Submission of information pursuant to earlier disclosure dated November 17, 2025 regarding Resignation of Statutory Auditor.
Price
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Statutory auditor M/s. H Rajen & Co. resigned effective November 16, 2025, citing that submission of data/documents was not acceptable for conducting the Limited Review audit. The resignation letter explicitly states the auditor faced 'peer pressure from the board/management' to resign. The auditor was appointed on June 25, 2024, and had only been in the role for roughly 17 months before resigning. The company says no separate communication was made with the Audit Committee prior to resignation, and the SEBI-mandated information was only received on May 26, 2026 — over six months after the actual resignation — prompting this follow-up disclosure. No immediate replacement auditor has been disclosed in this filing.
Mid-term auditor resignations, especially with references to board pressure and unresolved audit evidence issues, signal potential governance weaknesses and could raise concerns among investors about financial reporting integrity until a new auditor is appointed.