Eveready had also furnished Rs 283.09 crore worth of corporate guarantees and post-dated cheques in favour of banks and other parties who provided loans to group firms. (Shutterstock)Price Waterhouse & Co Chartered Accountants LLP — the audit firm that is part of the PWC group — has resigned as the independent auditor of Eveready Industries after calling out as highly irregular certain financial transactions that involved loan assistance extended to firms within the Khaitan group. After PWC told Eveready on Friday about its inability to continue with its audit mandate, the Eveready management appointed Singhi & Co as the new auditor on Saturday. Even though the deed was not executed within the stipulated time, Eveready did not claim refund of the advance. This business posted a pre-tax loss of Rs 11.3 crore in the last fiscal on a turnover of Rs 68.3 crore.

Source: The Telegraph June 29, 2019 18:45 UTC