Omkar Speciality Chemicals Limited has informed the Exchange regarding Outcome of Board Meeting held on May 27, 2026 regarding the appointment of M/s. R. R. Tibrewala & Co., Chartered Accountants (Firm Registration No. 112387W) as Statutory Auditors of the Company.
Awaiting price reaction for this filing.
Omkar Speciality Chemicals Limited has appointed M/s. R. R. Tibrewala & Co., Chartered Accountants (Firm Registration No. 112387W) as the new Statutory Auditors, as informed to the Exchange following a Board Meeting on May 27, 2026. The filings include Limited Review Reports for Q1 (June 2025), Q2 (September 2025), and Q3 (December 2025), all with qualified conclusions. Key concerns noted by the auditors include: the Company was under CIRP (Corporate Insolvency Resolution Process) during the review periods; financial results for the first three quarters of FY 2024-25 were not prepared; the Company reported losses and has negative net worth, raising going concern issues. However, a Resolution Plan was approved by Hon'ble NCLT on July 31, 2025, subsequent to the quarters under review, which supports the going concern basis for financial reporting. The appointment of new auditors appears to be part of the post-resolution plan governance changes.
The appointment of new auditors reflects governance changes following the Company's emergence from insolvency proceedings. However, the qualified audit opinions and ongoing losses indicate financial distress continues, which shareholders should monitor closely.