Equitas changes auditor term after exchange with proxy firm

SES report points out violation of company law

Equitas Holdings, parent of the Small Finance Bank that listed on the bourses last year, has extended the term of the statutory auditor it proposed for appointment at its Annual General Meeting (AGM) from four years to five years, citing “an inadvertent error”.

Chennai-based Equitas had initially proposed to keep the tenure coterminous with that of the auditor of its subsidiary, Equitas Small Finance Bank, which follows a four-year tenure in line with banking regulations. The change in the proposed tenure, announced to the exchanges through a corrigendum to the AGM notice, came after an exchange with corporate governance advisory firm