Inox Wind is among the top three losers on the BSE currently. The stock slipped to Rs.85.10, down 8.5% and just 10 paise more than its 52-week low of Rs.85.
Looks like it is abrupt auditor resignation time! The company’s Independent Auditor, Patankar & Associates quit on Friday, citing ‘time constraint’ as the reason.
The company issued a Press Release stating, “P&A have been requesting the management of the Company to relieve them of their responsibilities as Statutory Auditors of the Company for almost a year, since, as we are informed, they are facing time constraints due to their other commitments and engagements. IWL was P&A’s only statutory audit in North India, and hence it was physically and logistically difficult for P&A to continue with this audit. After conclusion of audit for the financial year 2017-18, they once again requested the Management of IWL to relieve them of this Statutory Audit assignment. Based on mutual discussions it was decided that they would step down as Statutory Auditors of the Company at the conclusion of the ensuing 9 th AGM of the Company in 2018.”
The company has also made it very very clear that the auditors did not, because of any issues in the financial statements, or other corporate governance issues, but a case of the auditors resigning due to their internal time constraints, after giving proper notice to the company, and after completing the statutory audit for the financial year 2017-18, and issuing an unmodified audit report without any adverse observations, qualifications or reservations.
Well, for now the market is not taking it too well.