PwC Resigns As Paytm Payments Services Auditor As per reports, the company has appointed SR Batliboi & Associates as the statutory auditors of PPSL
By Teena Jose
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Price Waterhouse Chartered Accountants (PwC) has resigned as auditor of Paytm Payments Services Limited with immediate effect, Paytm said in a regulatory filing.
"Price Waterhouse Chartered Accountants LLP Statutory Auditors of material subsidiary i.e. Paytm Payments Services Limited (PPSL) have resigned with effect from August 7, 2023," One97 Communications, said in the filing.
As per media reports, the company has appointed SR Batliboi & Associates as the statutory auditors of PPSL.
The company had, earlier in March, informed that it will propose SRB as the new auditors after completion of the five year term of PwC as their auditors, to its shareholders for approval in upcoming AGM
"As per the communication received from your vide letter dated August 2, 2023, we understand that there has been a change of auditors at the holding company level," said PwC.
"Consequently, keeping in mind your understandable practice to align the auditor of PPSL, being a material subsidiary, with the auditor of the holding company in order to bring in synergies and maintain consistency in the audit process of the Group, we hereby tender our resignation as the Statutory Auditors of PPSL," it added.
Meanwhile, earlier this week, Paytm founder and CEO Vijay Shekhar Sharma had announced his plans to acquire 10.3% stake in Paytm to become the largest shareholder in the company.
