ALPS INDUSTRIES LIMITED has informed the Exchange about Resignation of Statutory Auditor
Awaiting price reaction for this filing.
Alps Industries Limited informed the exchanges on August 14, 2025, that M/s A S Goel & Co. has resigned as the statutory auditor of the company, and M/s R. K. Govil & Co. has resigned as the statutory auditor of its material subsidiary, Alps Energy Private Limited. Both firms cited pre-occupation in other assignments as the reason for stepping down, with immediate effect. Both auditors had been appointed in October 2024 for a full term until the 2029 AGM and had completed the limited review for Q1 FY26 (quarter ended June 30, 2025) before resigning. The company is currently under the Insolvency and Bankruptcy Code (IBC) with a Resolution Professional chairing the board, and the resignations were accepted by the board. Both auditors confirmed there were no concerns, no management-imposed limitations, and no other material reasons for their exit.
Mid-term resignations of both the parent and material subsidiary auditors on the same day is a notable red flag for shareholders, even though the cited reason appears routine. Since the company is already under IBC resolution, this could delay financial oversight and create friction in the resolution process. Investors should watch for timely appointment of new auditors to maintain audit continuity.