We asked KPMG to resign in Mauritius, says UPL Global CEO

UPL shares took a knock after the company reported that KPMG had resigned as auditors of their material Mauritius subsidiary.

The company said this was done in order to re-organize the audit process and that KPMG India continued to be the statutory auditor of the consolidated group.

“We have asked KPMG to resign in Mauritius,” said Jai Shroff, Global CEO of United Phosphorus Limited (UPL) in an interview with CNBC-TV18. “It remains our global auditors including India,” he added.

“After the acquisition of Arysta, the workload in Mauritius went up substantially and Mauritius being a small office of KPMG and run out of South Africa, we could never close our accounts on time because appropriate resources were not available in Mauritius to close our accounts for more than 100 subsidiaries,” said Shroff.