NEW
DELHI, July 13, 2023 /PRNewswire/ -- Azure Power
Global Limited (the "Company" or "Azure") (NYSE: AZRE), an
independent sustainable energy solutions provider and renewable
power producer in India, today
announced change in its independent registered public accounting
firm.
Appointment of ASA & Associates LLP
On July 12, 2023, the Company's
Board approved the appointment of ASA & Associates LLP ("ASA")
as an independent public accounting firm registered with the Public
Company Accounting Oversight Board ("PCAOB"), for the Company's US
GAAP consolidated financial statements for the fiscal year ended
March 31, 2022 ("Fiscal 2022"),
pursuant to the resignation of S.R. Batliboi & Co. LLP.
During the Company's two most recent fiscal years ended
March 31, 2022 and March 31, 2023 ("Fiscal 2023"), and subsequent
interim period prior to engagement of ASA, neither the Company nor
anyone on its behalf consulted ASA with respect to either the
application of accounting principles to a specified transaction,
either completed or proposed; or the type of audit opinion that
might be rendered on the Company's financial statements, and no
written report or oral advice was provided to the Company by ASA
that ASA concluded was an important factor considered by the
Company in reaching a decision as to the accounting, auditing or
financial reporting issue.
ASA is a full-service firm of accountants, tax advisory,
corporate strategy and compliance experts with over 32 years of
experience and over 1,000 associates. It helps with developing,
implementing and monitoring entry strategies to India. It is also a consultant to the US
Commercial office, the Swiss chamber and industry bodies of several
other countries and has affiliations in over 39 countries. In
India, ASA is the auditor for one
of the largest public sector banks in India and have been an auditor for various
large size public institutions. Azure looks forward to working with
ASA to complete the audit of Company's US GAAP consolidated
financial statements for Fiscal 2022.
Proposal for Appointment of MSKA &
Associates
MSKA & Associates ("MSKA"), a member firm of BDO
International, is currently the statutory auditor of Company's
subsidiaries, Azure Power India Private Limited ("APIPL") and Azure
Power Rooftop Private Limited ("APRPL"), including subsidiary
companies of APRPL. The Company's Board has accepted the proposal
to appoint MSKA, as statutory auditors of certain subsidiary
companies of APIPL for the Fiscal 2022, pursuant to the
resignation of S.R. Batliboi & Co. LLP.
Resignation of S.R. Batliboi & Co. LLP ("SRB"), member
firm of Ernst and Young Global Limited
SRB in its letter dated July 10,
2023, tendered its resignations as the independent
registered public accounting firm of the Company and the Auditors
of the subsidiary companies of APIPL.
In its letter, SRB stated that in view of the fact that they are
yet to receive the information that they have requested to complete
their audit work inclusive of our March 31,
2022 draft financial statements, US annual filing,
associated books and records, and our conclusions and
representations on the impact of the whistle blower complaints, it
is not possible for them to complete the audit of the financial
statements within the timeline expected by the company. They have
therefore tendered their resignation.
During the Company's two most recent fiscal years, Fiscal 2022
and Fiscal 2023, and subsequent interim period prior to resignation
of SRB, except for information outstanding as mentioned above, the
Company did not have disagreements with SRB on any matter of
accounting principles or practices, financial statement disclosure
or auditing scope or procedure, which disagreements, if not
resolved to the satisfaction of SRB, would have caused SRB to make
reference to the subject matter of the disagreements in connection
with its reports on the consolidated financial statements for such
years.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the US Securities Exchange Act of
1934, as amended, and the US Private Securities Litigation Reform
Act of 1995, including statements regarding the bringing of a fresh
perspective and valuable guidance, driving growth and success,
driving the Company forward, and achieving Company goals. Words
such as "may," "will," "should," "likely," "anticipates,"
"expects," "intends," "plans," "projects," "believes," "estimates,"
"outlook" and similar expressions are used to identify
forward-looking statements. These statements are based on current
expectations and beliefs and are subject to uncertainty and changes
in circumstances. Actual results may vary materially from those
expressed or implied by the statements in this press release. All
forward-looking statements in this press release are based on
information available to the Company as of the date hereof, and the
Company assumes no obligation to update any forward-looking
statements.
About Azure
Azure is a leading independent sustainable energy
solutions provider and renewable power producer in India. Azure developed India's first utility scale solar project in
2009, and since then has grown rapidly to become a leader in
developing and operating large utility-scale renewable energy
projects in the country.
For more information:
Investor Contact
ir@azurepower.com
Media Contact
pr@azurepower.com
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SOURCE Azure Power