Auditors' exit: Institutional investors approach FinMin to resolve issue

Industry sources say institutional investors have already had separate meetings with the auditors to understand the issues

Joydeep Ghosh New Delhi
illustration by Binay Sinha

Illustration by Binay Sinha

Worried over the recent spate of resignations by auditors of listed companies, which led to a sharp drop in their stock prices, institutional investors have approached the finance ministry to resolve the issue.
According to industry sources, there will be a meeting with officials of the finance ministry, the Securities and Exchange Board of India (Sebi), the Institute of Chartered Accountants of India, and other related parties in the next couple of weeks. “This issue requires urgent attention. This requires a multi-party discussion, including (with) Sebi and the finance ministry. All stakeholders need to reach a common ground. There will be a dialogue very soon,” said Leo Puri, managing director, UTI Mutual Fund.
Since the resignation of auditors before the end of their term, many of these stocks have fallen significantly. Stocks like Manpasand Beverages, Vakrangee, Sri Adhikari Brothers Television, Atlanta and others have falle

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First Published: Jul 07 2018 | 1:04 AM IST

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