JOHNSON CONTROLS - HITACHI AIR CONDITIONING INDIA LIMITED has informed the Exchange about Resignation of Statutory Auditor
BOSCH-HCIL · price
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Price Waterhouse & Co Chartered Accountants LLP resigned as the statutory auditor of Johnson Controls-Hitachi Air Conditioning India Limited on July 24, 2025, before completing their five-year term (originally appointed in September 2021, term running through FY2025-26). The reason is a potential conflict of interest: the acquisition of the company's overseas parent by Germany's Robert Bosch Group is nearing completion, and other firms within the PwC network provide significant non-audit services to Bosch. PwC confirmed it has issued the FY2025 audit report (May 20, 2025) and the Q1 FY2026 limited review report (July 24, 2025) before stepping down. The auditor explicitly stated there are no concerns about management, financial statements, or governance. The Board has accepted the resignation and the company will need to appoint a new auditor.
This is a procedural change tied to the expected Bosch acquisition and not a red flag — PwC raised no concerns about the company's financials or management. Investors should watch for the appointment of a new auditor, but this should not materially affect the stock price.