Resignation of Statutory Auditors of the Company
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Mahaan Foods Limited informed BSE that its statutory auditor, M/s R C Sharma & Associates (ICAI FRN 021847N), has resigned effective 16 April 2025. The auditor stated it cannot continue because its peer review certificate from ICAI is pending, and listed companies must be audited by firms holding a valid peer review certificate. The auditor had been appointed on 28 September 2020 with its term scheduled to expire at the 38th AGM (on or before 30 September 2025), so this is a midterm exit. The resignation letter records no management-imposed limitations, no alternative audit procedures, and no concerns about information provided. The company must now appoint a new statutory auditor holding a valid ICAI peer review certificate.
The exit is technical and compliance-driven, not linked to any audit disagreement or governance red flag, so the immediate impact on shareholders should be limited. However, Mahaan Foods will need to appoint a replacement auditor quickly to stay on track with statutory audit timelines.