Greaves Cotton Limited has informed the Exchange about Retirement
GREAVESCOT · price
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Greaves Cotton's Board, at its meeting on 30th April 2025, approved the appointment of M/s Price Waterhouse Chartered Accountants LLP as the new Statutory Auditor for a five-year term starting from the 106th Annual General Meeting (AGM), subject to shareholder approval. This change comes after the existing auditor, M/s Deloitte Haskins & Sells LLP, completed two consecutive five-year terms and is retiring at the upcoming AGM. The Board also noted that Mr. Nagesh Basavanhalli will step down as Vice Chairman and Non-Executive Director with effect from the close of business hours on 30th April 2025, with the Board recording its appreciation for his contributions. Additionally, Mr. Parag Satpute, Managing Director and Group CEO, was authorised to determine materiality of events for stock exchange disclosures alongside the CFO and Company Secretary.
The auditor change is a planned rotation at the end of Deloitte's term and should not raise governance concerns. The departure of a long-serving Vice Chairman is a notable board-level change but appears to be a planned exit; investors should watch for any further board refreshment announcements.