Infibeam terminates auditor services for sharing price-sensitive

E-commerce company Infibeam Avenues said on Sunday it has terminated services of chartered accountancy firm S.R.B.C & Co. LLP as one of the joint statutory auditors on grounds of alleged sharing of unpublished price-sensitive information.

SRBC & Co LLP, an affiliate of global auditing firm EY, in a statement issued later in the day refuted charges and said it is open to a regulatory inspection and will respond to the regulators, as required.

In a regulatory filing, Infibeam Avenues said that the board Sunday recommended, subject to approval of regulatory authorities and shareholders, “to terminate company’s joint statutory auditor S.R.B.C & CO. LLP (Auditor), on the grounds of sharing company’s unpublished price-sensitive information with personal e-mail accounts of their team and third-party on multiple occasions leading to breach of trust and loss of faith”.