Resignation of Statutory Auditors
BOSCH-HCIL · price
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Price Waterhouse & Co Chartered Accountants LLP (PwC) resigned as statutory auditor of Johnson Controls-Hitachi Air Conditioning India Limited effective July 24, 2025, ahead of schedule (they were appointed for FY2021-22 to FY2025-26). The reason is the impending acquisition of the company's overseas parent (Johnson Controls) by Germany's Robert Bosch Group; other PwC network firms provide significant non-audit services to Bosch, creating a potential conflict under ICAI's SQC 1 quality control standard. PwC confirmed no concerns about the company's financial statements and completed the FY25 audit (report dated May 20, 2025) and Q1 FY26 limited review (July 24, 2025) before stepping down. The board accepted the resignation on the same day. The company will need to appoint a new statutory auditor going forward.
The resignation is driven by a neutral structural reason (anticipated change in parent ownership) rather than any audit disagreement or governance red flag, so the direct impact on shareholders is limited. However, investors should watch for the appointment of a new auditor and any disclosure related to the Bosch-Johnson Controls acquisition closing.