ADDITIONAL DETAIL REQUIRED FOR CORPORATE ANNOUNCEMENT OF RESIGNATION OF STATUTORY AUDITOR UNDER REGULATION 30 OF LODR.
Awaiting price reaction for this filing.
Madhur Industries has submitted a clarification to BSE for delaying its disclosure about the resignation of its statutory auditor, J U Shah & Co., beyond the 24-hour SEBI LODR requirement. The company blamed administrative challenges and the absence of its Company Secretary, Mrs. Poonam Kumari Jain, who was on leave, for the delay. The auditor resigned citing inadequate professional fees compared to the workload, a concern the Board could not address given the company's financial position. The auditor's term was originally scheduled to run until 31 March 2028, meaning the resignation came well before the end of their tenure. To fill the casual vacancy, the company has appointed M/s SDPM & Co. effective 14 July 2025, subject to shareholder approval at the upcoming AGM.
The mid-term exit of the auditor over fee disagreements and the company's compliance lapse in timely disclosure are minor governance red flags for shareholders. The quick appointment of a replacement auditor (SDPM & Co.) should keep audit continuity intact, but investors may want to watch for any follow-up communication from the auditor about broader concerns.