Disclosure of resignation of Statutory Auditors
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Kandagiri Spinning Mills has accepted the resignation of M/s. Krishnen & Associates, Chartered Accountants (FRN: 018163S), as its Statutory Auditors effective 13-Aug-2025. Krishnen & Associates were originally appointed for a full 5-year term covering FY2022-23 to FY2026-27, so this is a mid-term exit with about two years still remaining. The reason cited in their resignation letter is preoccupation with other personal and professional commitments, and the auditor confirmed there are no disputes or concerns with the company's management. To fill the casual vacancy, the Board has appointed M/s SSAL & Associates (FRN: 021621S), a firm established in 2021, effective 13-Aug-2025, to hold office until the conclusion of the next Annual General Meeting, subject to shareholder approval. The outgoing auditor completed the FY2024-25 audit and the Q1 FY2025-26 limited review before stepping down.
This is a mid-term auditor change, which is worth flagging as a governance event, but the cited reason appears benign and a replacement has been put in place immediately. Shareholders should watch for shareholder approval of the new auditor at the next AGM; no immediate material impact on operations or financials is indicated.