Thursday, March 15, 2012

AUDITOR FINDS LILLIPUT REVIEW FACING NON-COOPERATION HURDLE

In a new twist in the tussle between Lilliput Kids  wear promoter Sanjeev Narula and investors Bain
Capital and TPG, the Delhi High Court-appointed auditor, SS Kothari Mehta & Co, has expressed
inability to complete the court-directed audit. The auditor’s withdrawal could have a significant
bearing on the sale of the business initiated by all shareholders. The auditor has cited the company’s
non-cooperation in the audit as the reason. Last November, the court had mandated SS
Kothari Mehta & Co to probe the company’s books and review an earlier audit carried out by
SR Batliboi. SR Batliboi resigned as external auditor after Lilliput’s board disapproved of the
company’s financial statements by a majority vote at a meeting on September 28 last year amid
questions over the authenticity of the company’s books

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