Change in Auditor - Reappointment of Statutory Auditor
BORORENEW · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Borosil Renewables' Board meeting on May 12, 2026 approved multiple items including audited financial results for FY 2026 showing standalone revenue of Rs 1,535 crore and profit before tax of Rs 12 crore for Q4. The Board recommended re-appointment of M/s. Chaturvedi & Shah LLP as Statutory Auditors for a second consecutive term of 5 years (from 63rd to 68th AGM), subject to shareholder approval. Additionally, the company sought shareholder approval to raise funds up to Rs 750 crore via various instruments, re-appointed Mr. Sunil Roongta (who also serves as CFO) as Whole-Time Director & KMP, and approved a new Rooftop Solar Solutions division. The auditors issued an unmodified opinion on the financial statements. Note that the German subsidiaries GMB and Geosphere filed for insolvency during the year, leading to a write-off of Rs 325.91 crore exposure.
The routine reappointment of the existing auditor signals continuity and stability in audit governance. The company is actively expanding its business scope (rooftop solar) while managing legacy issues from its German subsidiary write-offs. Fundraising authorization of Rs 750 crore indicates future capital needs.