ENCLOSED HEREWITH BM OUTCOME DATED 27/03/26 ALONG WITH REG 30 OF SEBI (LODR), 2015
Awaiting price reaction for this filing.
Avi Products India Ltd's board met on 27 March 2026 and accepted the unwillingness of statutory auditor M/s. N K Jalan & Co to continue, effective 23 March 2026, citing better professional engagement. N K Jalan was originally appointed at the AGM on 28 December 2020 and their term was scheduled to expire at the conclusion of the 36th AGM, making this a mid-term change. The board appointed M/s. SARA and Associates, Chartered Accountants (FRN: 120927W), a Category I ICAI firm based in Mumbai, as the new statutory auditor for a 5-year term to fill the casual vacancy. An Extraordinary General Meeting has been scheduled for 27 April 2026 to seek shareholder approval. The outgoing auditor confirmed no concerns or governance issues were raised before stepping down, and their last report was a limited review dated 12 February 2026 for the quarter ended 31 December 2025.
This is a mid-term statutory auditor change, which investors should monitor. The stated reason is routine and no governance red flags were flagged by the outgoing auditor, but sudden auditor changes can sometimes raise scrutiny. Shareholder approval is pending at the 27 April EGM, and the new auditor is a Category I firm providing continuity.