Appointment of Statutory Auditors of the Company
PALASHSECU · price
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Palash Securities Limited's Board of Directors met on May 15, 2026, and approved the audited financial results for Q4 and FY ended March 31, 2026. The company appointed M/s Singhi & Co. as the new Statutory Auditors for a 5-year term commencing from the 12th AGM until the 17th AGM, replacing M/s Agrawal Subodh & Co. whose second 5-year term concluded. M/s M Parasrampuria & Co. was also appointed as Internal Auditors for FY 2026-27. On a standalone basis, total income declined to ₹4,080.03 lakhs with net profit of ₹236.08 lakhs versus ₹5,034.8 lakhs in the previous year. On a consolidated basis, the company reported total income of ₹49,238.5 lakhs and net profit of ₹1,171.68 lakhs, a turnaround from a loss of ₹765.19 lakhs in FY 2024-25. The Board did not recommend any dividend for FY 2025-26. The auditors' report flagged a material uncertainty regarding the associate company Morton Foods Limited, whose net worth has been substantially eroded.
The appointment of new statutory auditors represents a routine rotation as the previous auditors completed their maximum two consecutive terms, which is a positive governance practice. However, the auditors' emphasis on the associate company's going concern uncertainty and the significant decline in standalone profitability are concerns for investors. The consolidated results showing a profit turnaround is a positive signal.