Debt-ridden drug major Wockhardt Limited, which is currently restructuring its liabilities through the Corporate Debt Restructuring (CDR) route, has appointed BDO Haribhakti as statutory auditor, replacing SR Batliboi and Co, an affiliate of Ernst and Young India. Wockhardt had to postpone the release of its fourth quarter and annual results for 2008 because the firm’s auditors were not able to finalise the accounts in time.
Wockhardt follows a January-December calendar year and the company had to defer the announcement twice till April 24.
Results were delayed as the auditors had asked for some vital information pertaining to foreign exchange losses and restructuring of some overseas businesses and Wockhardt could not provide these in time, sources said.
“This appointment is keeping in line with Wockhardt’s policy as well as SEBI’s guidelines, which highlights the need of having a rotational policy for statutory auditors for transparency. BDO is the fifth largest accountancy network,” said Habil Khorakiwala, chairman, Wockhardt.
