Infibeam Avenues Terminates Services Of Auditor SRBC & Co. For Sharing Price Sensitive Information
E-commerce firm Infibeam Avenues Ltd. said it terminated the services of SRBC & Co. LLP, an EY partner firm, as one of the joint statutory auditors, claiming the chartered accountancy firm shared unpublished price-sensitive information.
In a filing to the BSE, Infibeam said Shah & Taparia shall continue to be the statutory auditor of the company.
"The board in its meeting held today has recommended subject to approval of regulatory authorities and shareholders, to terminate company's joint statutory auditor SRBC & Co. LLP, on the grounds of sharing company's unpublished price-sensitive information with personal e-mail accounts of their team and third-party on multiple occasions leading to breach of trust and loss of faith," Infibeam Avenues said.
The company, on receipt of anonymous third-party information shared its preliminary findings to the auditor, which has been verified and confirmed by the auditor pursuant to internal investigation, it said.
“The board was also not convinced about the auditor’s explanations, processes and conduct leading to unauthorised sharing of company’s UPSI (unpublished price-sensitive information),” Infibeam added.
It added that in the light of the above and in interest of the firm, upon receiving approval from the board of directors, the company has issued a notice of termination to SRBC & Co.
An extraordinary general meeting of the shareholders of Infibeam Avenues has been convened on May 30, for seeking their approval.