Infibeam gets MCA nod to remove S.R.B.C & Co as joint statutory auditor

E-commerce company Infibeam Avenues said Tuesday its proposal to remove EY-affiliate S.R.B.C & Co. LLP as one of its joint statutory auditors has been approved by the Corporate Affairs Ministry.

Last month, Infibeam Avenues had said its board has made a recommendation "to terminate" S.R.B.C & CO. LLP (Auditor) as one of the joint statutory auditors on grounds of alleged sharing of unpublished price-sensitive information.

"... the Regional Director, North-Western Region, Ministry of Corporate Affairs, Central Government of India, has approved the removal of M/s S R B C & Co, LLP, Chartered Accountants...as one of the Joint Statutory Auditors under Section 140 (1) of the Companies Act, 2013," Infibeam said in a BSE filing on Tuesday.

SRBC & Co LLP, an affiliate of global auditing firm EY, has previously issued a statement refuting the charges and had said it is open to a regulatory inspection and will respond to the regulators, as required.