Crisis-hit Unitech's internal auditors resign citing time constraints

Crisis-hit realty firm Unitech Ltd said Tuesday that its internal auditors S K P & Co. Chartered Accountants have resigned citing time constraints.

In a filing to the BSE, Unitech said that "Internal Auditors of the company viz S K P & Co. Chartered Accountants. has resigned with effect from July 15 stating that they are unable to continue as internal auditors of the company due to time constraint."

The resignation comes days after Unitech deferred board meet to approve its financial result for the fourth quarter of the last fiscal and entire 2018-19.

"The accounts department of the company requested that they still need some more time to provide the details information sought by the audit Committee in its meeting held on 25th June, 2019.

"Therefore, the chairman of the company after consultation with other Directors, decided to postpone/adjourn the Board meeting to July 19, 2019. Accordingly the items w.r.t. the audited financial results for the quarter and year ended 31st March, 2019 and other related business will now be considered on 19th July 2019," it had said.

The board meeting was first scheduled on May 30 to consider and approve the financial results for the quarter and year ended March 31, 2019. The meeting has been adjourned several times to June 15, June 25, July 4, July 12 and now July 19, 2019.

Unitech's managing directors are in jail in cases related to default in giving possession to home buyers.