Disclosure of appointment of Statutory Auditors
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Kandagiri Spinning Mills has changed its statutory auditor. The existing auditor, M/s Krishnen & Associates (FRN: 018163S), resigned effective August 13, 2025, citing preoccupation with other personal and professional commitments. The outgoing firm had been appointed in September 2022 for a 5-year term ending at the FY2026-27 AGM, so this is a mid-term exit. They completed the FY25 audit and the Q1 FY26 limited review before stepping down, and stated they have no dispute or concerns about information from management. To fill the casual vacancy, the Board has appointed M/s SSAL & Associates (FRN: 021621S), a firm established in 2021 with experience in statutory and tax audits, effective August 13, 2025, subject to shareholder approval at the next AGM.
Routine auditor rotation with no governance red flags raised by the outgoing firm, though a mid-term change may draw some scrutiny. Shareholders will get to vote on the appointment at the upcoming AGM; near-term stock impact is expected to be limited.