Support columns for a flyover stand under construction on a road in Patna. (Photographer: Prashanth Vishwanathan/Bloomberg)

Simplex Infrastructure Clarifies Auditors Have Not Resigned

Simplex Infrastructures Ltd. clarified that the company's auditors are not stepping down and it will announce fourth quarter earnings today.

“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.”

Also read: What To Make Of The Auditor Resignations At Vakrangee And Manpasand Beverages

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.

Watch the full interview here.

Also read: What To Make Of The Auditor Resignations At Vakrangee And Manpasand Beverages