Statutory Auditor resigns mid-term citing unpaid fees and business deadlock
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On the reaction day the stock moved 4.8 pts less than Nifty Microcap 250 and 5.6 pts less than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Statutory auditor M/s. Mahesh C. Solanki & Co. resigned on 19 June 2026, citing prolonged non-payment of audit fees and a severe deadlock in the company's business operations. The firm was appointed 30 Sept 2025 with term running to 31 March 2030, making this a mid-term exit. The auditor flagged inability to obtain sufficient audit evidence due to circumstances beyond management control, which could materially impact financial statements.
Negative signal. Auditor exit mid-term over unpaid fees and business deadlock raises governance and financial reporting concerns. Stock may react negatively.