NEW DELHI: PricewaterhouseCoopers (PwC) declared their decision to step down as Paytm’s auditor. On the same day, One97 Communications Limited (OCL) informed the exchanges that its wholly-owned subsidiary, Paytm Payments Services, has appointed S.R. Batliboi & Associates as its new auditor.
The PwC’s resignation did not involve any allegations or problems related to the company. Instead, they explained that the decision to resign was a part of the auditor change process within the holding company, OCL.
According to PricewaterhouseCoopers (PwC), they issued an audit report on May 2, 2023, for the financial statements covering the period ending on March 31, 2023. Additionally, the firm provided a limited review report on July 19, 2023, for the unaudited special purpose interim condensed financial statements for the quarter ending on June 30, 2023.
“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,” stated PwC India in its letter of resignation.