Millennium Post

FTIL auditor to continue till conclusion of adjourned AGM

Crisis-ridden National Spot Exchange Ltd’s(NSEL) promoter Financial Technologies Ltd (FTIL) on Friday said that Deloitte Haskins & Sells, which had withdrawn its audit report, will continue as its statutory auditor till the conclusion of the company’s adjourned AGM.
On 24 September, the auditor had withdrawn the report certifying accounts of

the company and said that the financial statements of FTIL for 2012-13 cannot be ‘relied upon’ any ‘longer’ in the wake of Rs 5,600 crore payment crisis at the firm’s subsidiary, NSEL.
‘The resolution for re-appointment of M/s Deloitte Haskins & Sells, chartered accountants as statutory auditors of the company was deferred till further notice. They will continue as statutory auditors of the company till the conclusion of adjourned AGM,’ FTIL said in a BSE filing.
The resolution was deferred at the company’s Annual General Meeting held on 25 September. Whereas the first agenda in the AGM was the resolution for approval and adoption of balance sheet, profit and loss account and auditor’s report.

The AGM stands adjourned till further notice in view of the deferred agenda items as stated above, the filing added.
NSEL’s auditor Mukesh P Shah & Co had also withdrawn the report.

In an earlier filing FTIL had said that the standalone and consolidated financial statement has been audited prior to the event occurred at NSEL.
Meanwhile, the AGM has also deferred the declaration of final dividend till further notice. NSEL has so far defaulted in six pay-outs so far and has been able to settle just about Rs 148 crore out of Rs 5,500 crore outstanding to the 13,000 investors. National Spot Exchange Ltd plunged into the payment crisis after it stopped trading of all its contracts on 31 July following the government’s direction. 
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