India Flash Bulletin

Paytm’s auditor PwC resigns; S R Batliboi is now in charge: Listed Below Are Important Facts

<p>According to a regulatory filing by Paytm, auditing firm Price Waterhouse Chartered Accountants has resigned as auditor of Paytm Payments Services Limited with immediate effect. The selection of S R Batliboi & Associates as the organization’s statutory auditor has now been accepted by the digital payments platform.</p>
<p>PwC noted the change in auditors at the holding company level and Paytm’s practice of coordinating the auditors of the holding company and subsidiaries to create synergies in the audit process in its letter of resignation.<img decoding=”async” class=”alignnone wp-image-117834″ src=”” alt=” bcom and ba political science are the most popular courses at du filling 87 of the available seats in the first round of undergraduate admission download 2023 08 08t173534.633″ width=”1319″ height=”988″ srcset=” 259w,×112.jpg 150w” sizes=”(max-width: 1319px) 100vw, 1319px” title=”Paytm's auditor PwC resigns; S R Batliboi is now in charge: Listed Below Are Important Facts 3″></p>
<p>“Price Waterhouse Chartered Accountants LLP Statutory Auditors of material subsidiary i.e. Paytm Payments Services Limited (PPSL) have resigned with effect from August 7, 2023,” One97 Communications, which operates under the Paytm brand name, said in the statement. The RBI has prohibited PPSL from accepting new clients online unless the company has an Online Payment Aggregator (PA) license.</p>
<p>Key Information</p>
<p>According to Paytm, PwC has not expressed any worries or issues.<br />
PwC writes in a letter that it is resigning as PPSL’s statutory auditors “keeping in mind your understandable practice to align the auditor of PPSL, being a material subsidiary, with the auditor of the holding company in order to bring in synergies and maintain consistency in the audit process of the Group.”<br />
PwC finished the statutory audit for the fiscal year that concluded on March 31, 2023, and on May 2, 2023, we released our reports. For the quarter ended June 30, 2023, we also finished the limited review on the unaudited special purpose interim condensed financial statements, and on July 19, 2023, we released our report.<br />
S R Batliboi & Associates LLP, the new statutory auditor for the business, will occupy the position from the completion of the 23rd AGM until the conclusion of the 28th AGM for a duration of five years.<br />
Days after One97 Communications, Paytm’s parent firm, released its financial statements for the three months ending June 30, 2023, the auditor resigned.<br />
The payments business recorded a 39.4% increase in sales during the quarter ending in June 2023, while cutting its losses by 45% to Rs 358 crore in Q1 from Rs 645 crore it had reported during the same quarter previous fiscal year.<br />
Due to a rise in merchant subscription revenues, the net payment margin for Paytm seems to be increasing faster than anticipated.<br />
Due to non-UPI transactions like card and EMI instruments rising significantly quicker for the business, its payment processing margin also increased.</p>

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