Paytm Payments Services selects S.R. Batliboi & Associates as its auditor
One97 Communications Limited has announced that its subsidiary, Paytm Payments Services, has appointed S.R. Batliboi & Associates as its auditor. The appointment is in line with the holding company OCL’s decision to appoint the same auditor, and no concerns or issues have been raised by the Statutory Auditors.
According to the company’s application, the board of PPSL has taken note of their resignation and registered their gratitude to M/s Price Waterhouse Chartered Accountants LLP for their contribution.
PwC wrote in its letter to the company: “We understand that there has been a change of auditors at the holding company level. Accordingly, bearing in mind your understandable practice of aligning PPSL, being an essential subsidiary, auditor with the auditor of the holding company to create synergies and maintain consistency in the group audit process, we hereby request our resignation. Statutory Auditors of PPSL.”
With this, S.R. Batliboi & Associates became the company’s official auditor as of August 7.
Earlier in March, the company announced in a stock exchange application that it will propose SRB as the new auditors after the five-year term of its current statutory auditors PwC ends, to be approved by its shareholders at the upcoming general meeting. According to section 139, subsection 2 of the Companies Act 2013, it is recommended for listed companies to rotate auditors after the end of the five-year term.
