Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015 - Outcome of Board Meeting dated 28-10-2025 for Resignation and Appointment of Statutory Auditors to Fill Casual Vacancy
Awaiting price reaction for this filing.
The board accepted the resignation of statutory auditor M/s H. G. Sarvaiya & Co. (FRN 0115705W) on October 28, 2025, citing the completion of their audit term and their decision not to seek reappointment. To fill the resulting casual vacancy, the board appointed M/s Sanjeev S. Gupta & Associates (FRN 012466C) as the new statutory auditor, based on the recommendation of the Audit Committee. The appointment is subject to shareholder approval at the upcoming general meeting and will remain valid until the conclusion of the next Annual General Meeting. The incoming firm, established in 1998, is a multi-partner practice with experience in statutory, internal, and special audits for listed companies, PSUs, and large corporates, and has no relationships with the company's directors, KMP, or promoters. The board meeting ran from 12:30 PM to 1:00 PM.
This is a routine auditor rotation at the end of the previous auditor's term with no governance red flags or conflict-of-interest concerns. No material impact on the stock is expected, though shareholders will need to ratify the new auditor at the next general meeting.