Paytm Payments Services Limited’s auditor, Price Waterhouse Chartered Accountants, has resigned with immediate effect, the company said in a regulatory filing.
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.
“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.
PwC “has not raised any concern or issue,” according to Paytm.
According to the letter you sent to PWC on August 2, 2023, PWC said, “We understand that there has been a change of auditors at the holding company level.”
We hereby tender our resignation as the Statutory Auditors of PPSL in accordance with your understandable practice of aligning the auditor of PPSL, being a material subsidiary, with the auditor of the holding company in order to create synergies and maintain consistency in the audit process of the Group.
