Mumbai, Oct 16 (SocialNews.XYZ) The resignation of agricultural solutions major UPL's Mauritius arm's auditors weighed on its share prices during Friday's trade session.
The UPL's scrip on the BSE slumped as low as over 9 per cent.
As per a regulatory filing, auditor KPMG Mauritius was asked to resign for reorganisation of the audit process by UPL.
"In order to re-organise the Audit Process to improve Productivity, at the request of the Company, KPMG Mauritius has resigned as Statutory Auditors of UPL Corporation Limited, Mauritius," UPL said in a regulatory filing.
In its letter dated October 8, KPMG had said that there are no circumstances connected with its resignation.
UPL, however, said that BSR & Co LLP Chartered Accountants, which is an arm of KPMG, continues to carry out the audit of Group Consolidated Financials of UPL Ltd, India which includes UPL Corporation Ltd, Mauritius and its subsidiaries.
BSR, a sub-licensee of KPMG in India, were appointed as statutory auditors of UPL in the annual general meeting held on July 8, 2017 for a period of five years to audit standalone and consolidated financial statements of the company.
Shares of UPL on the BSE closed at Rs 467.10, lower by Rs 39.35, or 7.77 per cent, from its previous close.
Source: IANS
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