Gujarat Narmada Valley Fertilizers and Chemicals Limited has informed the Exchange about appointment of Statutory Auditor by the Board, subject to the approval of Shareholders.
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The Board of Directors of Gujarat Narmada Valley Fertilizers and Chemicals Limited has approved the appointment of M/s. B S R and Co., Chartered Accountants, Ahmedabad as Statutory Auditors for a term of five years. This appointment is based on the recommendation of the Audit Committee and is subject to approval by shareholders at the 50th Annual General Meeting. B S R and Co. is a member firm of B S R & Affiliates with over 6,400 staff and 400+ partners across 14 cities in India. The new auditors will serve from the conclusion of the 50th AGM until the conclusion of the 55th AGM.
This is a routine governance action replacing or appointing statutory auditors for the company. The appointment of a Big Four affiliated firm like B S R and Co. may indicate improved audit quality, though no information is provided about why the previous auditors were changed.