One97 Communications has appointed SR Batliboi & Associates as the auditor for Paytm Payments Services, its business-to-business (B2B) vertical, with immediate effect.
This came after PricewaterhouseCoopers (PwC) India resigned as the auditor on 7th August.
“…Consequently, 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, we hereby tender our resignation as the statutory auditors of PPSL,” said PwC India in its resignation letter.
In a regulatory filing with the bourses, Paytm stated, “… we wish to inform you that M/s.Price Waterhouse Chartered Accountants LLP… statutory auditors of material subsidiary i.e. Paytm Payments Services Limited (PPSL) have resigned with effect from August 07, 2023.”
It added that the outgoing auditor has not raised any concern about the operations at the B2B division and PwC’s resignation was approved by the company’s board of directors.