Infibeam terminates auditor services for sharing price-sensitive info

E-commerce company Infibeam Avenues said Sunday it has terminated services of chartered accountancy firm S.R.B.C & Co. LLP as one of the joint statutory auditors on grounds of alleged sharing of unpublished price-sensitive information.

SRBC & Co LLP, in a statement issued later in the day, however refuted charges and said it is open to a regulatory inspection and will respond to the regulators, as required.

In a regulatory filing, Infibeam Avenues said that the board Sunday recommended, subject to approval of regulatory authorities and shareholders, "to terminate company's joint statutory auditor S.R.B.C & CO. LLP (Auditor), on the grounds of sharing company's unpublished price-sensitive information with personal e-mail accounts of their team and third-party on multiple occasions leading to breach of trust and loss of faith".

The company, on receipt of anonymous third-party information shared its preliminary findings to the Auditor, which has been verified and confirmed by the Auditor pursuant to internal investigation, Infibeam said.

"The Board was also not convinced on the Auditor explanations, processes and conduct leading to unauthorised sharing of company's UPSI (unpublished price-sensitive information)," it added.

S.R.B.C & Co LLP in a statement said, "We strongly deny the allegations against us. We have conducted a comprehensive investigation and stand by our findings. We are confident of our position and are open to a third party/regulatory inspection and will respond to the regulators, as required."