Disclosure of Resignation of Statutory Auditor
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.4 pts less than Nifty Microcap 250 and 1.9 pts less than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Padam Cotton Yarns has disclosed that its statutory auditor, M/s Viney Goel & Associates (FRN: 012188N), has resigned from the position effective April 30, 2025, via a letter dated June 2, 2025. The auditor cited being pre-occupied with other assignments as the sole reason for stepping down. Viney Goel & Associates was originally appointed on July 10, 2024, with a scheduled term ending March 31, 2029, so this is a mid-term exit less than a year into the engagement. The auditor confirmed there were no concerns with management, no information was withheld, and no issues with previous financial statements. The Board accepted the resignation at its June 3, 2025 meeting and noted no other reasons beyond the stated pre-occupation. The company has not yet announced a replacement auditor.
For shareholders, this is a routine governance event with a benign stated reason, though they should watch for the appointment of a new auditor soon, as a company must have a statutory auditor in place for ongoing filings and the FY25-26 audit.