Business Daily from THE HINDU group of publications
Thursday, Jul 02, 2009
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Business Daily from THE HINDU group of publications Thursday, Jul 02, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Info-Tech
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Auditing Infotech replaces PW with Deloitte Our Bureau Hyderabad, July 1 Infotech Enterprises, geospatial and engineering solutions and services company, has replaced Price Waterhouse with Deloitte Haskins & Sells for the financial year 2009-10, ending an eight-year association with the former. Talking to reporters after the 18th annual general meeting of the company here on Wednesday, Mr B.V.R. Mohan Reddy, Chairman and Managing Director, said the firm also changed internal and risk auditors. While Bhaskara Rao and Co would be internal auditors, KPMG would be the risk auditor. “We have decided to rotate auditors every 3-5 years. It needs to be Big Four (accounting firms),” he said. He said the company was hoping to increase the share from the domestic market from three per cent to five per cent this year. “We are looking at design opportunities in the domestic automobile sector,” he said. At the AGM, Mr Mohan Reddy said there was no plan to buy back shares. “We have raised over Rs 360 crore to grow the company inorganically (acquisitions). It is improper to use the cash surpluses to buy back shares,” he said. He said the Visakhapatnam facility, with a capacity of 500, would be operational soon. More Stories on : Auditing | Software
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