New Delhi: Integrated power utility major Tata Power announced on Wednesday that its board has approved the appointment of BSR & Co. LLP as the company’s statutory auditors for a term of five years. The decision follows a recommendation from the Audit Committee of Directors.
The move marks a transition in the company’s auditing leadership as the incumbent auditors, M/s. SR BC & CO. LLP, reach the end of their second term. Under Indian regulatory norms, audit firms are required to rotate after serving two terms of five years each in a listed company.
BSR & Co. LLP will take over the mandate starting from the conclusion of the 108th AGM and will hold office until the conclusion of the 113th AGM, subject to the final approval of the company’s shareholders.
BSR & Co. LLP is a prominent player in the Indian auditing landscape, operating as a member entity of the BSR and Affiliates network.
Network Strength: The firm boasts a workforce of over 5,000 personnel and 170 partners.
Footprint: Headquartered in Mumbai, it operates through 14 branches across the country.
Experience: The firm currently serves as the statutory auditor for several high-profile companies listed on Indian stock exchanges.
The announcement came after a board meeting that concluded at 4:35 p.m. on February 4. For Tata Power, ensuring a seamless transition in its statutory oversight is a key part of its corporate governance framework, especially as it continues to scale its renewable energy and distribution businesses.
The company stated that the requisite details regarding the appointment have been filed with the stock exchanges in compliance with SEBI Listing Regulations.