Five months after it adjourned its Annual General Meeting (AGM) as its auditors said that inspected financial statements for fiscal 2012-13 should not be relied upon, the shareholders of Financial Technologies (FTIL), approved its auditor's report and financials for the fiscal in a meeting held last week.
An exchange filing by FTIL – the holding company of the scam hit National Spot Exchange (NSEL)- says that in its adjourned 25th AGM that took place on February 21,2014 a resolution to approve and adopt the audited balance sheet and profit & loss account for the fiscal was approved unanimously.
Another resolution that sought re-appointment of Deloitte Haskins & Sells LLP as statutory auditor of the company was also approved during the meeting says the filing. Earlier in September, a day ahead of its scheduled AGM, FTIL was forced to postpone key resolutions to be discussed at the AGM after its auditors said that inspected financial statements for fiscal 2012-13 should not be relied upon.
In the wake of the Rs 5600 crore settlement crisis at its troubled group entity, Deloitte had informed the company that in accordance with Standard on Auditing (SA) 560, the auditors report dated May 30,2013 on the standalone and the consolidated financial statements of the company for the year ended March 31,2013 should no longer be relied upon. Back then the company reckoned that the auditors took note of the communication of management of NSEL and the statutory auditors of NSEL in the financial statement of NSEL to take this stand.