BOARD HAVE APPROVED APPOINTMENT OF M/s Jain P. C. & Associates, Chartered Accountants Ahmedabad as Statutory Auditor, Re-appointment of M/s Rajesh & Company, Cost Accountant, Jaipur as ....
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PG Foils Ltd's board, at its meeting on June 6, 2025, decided to withdraw its earlier plan to issue convertible warrants via a preferential issue, citing prolonged delays after BSE rejected the application. The board accepted the resignation of statutory auditor M/s Gupta Akash & Associates (Jaipur), which was attributed to unforeseen medical circumstances and the other partner not being associated with the audit since inception. To fill the casual vacancy, the board appointed M/s Jain P.C. & Associates (Ahmedabad) as the new statutory auditor, subject to shareholder approval. Additionally, the board re-appointed the cost auditor and secretarial auditor (for five years from FY26 to FY30) and appointed a new internal auditor for FY26.
The withdrawal of the warrant issue removes a planned capital-raising avenue, while the mid-term auditor change may raise governance questions among investors. Shareholders should watch for shareholder approval of the new statutory auditor and clarity on alternative fundraising plans.