India’s listed E-commerce Infibeam Seeking Govt Nod to remove its Joint Auditor
Indian E-commerce company Infibeam Avenues will seek shareholder approval for the removal of EY-affiliate S.R.B.C & Co. LLP as one of its joint statutory auditors through a special resolution, in compliance with the order from the Corporate Affairs Ministry.
In May, Infibeam had said its board has recommended termination of S.R.B.C & Co. LLP's (Auditor) services as one of the joint statutory auditors on grounds of alleged sharing of unpublished price-sensitive information (UPSI) a charge that S.R.B.C. had refuted.
Last month, the e-commerce company had informed that its proposal had been approved by the Corporate Affairs Ministry.
"As per the order, the Regional Director has instructed the company to re-obtain the approval of shareholders within the prescribed time limit...