Submission pursuant to Resignation of Statutory Auditor.
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Krupalu Metals Ltd's statutory auditor M/s K M Chauhan & Associates resigned effective May 28, 2026, citing pre-occupation due to increased audit requirements and proposed fee increase. The company simultaneously appointed M/s Sunit M. Chhatbar & Co. as the replacement auditor to fill the casual vacancy until the next AGM. The company also reported FY2026 results showing Total Income of Rs 4,278.13 lakhs (down from Rs 4,849.59 lakhs), but Profit Before Tax improved to Rs 388.77 lakhs from Rs 287.30 lakhs. A notable concern is that the departing auditor stated it could not verify the utilisation of IPO proceeds raised in September 2025, raising questions about fund deployment.
The mid-term auditor change and the admission that IPO proceeds utilisation could not be verified represent governance red flags. Shareholders should seek clarification on why the auditor could not verify fund usage and whether the new auditor will provide independent verification. The financial performance was positive despite lower revenue.