Alps Industries Limited has informed the Exchange regarding Resignation of A S Goel and Company as Other of the company w.e.f. August 14, 2025. Chartered Accountants, Statutory auditors
Awaiting price reaction for this filing.
Alps Industries Limited informed the exchanges that M/s A S Goel & Co. (FRN-017868C) has resigned as Statutory Auditor of the company, effective August 14, 2025. On the same day, its material subsidiary Alps Energy Private Limited also accepted the resignation of M/s R. K. Govil & Co. (FRN-000748C) as Statutory Auditor. Both firms were appointed on October 1, 2024 with terms running until the AGM for FY ending March 31, 2029, making these midterm exits. Both auditors cited pre-occupation with other assignments as the reason and confirmed there were no concerns or disputes with management. Importantly, the company's board is currently being run by a Resolution Professional appointed under the Insolvency and Bankruptcy Code, 2016, indicating the company is in active insolvency proceedings. Both auditors had submitted the limited review report for Q1 FY26 (quarter ended June 30, 2025) on the same day as their resignation.
For shareholders, this is a negative development as the company is already under IBC insolvency proceedings and is now losing both its statutory auditors well before the end of their tenure. The company will need to appoint new auditors promptly to maintain regulatory compliance. While the auditors cited routine reasons and flagged no governance issues, midterm auditor exits during insolvency can add uncertainty around financial oversight and reporting continuity.