Intimation in regards with the Resignation of statutory auditor
Awaiting price reaction for this filing.
On August 14, 2025, the board of Alps Industries Ltd, chaired by the Resolution Professional (indicating the company is under the insolvency resolution process), accepted the resignation of M/s A S Goel & Co. as statutory auditor of the listed entity, effective immediately. On the same day, the material subsidiary LE Alps Energy Pvt Ltd also accepted the resignation of its auditor, M/s R. K. Govil & Co. Both auditors cited pre-occupation with other assignments as the reason for stepping down, and stated there were no concerns with management, audit evidence, or financial statements. Both auditors had completed the limited review for the quarter ended June 30, 2025 before resigning. Their original term was scheduled to run until the AGM for FY ending March 31, 2029, making this a midterm exit.
Two auditors quitting on the same day, just one quarter into their five-year term and while the company is already under insolvency resolution, is a notable governance red flag. Shareholders should watch for news on replacement auditors, as repeated auditor churn can complicate the resolution process and shake confidence in the stock.