Educomp likely to have new auditor soon

IT educations solution provider Educomp, which was in news for abnormal movement of its share prices, today said it may soon have a new auditor.

"We are evaluating all the big-three audit firms. But it is up to the board members to take a call and decide whether to replace the existing auditor or not," Educomp Solutions Chairman and Managing Director Shantanu Prakash said, adding that the selection of auditor is an annual process... It has got nothing to do with the 'malicious rumours' against the company.

Currently, New Delhi-based audit firm Anupam Bansal and Co does the statutory audit for Educomp. There have been reports that Educomp has fudged its account to inflate stock prices which the company had categorically denied and had lodged complaints with the Economic Offences Wing of Crime Branch and Sebi.

As a part of its corporate governance initiative, Prakash said the company would go for third party certifications to assure investors that none of the promoters have pledged any share.