INDO RAMA SYNTHETICS (INDIA) LIMITED has informed the Exchange about Resignation of Statutory Auditor
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Walker Chandiok & Co LLP has resigned as Statutory Auditor of Indorama Yarns Private Limited (a wholly owned material subsidiary of Indo Rama Synthetics), effective 12 May 2025, well before the end of their term which was scheduled to expire at the 6th AGM in 2025. The reason was purely commercial: management proposed a fee cut for the FY26 audit, and the firm found the reduced fee not commensurate with the effort required. The auditor confirmed there are no concerns, governance issues, or any other material reasons behind the exit. To fill the casual vacancy, the subsidiary's board has appointed S S Kothari Mehta & Co LLP as the new statutory auditor from 13 May 2025 until the next AGM. The new firm is ranked 8th in India for audits of NSE-listed companies, with 14 partners and around 200 chartered accountants.
This is a routine, fee-driven auditor change at the subsidiary level, not the listed parent company, and the outgoing auditor flagged no governance or audit-quality concerns. Shareholders are unlikely to see a meaningful impact on the stock; the quick appointment of a reputed replacement should keep audit continuity intact.