Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
»
1-min read

Eveready Industries Hits 5% Lower Circuit After PwC Quits as Auditor

In an exchange filing, Eveready had said that PwC has quit citing reservations on certain inter-group transactions, worth Rs 60 crore, that the promoter made during FY19.

Trending Desk

Updated:July 1, 2019, 12:17 PM IST
facebookTwitterskypewhatsapp
Eveready Industries Hits 5% Lower Circuit After PwC Quits as Auditor
Logo of of global auditing firm PricewaterhouseCoopers (PwC). Representative image/ Reuters
Loading...

Eveready Industries India Ltd shares hit lower circuit on Monday after Price Waterhouse & Co Chartered Accountants LLP (PwC) resigned as the auditor of the company. The stock fell 5% to Rs 75.95.

Eveready Industries, in an exchange filing on 29 June, said PwC has quit citing reservations on certain inter-group transactions that the promoter made during FY19. The transactions were to the tune of Rs 60 crore.

PwC had enquired about these transactions, according to the auditor’s report attached with the March quarter financial results. However, Eveready did not provide “sufficient audit evidence” regarding the possible loss/impairment due to those transactions. Resultantly, PwC also refused to give an opinion on the financial statement. Mumbai-based Singhi and Co. has now replaced PwC as the auditor of Eveready Industries.

PwC had earlier resigned as auditor of Reliance Capital and Reliance Home Finance as well over ‘certain observations’ made during its assessment of FY18-19 finances. Reliance Capital opposed the observations highlighted and did not convene an audit committee meeting within the expected time, leading to PwC’s resignation.

Meanwhile, in a separate filing, Eveready Industries said its board signed a deal with Madhu Jayanti International to sell assets worth Rs 6 crore relating to packed tea product business.

According to some media reports, Eveready has also been scouting for a strategic partner for its batteries business and some developments can be expected on this front in the next 45 days.

On 10 June, India Ratings and Research had downgraded Eveready’s credit rating to IND BBB from IND A+ citing increased leverage and weakened liquidity.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 98.40 -5.25
Kotak Mahindra 1,534.60 2.21
Interglobe Avi 1,465.25 1.38
IndusInd Bank 1,501.25 1.90
Indiabulls Hsg 668.20 3.38
Company Price Change %Gain
Yes Bank 98.45 -5.25
HDFC 2,286.30 0.39
SpiceJet 141.95 7.74
Tata Elxsi 742.40 -8.90
Indiabulls Hsg 667.80 3.36
Top Gainers
Company Price Change %Gain
Indiabulls Hsg 668.20 3.38
UPL 659.75 2.78
SBI 372.40 2.21
Kotak Mahindra 1,534.60 2.21
Tech Mahindra 690.80 2.20
Company Price Change %Gain
SBI 372.15 2.17
HCL Tech 1,040.65 2.02
Kotak Mahindra 1,532.90 2.02
IndusInd Bank 1,500.70 1.85
Asian Paints 1,394.85 1.67
Top Losers
Company Price Change %Gain
Yes Bank 98.40 -5.25
Eicher Motors 18,433.70 -3.19
GAIL 143.40 -2.68
ONGC 149.90 -1.54
NTPC 129.10 -1.41
Company Price Change %Gain
Yes Bank 98.45 -5.25
ONGC 149.85 -1.64
Bharti Airtel 345.90 -1.41
Maruti Suzuki 6,074.20 -1.38
Bajaj Auto 2,696.45 -1.31

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results