INDO RAMA SYNTHETICS (INDIA) LIMITED has informed the Exchange about Resignation of Statutory Auditor
INDORAMA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Indo Rama Synthetics informed the exchanges that its statutory auditor, M/s Walker Chandiok & Co. LLP, resigned on 13 May 2025, about two years into a five-year term that was to run until the 2028 AGM. The reason given was a fee dispute — management had asked the auditor to reduce its audit fees, but Walker Chandiok said the proposed reduction was not commercially viable given the effort and responsibilities involved. Importantly, the auditor confirmed there were no governance or audit-quality concerns behind the exit, and the FY2024-25 audit report was completed and issued on 13 May 2025 itself. To fill the casual vacancy, the Board appointed M/s S S Kothari Mehta & Co. LLP from 14 May 2025 until the next AGM. S S Kothari Mehta is described as ranked 8th in India in terms of audit of NSE-listed companies, with about 200 chartered accountants on its rolls.
The exit is a fee-driven commercial decision, not a red flag on financials or governance, since the outgoing auditor explicitly confirmed no concerns. For shareholders, continuity of audit is maintained with a replacement firm of reasonable standing, though the midterm change may invite some short-term scrutiny from institutional investors.