Indo Rama Synthetics (India) Limited has informed the Exchange regarding 'Resignation of Statutory Auditors'.
INDORAMA · price
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On the reaction day the stock moved 18.6 pts more than Nifty Microcap 250 and 19.2 pts more than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Indo Rama Synthetics informed the exchanges on 14 May 2025 that Walker Chandiok & Co. LLP has resigned as the company's Statutory Auditor, effective 13 May 2025. The resignation came mid-term — Walker Chandiok was originally appointed on 27 July 2023 with a term running until the 42nd AGM in 2028. The reason given was commercial: management had asked them to reduce audit fees, and the firm found the proposed reduction unfeasible given the effort and responsibilities involved. The auditor confirmed there were no other concerns, no governance issues, and no qualifications noted — they had just signed off the FY25 audit report on 13 May 2025 itself. To fill the casual vacancy, the board appointed S S Kothari Mehta & Co. LLP as the new Statutory Auditor effective 14 May 2025, until the next AGM.
This is a routine auditor change driven by a fee disagreement rather than any audit or governance issue, so it should not be a red flag on its own. However, a mid-term auditor exit over fees can sometimes hint at cost pressures within the company, and investors may want to watch the new auditor's first observations closely. New statutory auditor is in place immediately, so there is no disruption to compliance.