High court dismisses Deutsche's winding up petition on Prithvi

The Andhra Pradesh High Court dismissed the winding up petition filed by Deutsche Bank on Prithvi Information Solutions Limited on December 26, the company said in a filing to the BSE. Prithvi is a Hyderabad-based software consulting, outsourcing and business solutions company.

In a separate development, VK Asthana and Co, the auditors of Prithvi, have refused to sign the accounts of the company for 2010-11. VK Asthana & Co has disowned the audit report and financials for Prithvi and made it clear that the audit reports would not be signed, according to the copy of the minutes of the annual general meeting filed by Prithvi with the BSE.

“On September 25 and 26, just four days before the AGM, the company received an email claiming that they (auditor) had not signed the audit report and financials and claimed that the meeting on September 3 was inconclusive and that the audit has not been completed,” Prithvi said in the minutes of the AGM.

VK Asthana & Co is the fifth auditing firm that Prithvi had engaged in the last three years after Patwari & Co, Ernst & Young, PriceWaterhouseCoopers and Walker Chandiok. The company has now appointed P Murali & Co, a city-based chartered accountant firm, as its statutory auditors for the 2011-12 financial year.