Manpasand Beverages denied charges that it had denied data to its auditor Deloitte Haskins & Sells, but disclosed the resignation letter of the auditor that contained charges to the effect.
The beverage maker is under a cloud after news of the resignation broke, and its stock has fallen from around Rs 430 on Friday to Rs 248 as of today.
“Deloitte has been auditor of Manpasand Beverages Limited for 8 long years, and we have been providing all required information as and when required by them. While there could have been some delays but we have never denied sharing any information with them ever,” it said.
“We wish to reiterate that the company and its management stand committed to highest level of corporate governance,” it added.
It also disclosed the resignation letter of Deloitte.
In the letter to one of the company’s directors, Deloitte said: “We would like to bring to your attention that significant information requested by us from the company at various points of time for the purposes of audit of the financial results have not yet been provided to us.
“We observe that there has been no further progress with respect to the pending information, evidences and explanations.
“Therefore, as informed to you, we would be unable to complete the statutory audit of the financial statements of the company for the year ended March 31, 2018 by May 30, 2018.
“Under the circumstances, and as per our discussions with you, we are submitting our resignation as statutory auditors of the company with immediate effect.”
The company subsequently appointed Mehra Goel & Co as the auditor till the next annual general meeting.
“The company shall be providing all necessary information, documents and details as may be required by the newly appointed auditors,” Manpasand added.
“We have not received any other communication from any other regulatory (body) in respect of this matter, except a letter similar to your letter received from BSE Limited,” it added.