INTIMATION UNDER REGULATION 30 OF SEBI (LISTING OBLIGATION AND DISCLOSURE RQUIREMENTS).
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Kimia Biosciences Ltd has informed BSE that its statutory auditor M/s. Sunil Suresh & Associates (FRN: 011646N) resigned with effect from April 22, 2025, less than a year after being appointed on June 28, 2024, well before their scheduled term ending at the 39th AGM in 2030. The outgoing auditor cited commercial reasons, stating they were 'unable to recover a reasonable portion of time cost,' and confirmed no concerns with management or the company's books. The Audit Committee and Board accepted the resignation without flagging any governance issues. To fill the casual vacancy, the Board has recommended appointing M/s. Neeraj Arora & Associates (FRN: 021309N), a firm with over 30 years of experience, subject to shareholder approval at the upcoming AGM. The new firm will conduct the statutory audit for FY2024-25.
The mid-term auditor exit after less than a year, due to fee/recovery disputes rather than governance concerns, is a mildly negative signal suggesting possible friction over audit fees. However, since the auditor explicitly confirmed no issues with the company's financial statements or management, and a replacement has already been lined up for shareholder approval, the immediate impact on the stock is likely limited.