Resignation of Auditor , Appointment of Auditor, Resignation of Independent Director
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On September 9, 2025, the Board of Amalgamated Electricity Company approved several key changes. Two Independent Directors, Mr. Devanshu Desai and Mrs. Hinal Shah, resigned citing other personal commitments, effective the same day. The Statutory Auditor, M/s. H.G. Sarvaiya & Co., also resigned with immediate effect — its resignation letter explicitly cites a 'recent change in ownership and control' of the company, with incoming management wanting to appoint its own auditor. The outgoing auditor had been appointed in September 2022 for a five-year term until the 92nd AGM (2027), meaning it resigned mid-term with roughly two years left. M/s. Vatsaraj & Co., Chartered Accountants, was appointed as the new Statutory Auditor on the same day. Board committee compositions were also reconstituted following the director changes.
Shareholders should note the simultaneous exit of two independent directors and the mid-term auditor change linked to a shift in ownership/control — this points to a change in management hands and may lead to a strategic review or restructuring. The new auditor and reconstituted board will need to be watched for governance stability and any forthcoming disclosures about the ownership change.