Mahalaxmi Fabric Mills Limited has informed the Exchange regarding Resignation of M/s. Bhanwar Jain & Co., Chartered Accountants as Statutory Auditor of the company w.e.f. May 09, 2025.
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Mahalaxmi Fabric Mills Limited's statutory auditor, M/s. Bhanwar Jain & Co., Chartered Accountants (FRN: 117340W), has resigned effective May 9, 2025, before completing their term which was set to run until the 36th AGM in 2027. The auditor cited the non-renewal of their Peer Review Certificate from ICAI as the reason, noting that the certificate is mandatory under current regulatory guidelines for conducting statutory audits, though renewal was under process. The auditor confirmed there were no disagreements with management or concerns about financial reporting, and their last audit report was submitted on February 11, 2025 for the quarter ended December 31, 2024. The Audit Committee and Board will formally note the resignation in their upcoming May 2025 meetings and recommend a new statutory auditor for shareholder approval.
This is a procedural mid-term auditor change driven by the auditor's own compliance issue (missing peer review certificate) rather than any dispute with the company. For shareholders, the immediate impact is low, but the company will need to appoint a new auditor quickly to avoid delays in the FY2025-26 audit. Investors should watch for the announcement of the new statutory auditor.