Announce under Regulation 30 - Appointment of Auditor
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Awaiting price reaction for this filing.
IND Renewable Energy Ltd has informed the stock exchange about a change in its statutory auditor. J D Shah Associates, Chartered Accountants, resigned on February 14, 2025, about a year and a half before the end of their 5-year term which was set to expire at the 15th AGM in 2026. The resignation letter gives no specific reason beyond a general 'inability to continue,' and the auditor confirmed no concerns or issues were raised. The Board, on the Audit Committee's recommendation, appointed M/s. K. S. Subrahmanyam & Co., Chartered Accountants (FRN: 017461S) on April 9, 2025 to fill the casual vacancy, subject to shareholder approval at the upcoming AGM. The new firm is based in India with a team of chartered accountants but no detailed profile was disclosed.
A midterm auditor switch without a stated reason is a mild red flag worth monitoring, though the company clarifies no concerns were raised. Shareholders should watch for the new auditor's opinion in upcoming results; any qualifications or disclaimers would be a concern.