Additional Details submitting in reference to Corporate announcement submitted dated 26th May 2025 - In reference to Resignation of Statutory Auditors of the Company.
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Encode Packaging India Limited has submitted additional details to the BSE regarding the resignation of its statutory auditor M/s Sarna & Aggarwal, Chartered Accountants (FRN 0011796C), effective 24 May 2025. The auditor cited preoccupation with other professional work as the reason for stepping down. The company explained the delay in informing the exchange (filed on 26 May instead of within 24 hours) was because the resignation letter arrived on a Saturday, followed by a Sunday holiday, with the board taking note on Monday. The auditor was originally appointed on 4 July 2022 with term scheduled to expire on 30 September 2027, making this a mid-term exit. The auditor confirmed no concerns, no management-imposed limitations, and no material reasons beyond those stated.
This is a mid-term auditor resignation roughly 2.5 years before the scheduled end of the auditor's term, which may raise minor governance concerns for shareholders. The stated reason (workload/preoccupation) is routine and the auditor flagged no issues, so the immediate impact on the stock is likely limited, but the company will need to appoint a new statutory auditor soon.