ADDITIONAL DETAILS REQUIRED FOR CORPORATE ANNOUNCEMENT OF RESIGNATION OF STATUTORY AUDITOR UNDER REGULATION 30 OF LODR
Awaiting price reaction for this filing.
Madhur Industries' statutory auditor J.U. Shah & Co. resigned on July 5, 2025, citing inadequate professional fees compared to the audit workload. The company was unable to raise the auditor's remuneration due to its own financial constraints, leading to the split. The auditor's original term was scheduled to run until March 2028, making this a mid-term exit roughly two years ahead of schedule. The company also filed the disclosure to BSE late (past the 24-hour SEBI deadline), blaming the Company Secretary being on leave at the time. To fill the resulting casual vacancy, Madhur Industries appointed M/s SDPM & Co. (FRN: 126741W) effective July 14, 2025, pending shareholder approval. The new auditor holds a valid ICAI peer review certificate until February 2028.
This is a routine mid-term auditor change driven by a fee dispute rather than any governance red flag or audit disagreement. Shareholders should note the company's stated financial limitations as the reason it couldn't meet the auditor's fee expectations, which could be a minor concern. The appointment of a new ICAI-registered firm with peer review certification ensures continuity, and the late filing has been explained and clarified with the exchange.