Outcome of Board meeting for consideration of Resignation letter received from the Auditor
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Padam Cotton Yarns Limited informed BSE that its Board of Directors, at a meeting held on 3rd June 2025, accepted the resignation of M/s. Viney Goel & Associates (FRN: 012188N) as the Statutory Auditors of the company. The auditor resigned via email dated 2nd June 2025, with effect from 30th April 2025, citing pre-occupation in other assignments as the reason. The auditor had been appointed on 10th July 2024 with a term scheduled to expire on 31st March 2029, making this a mid-term exit barely a year into the tenure. The auditor confirmed there are no concerns, no management-imposed limitations, and no significant impact on financial statements. The Board recorded its appreciation for the auditor's services.
The company will need to appoint a new statutory auditor soon to ensure continuity of audit processes. The stated reason is routine (pre-occupation) and no red flags were raised about management or financials, so the immediate impact on the stock is likely neutral. However, a mid-term auditor change at a small-cap company may prompt investor scrutiny until a replacement is announced.