auditors resigning due to their internal time constraints, after giving proper notice to the company.
Inox Wind Statement

Also read: Government To Probe Auditor Resignations At Listed Indian Firms