Inox Wind plunges 8% as independent auditor quits citing 'time constraints'

Shares of Inox Wind plunged 8.5 percent in the early trade on Monday as company's auditor Patankar & Associates - decided to quit as independent auditor of the firm on Friday.

The statutory auditor has resigned on account of their inability to continue as independent auditors of the company due to time constraints.

“…Independent Auditors of the company, who were appointed for a period of five years to hold office from the conclusion of 6th Annual General Meeting till 11th AGM, have informed, vide letter dated June 8, 2018, their inability to continue as Independent Auditors of the company due to time constraints caused by other commitments and engagements, with effect from the conclusion of ensuing 9th AGM of the members of the company,” the company informed exchanges in a statement on Friday.

P&A would continue to remain the statutory auditors of the company till the AGM scheduled to be held in around July, and would be available to answer any questions from members or other stakeholders, if required.

The board, at its next meeting, scheduled on June 11, 2018, shall propose the name of an appropriate practicing chartered accountant firm as statutory Auditors of the company, on the recommendation of the audit committee, for a period of five years, at the ensuing 9th AGM.

At 09:19 hrs Inox Wind was quoting at Rs 89.20, down Rs 3.80, or 4.09 percent on the BSE.