MAHALAXMI FABRIC MILLS LIMITED has informed the Exchange about Resignation of Statutory Auditor
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Mahalaxmi Fabric Mills Limited has informed the exchange that its Statutory Auditor, M/s. Bhanwar Jain & Co., Chartered Accountants (FRN: 117340W), has resigned effective 9th May 2025. The auditor was originally appointed on 19 September 2022 and was scheduled to serve until the conclusion of the 36th AGM in 2027, making this a midterm exit roughly two-and-a-half years before schedule. The reason cited is administrative — a delay in obtaining the PEER Review Certificate from ICAI required to continue as a Statutory Auditor — and not any disagreement with the company. The auditor also resigned from the company's material subsidiary, Mahalaxmi Exports Pvt Ltd. The last audit report submitted was dated 11 February 2025 (for Q3 FY25 results), and the auditor flagged no concerns before stepping down. The Audit Committee and Board will consider the resignation and recommend a new auditor for shareholder approval.
This is a routine, technical change rather than a red flag — the auditor cited a personal compliance issue (missing PEER Review Certificate) and not any concern about the company's books. Shareholders may see a brief period of administrative churn while a new auditor is appointed, but there is no signal of financial misstatement or governance breakdown.