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DHFL says reports of auditor trouble ‘baseless’

A media report said citing sources that the two statutory auditors are yet to complete the process of auditing the company’s FY19 financial accounts.

ETMarkets.com|
Jul 11, 2019, 09.22 PM IST
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Mumbai: Debt-laden Dewan Housing Finance Corporation (DHFL) said reports stating the company was headed for auditor trouble were “baseless and mere speculation”.

The company also clarified that the audit of the company's standalone and consolidated financial statements for the quarter/financial year ended on 31st March, 2019 by Joint Statutory Auditors of the Company i.e. Chaturvedi & Shah LLP and Deloitte Haskins & Sells LLP is in progress and the said Financial Statements would be signed by the Joint Statutory Auditors upon completion.

On Thursday, a media report said citing sources that the two statutory auditors are yet to complete the process of auditing the company’s FY19 financial accounts.

The publication said citing sources that the auditors may decide to resign ahead of the board meeting, following unsatisfactory response to auditors’ queries related to fund deployment by DHFL.

In June, DHFL got the market regulator’s nod to postpone announcing its financial results by two weeks.

Earlier in the day, a person in the know of development told ETMarkets.com the company may come up with the debt- resolution plan within 7 working days, after the bankers and bond holders of the company met on Thursday to decide a resolution roadmap for the outstanding loans, a person in the know of the development said.

Bankers and bond holders of DHFL were scheduled to meet Thursday to create a resolution roadmap for more than Rs 1 lakh crore of loans under stress.

The company wants resolution plan to be a collaborative approach for maximization of value for all stakeholders, the person had said.
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