Excerpt from The Economic Times Article – Published on Aug 07, 2023

According to a notice filed by the firm to stock markets on Monday, Price Waterhouse Chartered Accountants LLP (PwC) will officially stand down as the auditor of Paytm Payments Services Limited (PPSL) on August 7, 2023.

The decision to resign came without any expressed concerns or issues from the Statutory Auditors. The Board of Directors of PPSL acknowledged the resignation and commended the contributions of M/s Price Waterhouse Chartered Accountants LLP in their official filing.

In response to PwC’s resignation, Paytm Payments Services Limited swiftly appointed S.R. Batliboi & Associates LLP as the new Statutory Auditors with immediate effect. Back in March, the company indicated its intention to propose S.R. Batliboi & Associates LLP as the new auditors during the upcoming Annual General Meeting, following the completion of the five-year term of PwC, the then-existing statutory auditors.

PwC had originally been appointed as the auditor for a five-year term, spanning from 2021-22 to 2025-26. The reason for PwC’s resignation was attributed to the change in auditors at the level of the holding company. PwC’s resignation letter explained that aligning the auditor of PPSL, a significant subsidiary, with the auditor of the holding company was consistent with standard practices, aiming to achieve synergy and uniformity in the Group’s audit process.

Despite the resignation, PwC confirmed the completion of the statutory audit for the financial year ending on March 31, 2023, with the corresponding report duly submitted. Additionally, they reported having finalized the review of unaudited financials for the quarter ending on June 30 and submitted the associated report as well.

To delve deeper into this topic, please read the full article on The Economic Times.