ENCLOSED HEREWITH UNWILLINGNESS LETTER RECEIVED FROM STATUTORY AUDITOR
Awaiting price reaction for this filing.
The board of Avi Products India Ltd, at its meeting on 27th March 2026, noted that its statutory auditor M/s. N K Jalan & Co expressed unwillingness to continue as auditor citing better professional engagement, effective 23rd March 2026. N K Jalan & Co had been serving since the 31st AGM held on 28th December 2020 and had last submitted a limited review report for Q3 FY26 on 12th February 2026, with no concerns flagged. To fill the resulting casual vacancy, the board appointed M/s. SARA and Associates, Chartered Accountants (FRN: 120927W), as the new statutory auditor for a 5-year term, subject to shareholder approval. An EGM has been scheduled for 27th April 2026 via video conferencing to seek shareholder approval for the appointment.
This is a mid-term statutory auditor change where the outgoing auditor has clearly stated the reason is professional opportunity elsewhere and raised no governance or audit-quality concerns. The replacement by an established Category I CA firm should not materially affect shareholders, though the change requires shareholder ratification at the upcoming EGM.