New Delhi [India], March 31 : One97 Communications Limited (OCL),which owns fintech platform Paytm, on Friday approved SR Batliboi and Associates LLP ("SRB", commonly known as EY) to be appointed as its statutory auditor upon completion of a five year term of PwC.
In an exchange filing, the fintech company informed that it will propose SRB as the new auditors after completion of the five-year term of their current statutory auditors PwC to its shareholders for approval in upcoming Annual General Meeting.
Under Section 139 (2) of the Compes Act, 2013, a listed company is recommended to rotate auditors after completion of a term of five years.
The fintech firm's current auditor PwC's five-year term will end after the AGM in 2023. This implies that for the company's Q4FY23, Q1FY24 and annual results for FY23, PwC will continue to be the auditor.
The change in auditor is routine for listed compes.
Paytm has recently announced operating profitability in Q3FY23, much ahead of its September 2024 guidance with EBITDA before ESOP cost at Rs 31 crore.
The pioneer of mobile and QR payments continues to show sustained growth across all its key businesses. Paytm remains the market leader in offline payments, with 6.4 million merchants now paying subscriptions for payment devices, an increase of 0.3 million in the month of February 2023.
The firm disbursed 7.9 million loans in the January and February 2023, with the total value of loans disbursed increasing 288 per cent YoY to Rs 8,086 crore.
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