Godha Cabcon & Insulation Limited has informed the Exchange regarding Resignation of Mr Parin Patwari & Co. as Other of the company w.e.f. May 12, 2025.
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Godha Cabcon & Insulation Limited has informed the stock exchange that its Statutory Auditor, M/s Parin Patwari & Co., Chartered Accountants (FRN: 154571W), has resigned effective May 12, 2025. The auditor cited the reason as no longer intending to continue operating their proprietorship firm. Notably, the auditor was originally appointed on April 1, 2024, with their term scheduled to run until the conclusion of the 13th Annual General Meeting in 2029-2030, making this a mid-term exit about 4 years early. The resigning auditor confirmed they will still issue the Q4 audit report and that the previous audit carried a 'Disclaimer of Opinion.' The company has not yet disclosed a replacement auditor.
This is a mid-term statutory auditor resignation, which is a governance red flag for shareholders. The previous audit report already carried a 'Disclaimer of Opinion,' signaling potential concerns about the company's financial statements, and the early exit of the auditor may further dent investor confidence until a new auditor is appointed.