Intimation for appointment of Statutry Auditor of the Company
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7NR Retail's board, meeting on 26th May 2025, approved a Rights Issue of 2.80 crore equity shares at Rs. 10 each, raising up to Rs. 28.01 crore from existing shareholders at a 1:1 ratio, with record date set for 9th June 2025. The company also appointed M/s. S S R V & Associates (Mumbai) as the new Statutory Auditor for FY 2025-26, replacing M/s. Aniket Goyal & Associates who resigned. Additionally, the authorised share capital was doubled from Rs. 28 crore to Rs. 56.05 crore, and new Secretarial and Internal Auditors were appointed. An EGM is scheduled for 20th June 2025 to seek shareholder approval.
Shareholders as on the record date will get the right to buy one new share for every share held at Rs. 10. The change in statutory auditor, coming after the previous one's resignation, is worth noting as it may raise governance questions, though the new auditor is ICAI peer-reviewed. The capital increase signals preparation for the rights issue and potential future fundraising.