Resignation of M/s. H Rajen & Co. as a Statutory Auditor of the Company
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Cupid Breweries and Distilleries Ltd has informed BSE that its Statutory Auditor, M/s. H Rajen & Co. (FRN: 108351W), has resigned effective November 16, 2025. In the resignation letter, the auditor cited that the data, documents and information submitted by the company were not acceptable to conduct the Limited Review audit, and also mentioned peer pressure from the board/management insisting on their resignation. The detailed information required under SEBI's circular from the outgoing auditor is awaited and will be filed with the exchange once received. The intimation has been filed within the regulatory timeline.
This is a significant governance red flag for shareholders. A mid-term statutory auditor resignation citing poor-quality information and management pressure raises serious concerns about disclosure practices and board conduct. Investors should watch closely for the detailed auditor resignation letter once submitted, as it may trigger regulatory scrutiny and weigh on the stock price.