Axita Cotton Limited has informed the Exchange regarding Change in Auditors of the company.
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Axita Cotton Limited's statutory auditor, M/s Mistry & Shah LLP (FRN: 137148W/W100683), resigned effective August 11, 2025, before completing their term (which was scheduled to run until the 16th AGM). The auditor cited an internal strategic realignment and a firm-level decision to restrict assurance services including statutory audits as the reason. Importantly, the auditor explicitly stated this is not related to any governance issue, management concern, or the company's performance, and confirmed there are no circumstances that need to be brought to stakeholders' attention. The auditor had completed the FY25 audit (report dated May 26, 2025) and the Q1 FY26 limited review just before resigning. The Board has accepted the resignation and noted no other reasons beyond those stated in the resignation letter. A replacement auditor has not yet been announced.
While this is technically a midterm auditor change, the stated reason is a firm-level policy decision by Mistry & Shah LLP rather than any disagreement or red flag with the company. The auditor has completed all pending audits before stepping down, which limits immediate disruption. Shareholders should watch for the appointment of a new statutory auditor; typically, finding a replacement quickly is important to avoid delays in future audits.