July 21st 2018, Ahmedabad: At the Board Meeting of M/s. Sintex Plastics Technology Limited held on July 16, 2018, the Board has decided to recommend appointment of M/s B S R & Associates LLP, Chartered Accountants, which is a member firm of KPMG, one of the world’s leading accounting and auditing firm, as Statutory Auditors of the Company at the ensuing Annual General Meeting of Members of the Company, in place of M/s R Choudhary & Associates. In this regard, there are various false news items, misrepresentations, misinformation being spread in the media by some unscrupulous elements having vested interests. It is being projected that the previous auditor was forced to resign due to bad management and poor corporate governance in the company.
The Company strongly refutes such baseless rumours and clarifies that:
- The Company practices and adopts the highest standards of corporate governance and in light of the global and large operations of the company, its Board has rightly decided to recommend a global firm (Big 4 accounting firm and member of KPMG International) like B S R & Associates LLP as its auditors in place of an audit firm i.e. M/s R Choudhary & Associates.
- A major subsidiary of the company i.e. M/s Sintex-BAPL Limited is already audited by M/s B S R & Associates LLP and therefore it is completely logical to retain the same audit firm at holding company level i.e. SPTL level also.
- A large number of international and institutional investors of repute are investors in the Company and therefore such a change is a very positive and commendable action by the Board of the company.
- Unlike other recent cases, wherein the auditors of companies have resigned abruptly or before the finalization and audit of its books of accounts, in our case, the change in auditors has been effected post audit, as per the due provision of the relevant statute, is not abrupt or unilateral and due disclosures have been made to the stock exchanges regarding the same.
About Sintex Industries Limited:
Our history goes back to 1931! And we’re as true to our guiding principles today as we were back then. For more than 8 decades, we have been helping our clients, industries and societies prosper. We’ve been leading the way in Plastics are present across major Asian, European, American, and African markets, in 9 countries including France, Germany, and USA. The spirit of ‘Active Thinking’ drives the organization on its path. The innovative ideas are not just limited to the products but they are also implemented in the manufacturing processes, markets and management policies. Sintex group serves its clients across the globe and most of them are part of the Fortune 500 Companies.
For further information, please contact: Mr. Rajiv Naidu, Head IR, Mobile: +91 – 9987089629,
Website: http://www.sintexplastics.com Email: rajiv.naidu@sintex.co.in
