Resignation of Secretarial Auditor
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M/s Pavan Rathi & Associates, the company's Secretarial Auditor since 2014-15, has resigned effective April 22, 2025. The resignation is due to the auditor being ineligible to continue as secretarial auditor for FY 2024-25 under new SEBI norms introduced via the Listing Obligations Third Amendment Regulations, 2024 (effective December 31, 2024). The company has stated that no concerns were raised by the outgoing auditor regarding management, and there is no material reason behind the resignation. The Board will appoint a new Secretarial Auditor in due course and inform the exchanges accordingly. Managing Director Ishwarlal Jain signed the disclosure.
This is a routine, regulation-driven change with no governance red flags raised by the outgoing auditor. Shareholders should expect a new secretarial auditor to be appointed soon, but this development is unlikely to affect the stock price or business operations.