OSWAL AGRO MILLS LIMITED has informed the Exchange about Resignation of Statutory Auditor
OSWALAGRO · price
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Oswal Agro Mills Limited has accepted the resignation of its statutory auditor, M/s Oswal Sunil & Company (FRN 016520N), effective August 7, 2025. The auditor was originally appointed at the 42nd AGM in September 2022 for a 5-year term running until the 47th AGM in 2027, meaning they are stepping down well before their tenure ended. The reason given is purely commercial: the auditor had requested a revision of audit fees for FY 2025-26 in a letter dated May 20, 2025, but the company did not raise their remuneration despite discussions in the Audit Committee meeting on May 21, 2025. The auditor stated the current fees were unviable given the scope of work. Importantly, the auditor confirmed there are no concerns, disputes, or issues with management or information suppression, and the FY 2025 audit plus the Q1 FY2026 limited review were both completed before resignation.
This is a non-issue, commercial-fee-driven exit rather than a governance red flag — no concerns were raised about management or financial reporting, so the immediate risk to shareholders is minimal. However, the company will now need to appoint a new statutory auditor before the next reporting cycle, and the episode may nudge investors to watch how quickly a replacement is named.