Globale Tessile Limited has informed the Exchange regarding Resignation of M/s. Bhanwar Jain & Co., Chartered Accountants as Statutory Auditor of the company w.e.f. May 09, 2025.
GLOBALE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
M/s. Bhanwar Jain & Co., Chartered Accountants (FRN: 117340W), the Statutory Auditor of Globale Tessile Limited, has resigned effective May 9, 2025, well before the end of their scheduled term (which was set to expire at the 10th AGM in 2027). The reason cited is the firm's inability to renew its Peer Review Certificate from ICAI, which is a mandatory regulatory requirement to conduct statutory audits of listed entities. The firm confirmed there were no disagreements with management on financial reporting or any other matters, and that the Board of Directors was informed of the resignation. The company's Audit Committee and Board will note the resignation at upcoming May 2025 meetings and recommend a new Statutory Auditor for shareholders' approval. The last audit report submitted by the outgoing auditor was dated February 11, 2025, covering results for the quarter ended December 31, 2024.
This is a mid-term auditor change, but the stated reason is a technical/compliance issue on the audit firm's side (missing peer review certificate) rather than a dispute with the company. While any auditor resignation deserves attention, the absence of reported disagreements and the prompt disclosure are mildly reassuring. Investors should watch for the appointment of a new auditor and ensure there is no gap in audit coverage.