Announcement under regulation 30 (LODR)-resignation of statutory Auditors.
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M/s P Singhvi & Associates (FRN: 113602W) has resigned as the Statutory Auditor of Aviva Industries Ltd effective end of business hours on August 1, 2025. The auditor was originally appointed on September 30, 2021 for a 5-year term, meaning this is a mid-term exit roughly one year before the scheduled expiry. The reasons cited are: (1) inability to obtain the requisite data and information within SEBI's mandated timelines for quarterly submissions, and (2) inadequate commercial consideration (fees) to cover their time, cost, and efforts. The auditor's last reports covered the quarter and financial year ended March 31, 2025, issued on May 30, 2025. The auditor has stated there was no management-imposed limitation and no significant impact on financial statements.
Auditor resignations mid-term, especially those citing difficulties in obtaining information and fee disagreements, can be a red flag for shareholders and may raise governance concerns. Aviva will now need to appoint a new statutory auditor, and investors should watch for the new appointment and any further clarifications from the company.