Intimation of resignation of Statutory Auditor of GFCL EV Products Limited, Material Subsidiary of the Company
FLUOROCHEM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Patankar & Associates, Chartered Accountants, has resigned as the statutory auditor of GFCL EV Products Limited (a material subsidiary of Gujarat Fluorochemicals Ltd), effective from the conclusion of the upcoming Fifth AGM. The firm was appointed in September 2022 for a five-year term ending at the Sixth AGM in 2027-28. They completed the FY 2025-26 audit with an unmodified report dated 25 May 2026. The resignation is being made to comply with a Shareholders Agreement between the subsidiary and International Finance Corporation (IFC), which requires appointment of a Big Five Accounting Firm. The company proposes to appoint Walker Chandiok & Co LLP as the new statutory auditor subject to necessary approvals. The auditors confirmed no other reasons for resignation and no concerns prior to leaving.
This is a routine governance change driven by an investor requirement rather than audit disputes. The unmodified audit report for FY 2025-26 suggests no financial concerns, and the transition to a larger audit firm may enhance credibility with institutional investors like IFC.