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The Eveready board has appointed Singhi & Co Chartered Accountants as its statutory auditor. Earlier, Price Waterhouse & Co Chartered Accountants LLP had quit as auditor, citing its inability to analyse the impact of financial support extended by the battery-maker to its promoter group entities.
The country’s largest dry cell battery-maker in a notice to bourses has said that while approving the company’s annual financial report Price Waterhouse & Co had expressed “Basis of Disclaimer of Opinion” on the financial statements and internal financial controls.
Among the points stated by the auditors was the fact that Eveready had given advances of ₹62 crore to a company to get the leasehold rights of a property. The deal had to be executed by the end of the last financial year; and Eveready had the right to claim refund and cancel the agreement if it failed. Price Waterhouse in its auditor’s report said neither the deed had been executed nor the refund claimed.
In a separate filing to the stock exchanges, Eveready Industries said it will sell its packet tea business to Madhu Jayanti International for ₹6 crore. The company said its board proposed entering into an asset transfer or licence agreement with Madhu Jayanti International for transfer or license of packet tea products and other trademarks.
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