The independent auditor at the renewable energy firm Inox Wind resigned due to "time constraints" on Friday. This puts Inox in the recent list of companies that have been abandoned by their auditors halfway through the process.
In a BSE filing, the company said, "Patankar & Associates, Chartered Accountants, Independent Auditors of the company, who were appointed for five years to hold office from the conclusion of 6th Annual General Meeting (AGM) till 11th AGM, have informed, vide their letter dated 8th June, 2018, the inability to continue as Independent Auditors of the company due to time constraints caused by their other commitments and engagements, with effect from the conclusion of the ensuing 9th AGM of the members of the company."
Inox Wind made a loss of Rs 187.61 for the financial year 2017-18, after reporting a net loss of Rs 55.66 crore for the March quarter from lower revenues. In the previous year 2016-17, it had reported a net profit of Rs 303.29 crore for the whole year.
Shares of Inox Wind closed higher by 2.20 percent (Rs 2.05) on Friday at Rs 93.10 on NSE (National Stock Exchange).