CallMate auditors row brought SECP in

SECP has raised objection on CallMate’s removal of AF Ferguson & Co as its external auditors. In a letter written against CallMate’s notice of Extra-Ordinary General Meeting (EOGM) for removal of AF Ferguson as auditors and appointment of new auditors, SECP has ordered CallMate to provide explanation of their allegations against the auditors and to furnish revised statement including all deficient material.

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Callmate removes AF Ferguson as auditors

Callmate Telips Telecom Ltd, a leading payphone company, has removed A F Ferguson and Co as external auditors for professional negligence resulting in huge losses to Callmate and its shareholders.

As direct consequence of A F Ferguson’s negligent and deliberate breach of its obligations, Callmate’s market capitalisation has evaporated by more than 50 percent despite the company’s profitability and operations remaining stable.

Callmate’s plan to have its scrip listed in Dubai got aborted and its share has taken a more than 50 percent fall, with the scrip reputation having become the joke of the stock market, says the legal notice served to Ferguson.