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Zomato Streamlines Audit Process: Subsidiaries' Auditor Resigns to Facilitate Deloitte Appointment

SUMMARY

Zomato's subsidiaries Zomato Hyperpure and Blink Commerce's auditor, Batliboi & Associates, resigned to streamline the audit process. This paves the way for Deloitte, Zomato's current consolidated accounts auditor, to be appointed for the subsidiaries as well.

This move aims to avoid duplication of work and improve audit efficiency at the group level. Zomato's board will meet on Monday to discuss and approve the financial results for Q4 and FY2024.

Zomato, the leading Indian food delivery platform, announced a change in its subsidiaries' audit process. Here's a breakdown of the key details:

Auditor Resignation:

Batliboi & Associates, the current statutory auditor for Zomato's subsidiaries Zomato Hyperpure and Blink Commerce, has resigned with immediate effect (May 12, 2024).
Their five-year term commenced on April 1, 2023, and was scheduled to conclude after the 13th Annual General Meeting (AGM).

Reason for Resignation:

Zomato and Batliboi & Associates mutually agreed upon the resignation to streamline the audit process at a group level.
The goal is to avoid duplication and enhance efficiency by aligning the subsidiaries' auditors with Deloitte Haskins & Sells LLP, Zomato's current statutory auditor for consolidated accounts.

Deloitte Appointment Likely:

Zomato's regulatory filing suggests the company intends to appoint Deloitte as the new auditor for Zomato Hyperpure and Blink Commerce.

Upcoming Board Meeting:

Zomato's board is scheduled to convene on Monday to review and approve the company's financial results for the fourth quarter and the full fiscal year ending March 2024.