Auditor resigns over fee dispute; new auditor appointed
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SVJK and Associates resigned as statutory auditor of Padam Cotton Yarns on July 27, 2026 due to disagreement over audit fees for FY 2026-27. The firm said existing fees were not enough given the company's growing scale and rising complexity. SVJK had completed the FY26 audit in May 2026 and confirmed no other material concerns. Piyush Kothari and Associates has been appointed to fill the casual vacancy till the next AGM, subject to shareholder approval.
Mid-term auditor change driven by fee dispute, not governance or accounting concerns. New auditor pending shareholder approval.