Indo Rama Synthetics (India) Limited has informed the Exchange regarding 'Resignation of the Statutory Auditor in Unlisted Material Subsidiary of the Company '.
INDORAMA · price
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Walker Chandiok & Co. LLP resigned as Statutory Auditor of Indo Rama's wholly-owned material subsidiary, Indorama Yarns Private Limited, effective 12 May 2025. The resignation was due to a commercial disagreement over audit fees — management proposed a fee reduction which the auditor found not commercially viable given the scope of work. Importantly, the auditor confirmed there were no governance, audit quality, or other concerns about the subsidiary. The auditor had already issued the audit report for FY2024-25 on the same day. To fill the casual vacancy, M/s S S Kothari Mehta & Co. LLP has been appointed as the new Statutory Auditor, effective 13 May 2025, to serve until the next Annual General Meeting.
This is a routine mid-term auditor change driven purely by a fee dispute, not any governance or financial irregularity. The auditor explicitly flagged no concerns, and a replacement has already been appointed. Minimal impact expected on the stock; investors should monitor the new auditor's tenure but there is no immediate red flag from this filing.