GLOBALE TESSILE LIMITED has informed the Exchange about Resignation of Statutory Auditor
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Globale Tessile Limited's statutory auditor, M/s. Bhanwar Jain & Co. (FRN: 117340W), has resigned effective 9th May 2025. The auditor was originally appointed on 30 September 2022, with a term scheduled to expire at the 10th AGM in 2027, making this a mid-term exit. The reason cited is the delay in obtaining the PEER Review Certificate from ICAI, which is mandatory for statutory auditors. The last audit report submitted was dated 11 February 2025, covering results for the quarter ended 31 December 2024. The auditor has flagged no concerns regarding the company's financials or governance. The Audit Committee and Board will note the resignation in their upcoming May 2025 meetings and recommend a new statutory auditor for shareholder approval.
Mid-term auditor resignations can create short-term uncertainty, but since the reason is administrative (PEER Review delay) and no governance concerns were raised, the impact on shareholders is likely limited. The company will need to appoint a new auditor soon to avoid delays in the next audit cycle.