CMI Limited has informed the Exchange regarding Change in Auditors of the company.
Awaiting price reaction for this filing.
CMI Limited has announced appointment of M/s. Kumar Pramod & Associates as statutory auditors for FY 2026, 2027, and 2028. The appointment was made by the Resolution Professional on behalf of the Board of Directors, whose powers have been suspended. This change in auditors is occurring in the context of ongoing Corporate Insolvency Resolution Process (CIRP), where Canara Bank (Financial Creditor) filed an application under Section 7 of IBC 2016, which was admitted by Hon'ble NCLT. The new auditors are a peer-reviewed firm established in 1992 with experience in audit, taxation, GST, forensic audit, and insolvency assignments for PSUs and nationalized banks.
The company is under insolvency proceedings with suspended board powers, indicating severe financial distress. Shareholders should be aware that this is not a routine auditor change but one driven by creditor action under IBC, signaling high risk for equity holders.