Atlanta tanks 20% as auditor Price Waterhouse resigns

The stock locked in lower circuit of 20% at Rs 51.10, also its fresh 52-week low on the BSE.

Shares of Atlanta are locked in lower circuit of 20% at Rs 51.10, also its fresh 52-week low on the BSE, after the Price Waterhouse resigned as auditor of the company with effect from May 29, 2018.

“Price Waterhouse Chartered Accountants LLP, (FRN012754N/N500016), Statutory Auditors of the Company, vide their letter dated May 29, 2018 have resigned from their position as the Statutory Auditors of the Company for F.Y.-2017-18 with immediate effect,” Atlanta said in a regulatory filing.

The auditor put their resignation due to lack of information provided the company for the purposes of audit of the financial results.

“At the outset, we do not agree that you were not informed regarding the receipt of the orders under section 147 of the Income Tax Act regarding assessment for the past 6 assessment years Viz. AY 11-12 to AY 16-17 and Order under section 143 for the Assessment Year AY 17-18,” Atlanta said.

It is pertinent to state that you did not demand for any relevant documents related to the orders of the income Tax till 22.5.20l8 and it will not be wrong to state that if the demand for relevant Income Tax orders, if at all, had been raised after our emails having the summary details, the some could have been furnished to you at any time, thereafter, the company added.

Meanwhile, on Monday, May 28, 2018, Atlanta informed the stock exchanges that the scheduled board and other Committee Meeting for approval of audited results of the Company cannot be held on Tuesday, May 29, 2018 for want of quorum.

Till 09:35 am; a combined 69,634 equity shares changed hands and there were pending sell orders for 554,567 shares on the NSE and BSE. The stock of infrastructure company tanked 61% from its 52-week high of Rs 132 touched on January 15, 2018.