MUMBAI: SRBC & Co (SR Batliboi & Co) have resigned as statutory auditors of IL&FS Transportation Networks following a report issued by the National Financial Reporting Authority (NFRA) on the firm’s audit of the financial statements of ITNL for the year ended March 2018. The company’s board accepted the resignation in their meeting held on October 5, 2021.
Last month NFRA found gaps in the appointment and continuation of the audit firm as statutory auditor of ITNL. SRBC uses the EY brand and trademark for audit services. The NFRA had noted improprieties in the valuation of ITNLs exposure to group companies. The authority found that ITNLs losses for FY18 were underreported by over Rs 2,000 crore.
