Company Announcements

Change in Statutory Auditors

Source: RNS
RNS Number : 3895O
Housing Development Fin. Corp. Ltd.
07 October 2021
 

Ref. No.: SE/2021-22/204

 

October 7, 2021

 

BSE Limited                                                   National Stock Exchange of India Limited

P. J. Towers                                                     Exchange Plaza, Plot No. C/1, G Block

Dalal Street                                                     Bandra-Kurla Complex

Mumbai 400 001                                             Bandra (East), Mumbai 400 051

 

Kind Attn: Sr. General Manager                Kind Attn: Head - Listing
 DCS - Listing Department

                                               

Dear Sirs,

 

Sub:    Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) - change in statutory auditors

 

We refer to the Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including Housing Finance Companies) (RBI Guidelines) issued by Reserve Bank of India (RBI) on April 27, 2021. Pursuant to the said RBI Guidelines, the statutory audit of the Corporation is required to be conducted jointly by minimum of 2 (two) audit firms. We also refer to the Frequently Asked Questions (FAQs) dated June 11, 2021 issued by RBI inter alia clarifying that the existing statutory auditors who have completed 3 years with a company would not be able to continue as auditors with effect from the second half of financial year 2021-22, even though they may not have completed their present tenure as approved by the Members of the said company.

 

Consequently, in terms with the said RBI Guidelines and related FAQs, Messrs B S R & Co. LLP shall not be eligible to continue as the Statutory Auditors of the Corporation with effect from the second half of the current financial year and hence vide their letter dated October 7, 2021, they have rendered their resignation which would come into effect from November 10, 2021 i.e., post submission of limited review report for the quarter/ half-year ended September 30, 2021 and after furnishing all requisite certifications for the aforesaid period. A copy of the letter received from Messrs B S R & Co. LLP in this regard is enclosed as 'Annexure A'.

 

The Audit and Governance Committee of Directors and the Board of Directors of the Corporation have today, taken a note of the said resignation and also the fact that there were no reasons specified by Messrs B S R & Co. LLP for their resignation apart from the eligibility requirements prescribed under the RBI Guidelines. The Audit and Governance Committee and Board of Directors also placed on record their deep appreciation for the services rendered by Messrs B S R & Co. LLP during their tenure as Statutory Auditors of the Corporation.

 

The information in respect of their resignation pursuant to SEBI circular No. CIR/CFD/CMD1/114/2019 dated October 18, 2019 shall be submitted in due course, upon receipt of the same from Messrs B S R & Co. LLP.

 

Further, as stated above, in view of the RBI Guidelines, the Corporation is required to appoint 2 (two) audit firms to act as the Joint Statutory Auditors of the Corporation for conducting the audit for a period of 3 (three) consecutive years.

 

Accordingly, the Audit and Governance Committee of Directors and the Board of Directors have today, recommended the appointment of Messrs S.R. Batliboi & Co. LLP, Chartered Accountants (Firm Registration No. 301003E/E300005) and Messrs G. M. Kapadia & Co., Chartered Accountants (Firm Registration No. 104767W), to act as the Joint Statutory Auditors of the Corporation for the period of 3 (three) consecutive years and to hold office with effect from the date on which the Members of the Corporation approve the said appointment  until the conclusion of the 47th Annual General Meeting to be held in the calendar year 2024, subject to the said firms continuing to fulfill their  applicable eligibility norms.

 

As required under the Listing Regulations, the brief profiles of both the said firms, are enclosed as 'Annexure B'.

 

The Corporation would be seeking the approval of the shareholders for the appointment of Messrs S.R. Batliboi & Co. LLP and Messrs G. M. Kapadia & Co. as aforesaid, by way of Postal Ballot in accordance with Section 110 of the Companies Act, 2013 read with Rules made thereunder and relevant circulars issued by the Ministry of Corporate Affairs. The Postal Ballot Notice will be submitted to the stock exchanges simultaneously with sending of the same to the Members of the Corporation.

 

You are requested to take note of the above and arrange to bring this to the notice of all concerned.

 

Thank you.

 

Yours faithfully,

For Housing Development Finance Corporation Limited

 

 

 

Ajay Agarwal
Company Secretary

 

Encl: a/a

 

CC: London Stock Exchange

10, Paternoster Square, London, EC4M 7LS

 

 http://www.rns-pdf.londonstockexchange.com/rns/3895O_1-2021-10-7.pdf

Annexure B

 

Brief Profiles of the Statutory Auditors

 

 

Messrs S.R. Batliboi & Co. LLP, Chartered Accountants

 

S.R. Batliboi & Co. LLP (Firm Registration Number 301003E/E300005), ("the Audit Firm"), is a firm of Chartered Accountants registered with the Institute of Chartered Accountants of India ("ICAI"). The Audit Firm was registered with ICAI in the year 1949 and is a limited liability partnership firm ("LLP") incorporated in India. The Audit Firm is part of S.R. Batliboi & Affiliates network of audit firms, which is registered with ICAI. It has registered office in Kolkata and has 7 branch offices in various cities in India.

 

It is primarily engaged in providing audit and assurance services to its clients and has valid Peer Review Certificate.

 

 

Messrs G. M. Kapadia & Co., Chartered Accountants

 

G. M. Kapadia & Co., (Firm Registration Number 104767W), ("the Audit Firm"), is a firm of Chartered Accountants registered with the Institute of Chartered Accountants of India ("ICAI"). The Audit Firm was formed in 1938 and has been engaged in audits for commercial banks as Statutory Central Auditors and Statutory Branch Auditors for a period of more than 30 years. The Audit firm has 11 partners and average experience in years is more than 30 years.

The Audit Firm operates from 6 cities viz. Mumbai, Chennai, New Delhi, Bengaluru, Hyderabad and Jaipur.

 

The Audit Firm has valid Peer Review Certificate.

 

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