Gujarat Fluorochemicals Limited has informed the Exchange regarding 'Intimation of resignation of Statutory Auditor of GFCL EV Products Limited, Material Subsidiary of the Company'.
FLUOROCHEM · price
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Gujarat Fluorochemicals' material subsidiary, GFCL EV Products Limited, has received the resignation of its statutory auditor, M/s Patankar & Associates, effective from the conclusion of its forthcoming Fifth AGM. The resignation is driven by a contractual obligation in the Shareholders Agreement with investor International Finance Corporation (IFC), which mandates that the subsidiary appoint a Big Five accounting firm as its statutory auditor. Patankar & Associates, which was appointed for a five-year term from September 2022 until the Sixth AGM in FY 2027-28, has confirmed that there are no concerns or other material reasons behind its resignation. The company plans to appoint Walker Chandiok & Co LLP as the replacement auditor, subject to necessary approvals. The auditor confirmed submitting an unmodified audit report for FY 2025-26.
The change is contractual and compliance-driven rather than indicative of financial distress; however, it signals the subsidiary is aligning with international governance standards expected by a major investor. The stock of Gujarat Fluorochemicals is unlikely to be materially impacted.