INTIMATION FOR APPOINTMENT OF INTERNAL AND SECRETARIAL AUDITOR OF THE COMPANY
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Gayatri BioOrganics held its board meeting on 28 May 2025 and approved the audited standalone financial results for Q4 and FY ended 31 March 2025, along with the statutory auditor's report. Vas & Co. was appointed as Internal Auditor for FY26, and Vivek Surana & Associates as Secretarial Auditor for a five-year term (FY26–FY30), pending shareholder approval. Two independent directors — Mr. Murali Vittala and Mr. Ramachandra Seshaprasad Chodavarapu — resigned citing advancing age, and were replaced by Mr. Srinivas Iduri as a new independent director and the re-designation of Ms. Meenakshi Sachdeva as independent director. The Audit Committee and Nomination & Remuneration Committee were reconstituted accordingly. The statutory auditor MGR & Co. issued an unqualified opinion, but flagged that financial statements were prepared on a going-concern basis relying on a promoter comfort letter. Other equity remains deeply negative at around ₹11,468 lakhs, and the company carries large disputed statutory liabilities (customs duty ~₹10.4 cr, excise ~₹8.5 cr, market cess ~₹0.93 cr, plus PF dues of ₹16.4 lakhs).
Shareholders should note the company continues to report losses with negative net worth and depends on promoter support to stay solvent as a going concern — the heavy disputed tax dues add further uncertainty. The board churn (two independent directors exiting, new appointees pending shareholder approval) is largely routine given the stated reason of age, but reinforces governance-related risk for a loss-making, promoter-dependent entity.