Outcome of Board Meeting held on Saturday, May 10, 2025
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The Board of Directors of Bansisons Tea Industries Ltd accepted the resignation of M/s. A A A M & CO LLP as Statutory Auditor, effective May 10, 2025. The resignation is due to the internal merger of the signing partner's existing audit firm (A A A M & Co LLP) with CA Mohit Jain's proprietary firm, M/s Mohit Yogesh Jain & Co. The signing auditor, Mr. Mohit Jain, will continue to act as the signing auditor for the company. To fill the casual vacancy, the Board appointed M/s. D.G.M.S & Co. (FRN: 0112187W) as the new Statutory Auditor on the recommendation of the Audit Committee, with effect from May 10, 2025, until the next AGM to be held in 2025. The outgoing auditor confirmed there are no concerns about the company's financial statements, and no alternative procedures were required.
This is a routine auditor change driven by internal restructuring of the audit firm (firm merger), not by any governance or financial concerns at the company. Shareholders are unlikely to see any material impact on the stock, as the same signing auditor continues, and a replacement auditor has already been appointed to ensure continuity of audit work.