Financial Tech: Auditor warns 2013 audit can't be relied on - NDTV

Mumbai: The auditor of Financial Technologies (India) Ltd, which operates financial exchanges and makes trading platform, has said its audit of the company's fiscal 2013 results should not be relied upon, the Indian company said on Tuesday.

Deloitte Haskins & Sells had told Financial Tech on Monday of its opinion about the company's financial statements for the year ended March 31, 2013, citing irregularities at a commodities exchange it runs.

Financial Tech said Deloitte issued the opinion due to what the Indian company said was a "purported crises" at its National Spot Exchange Ltd (NSEL) unit, adding it may amend the results and seek a fresh opinion.

NSEL is a spot commodities exchange owned by Financial Tech that suspended trading last month and has since struggled to square off outstanding contracts worth over Rs 5,500 crore.

Financial Tech, whose shares have fallen nearly 69 per cent since NSEL suspended trading, disclosed the auditors' notice in a filing to the stock exchange.

Financial Tech, in which The Blackstone Group held a 7 per cent stake as of the end of June, had reported Rs 657 crore in standalone revenue in the last fiscal and another Rs 266 crore in revenue from NSEL as part of its consolidated accounts.

In a separate statement, Financial Tech said the issues at NSEL only came to light after Deloitte had already certified the company's books on May 30.

Copyright: Thomson Reuters 2013

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