Money & Banking

BSR & Associates resigns as auditors of IL&FS Fin Services

Our Bureau Mumbai | Updated on June 20, 2019 Published on June 20, 2019

BSR & Associates, which has resigned as the auditors of IL&FS Financial Services (IFIN), said it has also filed replies to the petitions and applications filed by the Ministry of Corporate Affairs with the National Company Law Tribunal.

“We will continue defending ourselves vigorously. As the matter is sub-judice, we are unable to provide any further comments at this time,” it said in a statement on Thursday.

The company had, on June 19, resigned as the auditors of IFIN. Previously, on May 13, it had received a notice from the board of directors of IFIN, seeking an explanation on its removal as auditors.

“We had filed our written response to this notice on May 24, and provided explanations during a meeting held with IFIN on May 29,” BSR & Associates said, adding that while IFIN has not communicated its decision, it does not intend to impose itself as the auditors of the company.

“Our resignation will allow the company to appoint another auditor so that the work on the audit for FY2019 may progress. We believe we have discharged our duties in good faith and have acted in a bona fide manner, and we will continue defending ourselves,” it said.

Published on June 20, 2019

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.