Appointment of M/s. M.M. Reddy & Co., Chartered Accountants, as the Statutory Auditors of the Company for a period of 5 years subject to the approval of shareholders.
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Mudunuru Limited's board met on August 14, 2025, and approved unaudited results for Q1FY26 (quarter ended June 30, 2025). Revenue from operations stood at ₹53.36 lakhs versus nil in the same quarter last year, but the company reported a net loss of ₹69.77 lakhs (EPS of ₹-0.11) as expenses of ₹126.30 lakhs far outpaced income. The board appointed M/s. M.M. Reddy & Co. as the new statutory auditor for a 5-year term, replacing M/s. V. Ravi & Co. whose term expired at the conclusion of the 31st AGM. Additionally, 4 lakh share warrants were converted into equity shares, raising paid-up capital from ₹624 lakhs to ₹632 lakhs and bringing in ₹48 lakhs for general corporate purposes with no deviation in fund use. The board also authorized Managing Director M. Madhusudan Raju to pursue legal recovery against a client over an invoicing and payment dispute.
The auditor change is a routine rotation at the end of a 5-year term, not a midterm resignation, so it carries no negative governance signal. However, the widening quarterly loss and ongoing client payment dispute could pressure the stock in the near term.