Oil & Natural Gas Corporation Limited has informed the Exchange about Intimation of letter received from M/s MSKA & Associates, Chartered Accountants
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ONGC has informed the stock exchanges that M/s MSKA & Associates, Chartered Accountants, has declined the Joint Statutory Auditor appointment for FY 2025-26. The firm was one of five auditors appointed by the Comptroller & Auditor General of India (C&AG) for the year. MSKA's internal review found that a network entity of the firm is currently providing accounting and finance services to an ONGC subsidiary and business valuation services to an ONGC associate company. These engagements fall under prohibited services under Section 144 of the Companies Act, 2013, which would compromise the firm's independence as statutory auditor. The firm has formally declined the engagement, and ONGC has forwarded the letter to the exchanges for record.
This is a pre-engagement decline, so there is no disruption to any ongoing audit. ONGC will likely need C&AG to appoint a replacement firm for the Kolkata unit, which may cause a minor procedural delay in finalizing the audit panel for FY 2025-26. Unlikely to have a material impact on shareholders or the stock.