Modi Naturals Limited has informed the Exchange regarding Change in Auditors of the company.
MODINATUR · price
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Modi Naturals Limited has announced a change in its statutory auditors. M/s Doogar & Associates (FRN: 000561N), who were appointed in September 2023 for a 5-year term till the 54th AGM, tendered their resignation effective 13th May 2026. The auditors cited increased workload from new assignments as the reason, stating they could not dedicate necessary attention to fulfill their responsibilities. They confirmed no material concerns or reasons beyond what was stated. The Board, based on the Audit Committee's recommendation, approved appointment of M/s B. Chhawchharia & Co. (FRN: 305123E) to fill the casual vacancy effective the same date. The new auditor is already serving as statutory auditor for Modi Biotech Private Limited, a material subsidiary of the company. This appointment is subject to shareholder approval at the ensuing General Meeting.
This mid-term auditor change could raise minor concerns among investors about audit continuity, though the explicit confirmation of no material concerns by the outgoing auditor is reassuring. The alignment of auditors across the parent and material subsidiary may bring operational efficiencies.