Resignation of Statutory Auditors
MODINATUR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Modi Naturals Ltd's statutory auditors, M/s Doogar & Associates, have resigned effective 13th May 2026, nearly 3 years into their 5-year appointment (appointed September 2023). The firm cited increased workload from several new assignments as the reason for their inability to continue. The Board has approved the appointment of M/s B. Chhawchharia & Co. as the replacement auditor to fill the casual vacancy, effective the same date. The new auditor also serves as the statutory auditor for Modi Biotech Private Limited, the company's material subsidiary. The appointment is subject to shareholder approval at the ensuing General Meeting. The outgoing auditors completed their audit of the FY 2026 financial statements (year ended March 31, 2026) and the Board expressed appreciation for their contribution.
The mid-term resignation of auditors may raise minor concerns about corporate governance stability, though the replacement appears to be a well-established firm. Shareholders should monitor for any red flags in the resignation letter details at the upcoming General Meeting.