Submission of intimation of resignation of statutory auditors of Sriven Pharmachem India Private limited a material subsidiary of the Company.
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Astal Laboratories Ltd has disclosed the resignation of M/s. Balaji V & Co. as Statutory Auditors of its wholly owned material subsidiary, Sriven Pharmachem India Private Limited, effective May 13, 2026. The auditors were appointed on August 6, 2025, for a term scheduled to expire on March 31, 2030, making this a mid-term resignation. The reason stated is that SEBI now mandates a Peer Review Certificate for auditors of material subsidiaries of listed companies, and Balaji V & Co. had not yet received this certificate despite having applied for it. The auditors confirmed they had not commenced or completed the audit for the quarter and financial year ended March 31, 2026. The matter was communicated to the company's Audit Committee prior to resignation.
This mid-term resignation of auditors from a material subsidiary raises concerns about potential delays in financial reporting for that subsidiary. Shareholders should monitor for appointment of replacement auditors and any impact on the timeline for releasing subsidiary financials.