Auditor Resignation in vadapalani - Filingpoint

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Filingpoint Auditors are under pressure, thanks to increased investor awareness and scrutiny. They are worried about action by Sebi or Ministry of Company Affairs, if they certify accounts which turn out to be fraudulent later. This has seen a number of resignations recently, like PwC from companies like Reliance Capital and Eveready Industries.

Retail investors tend to react negatively to these resignations. But it depends on whether the resignation is routine or due to a serious issue like conflicts of interest, etc. For example, when Infibeam Avenues terminated auditors for leaking price sensitive information, markets did not reacted much. But they reacted heavily when news of PwC quitting Reliance Capital and Reliance Home Finance came up.

In another instance, audit firm Shah Dhandharia & Co. resigned as the statutory auditor of Adani Group company Adani Total Gas Ltd in May this year. The company later replaced them with Walker Chandiok & Co. LLP. The move put a fresh spotlight on the Adani Group's financial management, as it emerged just days before marker regulator SEBI would submit the findings of its probe into the scathing report by Hindenburg Research.

When an auditor resigns, he has to file a statement in Form ADT-3 with the Registrar of Companies within 30 days from the date of his resignation. The Form should contain the name, registered office address, email address and reasons for the resignation of the auditor. The Form should be digitally signed by the auditor using his DSC and submitted online on the MCA portal along with the government filing fee.

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