Intimation for Resignation of Statutory Auditor of the Company
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IGC Industries Ltd announced on 14 August 2025 that its statutory auditor, M/s ADV & Associates (FRN: 128045W), has resigned with immediate effect. The auditor, appointed in September 2022 with term valid until the 2027 AGM, stepped down mid-term citing disagreement over the proposed audit fee for FY 2025-26, stating the remuneration was not commensurate with the effort required under ICAI Auditing Standards. The firm had completed the limited review for Q1 FY26 (quarter ended June 2025) before resigning. The auditor explicitly confirmed there are no other material reasons beyond the fee disagreement. The company will now need to appoint a replacement statutory auditor within the timelines prescribed under the Companies Act and SEBI LODR Regulations.
While the resignation is due to a commercial disagreement over fees rather than concerns about financial statements, it does leave the company without a statutory auditor mid-cycle, creating short-term uncertainty around the FY26 audit process. Retail investors should watch for timely appointment of a new auditor, as prolonged vacancies can trigger compliance issues and may weigh slightly on stock sentiment.