NUPUR RECYCLERS LIMITED has informed the Exchange about Resignation of Statutory Auditor
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Nupur Recyclers Limited informed the exchange that M/s A V A M S & Associates, Chartered Accountants (FRN: 04279N), has resigned as the statutory auditor of its material subsidiary Frank Metals Recyclers Limited, effective August 13, 2025. The auditor was originally appointed on September 30, 2022 for a five-year term. The reason given is that the subsidiary is in the process of listing via an IPO, and SEBI/ICAI rules require statutory auditors of listed entities to hold a valid Peer Review Certificate from ICAI — which AVAMS does not currently hold. The auditor confirmed there are no concerns or circumstances connected to the resignation that need to be brought to shareholders' attention, and the last report submitted was the limited review of Q1 FY26 results (quarter ended June 30, 2025).
This is a routine, regulatory-driven resignation at the subsidiary level ahead of its proposed IPO — not a governance red flag. Investors should watch for the appointment of a new Peer Review-certified auditor for Frank Metals Recyclers, as this is a precondition for the subsidiary's listing process.