GMR Infra to engage joint auditors for statutory audit

In an attempt to boost investor confidence which has taken a beating in the aftermath of the Satyam fraud, GMR Infrastructure today said it will appoint joint auditors to undertake the statutory audit of the company and its subsidiaries.

GMR will also rotate the auditors at periodical intervals. The length of the period for rotation of auditors shall be such as may be decided by the company board, based on the recommendation of the Audit Committee, GMR said while announcing its board’s decision to implement a framework for the appointment of auditors.

The company will also employ the services of reputed audit firms for specific assignments of audit as may be decided by the company’s board from time to time on the recommendation of the audit committee.

"The objective of utilisation of services of reputed professional firms as contemplated herein is to have reinforced checks and balances on the financials and corporate governance practices of the company and its subsidiaries," GMR said in the statement on Saturday.

The joint auditors will be appointed at the earliest as per the provisions of the Companies Act, 1956 and other applicable regulations, the statement added.