FTIL's statutory auditor withdraws its report - Livemint

Mumbai: Embattled Financial Technologies (India) Ltd. (FTIL) has suffered another blow as its auditor withdrew their report on the company for the last financial year against the backdrop of the payments crisis at its unit National Spot Exchange Ltd. (NSEL).

The auditor on 23 September communicated to FTIL that the standalone and consolidated financial statements of the company for the year-ended 31 March "should no longer be relied upon," FTIL said in a filing to the BSE. Deloitte Haskins & Sells is the statutory auditor of the company.

The audited accounts were to be placed at FTIL's annual shareholder meeting on Wednesday in Chennai.

FTIL owns 99.99% of NSEL, which was engulfed by a payments crisis after it suspended trading of forward contracts on 31 July without specifying any reason. It needs to settle Rs5,600 crore owed to 148 members/brokers, representing 13,000 investor clients. NSEL has defaulted on the first five of its scheduled weekly payouts.

FTIL said it would defer some items on its agenda at the shareholders' meeting—consideration and adoption of the audited balance sheet and the profit and loss account for the last financial year, ratification of the payment of interim dividend and declaration of final dividend, and the reappointment of Deloitte Haskins & Sells as its auditor.

PTI contributed to this story.

via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEhe4v96XITbMNEFLq-BVCOlfwXnw&url=http://www.livemint.com/Companies/TCLx62YgA2mhG6w965U43O/FTILs-statutory-auditor-withdraws-its-report.html

Put the internet to work for you.

via Personal Recipe 2910127