Paytm’s parent company, One 97 Communications Limited, has approved the appointment of SR Batliboi and Associates LLP (SRB), commonly known as Ernst and Young (EY), as its new statutory auditor for a tenure of five years. SRB will replace PricewaterhouseCoopers (PwC) as the latter’s five-year term will expire this year.
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Upon appointment, SRB will hold the office for a period of five years from the conclusion of the 23rd annual general meeting (AGM) to be held this year till the conclusion of the 28th AGM.
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“… on the recommendation of the Audit Committee, the Board of Directors of the Company, in their meeting held on March 31, 2023, has considered and approved the appointment of S.R. Batliboi & Associates LLP, as Statutory Auditors of the Company for a term of 5 (five) consecutive years, subject to the approval of shareholders of the Company,” the company said in its regulatory filing.
It further added that SRB will be in place of existing statutory auditors PwC whose term shall expire at the conclusion of the forthcoming 23rd AGM to be held in the calendar year 2023.
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SRB is a limited liability partnership firm of Chartered Accountants registered with the Institute of Chartered Accountants of India. The audit firm is part of SR Batliboi & Affiliates’ network of audit firms. It is primarily engaged in providing audit and assurance services to its clients.
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The change in auditor is part of a routine process for listed companies, and Paytm’s decision to appoint SRB as its new auditor after the completion of PwC’s five-year term is in accordance with the Companies Act.
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SRB’s appointment as the new statutory auditor for a tenure of five years is expected to provide a fresh perspective to Paytm’s auditing procedures and ensure transparency in the company’s financial reporting.
