Announcement
Awaiting price reaction for this filing.
Silverline Technologies' board, at its October 7, 2025 meeting, accepted the resignations of three directors (Chinmay Pradhan, Tathagata Sarkar, and Nivedita Sen) for personal reasons, and appointed two new independent directors — Nayankumar Patel and Rai Sunny Jagapatraj. Managing Director Yakin Joshi was additionally appointed as Chief Financial Officer, making him hold both MD and CFO roles. The board also appointed M/s. P.M. Vala & Associates as Secretarial Auditor for five years (FY26–FY30). In a notable change, statutory auditor M/s. S Parth & Co resigned citing disagreement over audit fee increments; their resignation letter flags management-imposed limitations on obtaining sufficient audit evidence, which they say could materially impact the financial statements. M/s. Sarang Shivajirao Chavan & Associates has been recommended as the replacement statutory auditor. The board also reconstituted its audit, nomination, and stakeholders' relationship committees and approved payment of fines and penalties previously levied by BSE and SEBI for non-compliance with listing regulations.
Shareholders should note this is a turbulent governance event: a statutory auditor quitting mid-term over fee disputes while flagging potential audit-evidence concerns is a serious red flag, compounded by SEBI/BSE non-compliance penalties and the same person holding both MD and CFO posts. Expect short-term negative sentiment and increased scrutiny of upcoming financial results.