Indore-based EKI Energy Services has faced criticism over the controversial ouster of its statutory auditor Walker Chandiok & Co.
A resolution to remove the well-known audit firm before the expiry of its term received 100 per cent ‘against’ votes from public institutions.
Nevertheless, the resolution was still cleared thanks to ‘for’ votes from the promoter group, who hold 73.42 per cent stake in the company.
In a stock exchange filing, EKI has said the removal of the auditor was “on the grounds of unreasonable fee hike, inordinate delay in the conclusion of audit for the fourth quarter and financial year ended March 31, 2023, resulting in adverse consequences including statutory fines,
