Indo Rama Synthetics (India) Limited has informed the Exchange about General Updates
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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Walker Chandiok & Co. LLP has resigned as statutory auditor of Indo Rama Synthetics effective 13 May 2025, before completing its term (which was to run until the 42nd AGM in 2028). The reason was a disagreement over audit fees: management requested a fee reduction, but the auditor found the proposed cut commercially unviable given the work involved. Notably, the auditor explicitly confirmed there were no governance, accounting, or other concerns behind its exit. The same day, the board appointed S S Kothari Mehta & Co. LLP (effective 14 May 2025) to fill the casual vacancy, and the new auditor will serve until the next AGM. The outgoing auditor had just signed off on the FY25 audit report on 13 May 2025 itself.
This is a fee-driven, not governance-driven, auditor change — the outgoing firm explicitly flagged no red flags. Shareholders should see limited negative impact, though the mid-tenure departure may draw investor questions about audit cost pressures and the transition to a new auditor so close to AGM season.