Indiabulls Real Estate Limited has informed the Exchange regarding Change in Auditors of the company. Please be informed that, in line with the disclosures in the earnings update dated May 14, 2020, and our steps to reduce annual operating costs from Rs 200 crore to Rs 100 crore, the Board of Directors of Indiabulls Real Estate Limited ( the Company ) has appointed M/s Agarwal Prakash & Co, Chartered Accountants (FRN: 005975N), as statutory auditors of the Company, who are already existing statutory auditors of more than 90% subsidiaries of the Company, in place of M/s Walker Chandiok & Co LLP, Chartered Accountants (FRN: 001076N/N500013). This will reduce total audit fee and related expenses substantially by more than 50%. The senior management of the Company has already taken voluntary salary cuts of over 50% to lead the efforts on expense control. Brief profile of the new statutory auditors M/s Agarwal Prakash & Co and copy of the resignation (alongwith disclosures in terms of SEBI Circular No. CIR/CFD/CMD1/114/2019 dated October 18, 2019) as received from M/s Walker Chandiok & Co LLP, for the reason of not being able to render audit services at reduced cost, are attached with this intimation as an Annexure.