M.K. Dandeker resign as auditors from Talwalkars Better Value; stock hits lower circuit

Auditors cited that failure to receive satisfactory responses for their queries raised from the management during the audit of the company’s accounts.

Aug 28, 2019 04:08 IST India Infoline News Service

Talwalkars Better Value Fitness
Shares of Talwalkars Better Value hit lower circuit on the BSE in the morning trade at Rs8.20. M.K. Dandekar & Co. resigned from the post of statutory auditors of the company. Auditors cited the reason as failure to receive satisfactory responses for their queries raised from the management during the audit of the company’s accounts.

The company informed it has received resignation letter from Statutory Auditors, M/s. MK Dandekar & Co., Chartered Accountants stating their inability to continue as the Statuary Auditors of the Company with a reason for resignation that they did not receive satisfactory/substantive responses for their queries raised from those charged with governance and management during the audit of the company’s accounts for the year 2018-2019, and issued their audit report u/s.143 or the Companies Act, 2013 with disclaimer of opinion as required by Standards on Auditing (SA)-705 and under those circumstances and as per guidance note issued by ICAI in November 2018, they have informed that they cannot continue as Statutory Auditors of the Company.

Further, the company said that Raman Maroo Independent Director at the Company has resigned as Director from the Board of Directors of the company with effect from August 26, 2019, due to his advanced age and other professional commitments.

Talwalkars Better Value Fitness Ltd is currently trading at Rs8.20, down by Rs0.4 or 4.65% from its previous closing of Rs8.60 on the BSE.

The scrip opened at Rs9 and has touched a high and low of Rs9 and Rs8.20 respectively.

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