Price Waterhouse quits as auditor of Eveready over inter-company deposits

Auditor and Eveready disagreed on the recoverability of inter-corporate deposits given to group companies.

Price Waterhouse & Co Chartered Accountants LLP has quit as Eveready Industries’ auditor, saying it has been unable to obtain sufficient audit evidence of inter-company deposits and its recovery. In its place, Singhi & Co Chartered Accountants has been appointed.

“Price Waterhouse & Co has expressed its inability to continue as the auditors of the company,” said Eveready in a notice to the bourses.

While approving the company’s annual financial report, Price Waterhouse & Co had said the holding company had given advances to the tune of Rs 62 crore to a company to get the leasehold rights of a