Mahalaxmi Fabric Mills Limited has informed the Exchange regarding Resignation of M/s BHANWAR JAIN & CO. ,Chartered Accountant, Firm Registration No. 117340W as Statutory Auditor, of the company w.e.f. May 09, 2025.
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Mahalaxmi Fabric Mills Limited has informed the exchanges that its statutory auditor, M/s Bhanwar Jain & Co. (FRN: 117340W), has resigned effective May 9, 2025. According to the company, the reason for the resignation is a delay in obtaining the mandatory Peer Review Certificate from ICAI, which is required for conducting statutory audits. The auditor's letter confirms the same reason - non-renewal of the Peer Review Certificate, with the renewal process currently underway. Importantly, the filing states there are no disagreements with management on financial reporting or any other matters, and the Board of Directors was duly informed. No other material reasons have been disclosed for the resignation.
This is a technical/administrative auditor change rather than a governance red flag, as the resignation is driven by a regulatory eligibility requirement (Peer Review Certificate) and not by any audit concerns. The company will need to appoint a new eligible statutory auditor, which may cause a brief transition but should not materially affect business operations or financial reporting timelines.