Ramkrishna Forgings Limited has informed the Exchange regarding 'Resignation of Statutory Auditor of Ramkrishna Titagarh Rail Wheels Limited, a material subsidiary of the Company'.
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S R Batliboi & Co. LLP resigned as statutory auditor of Ramkrishna Titagarh Rail Wheels Limited (RTRWL), effective May 12, 2026. The resignation is due to an independence conflict: RTRWL has become material to joint venturer Titagarh Rail Systems Limited (TRSL), and TRSL's auditors require the RTRWL auditors to be independent of TRSL. Since S R Batliboi currently provides non-audit services to TRSL, it cannot meet this independence requirement. The company states no concerns were raised by the auditor regarding RTRWL's management or audit process. The FY2026 audit has been completed with an unqualified report dated April 30, 2026. RTRWL will need to appoint a replacement auditor.
The resignation creates a requirement to appoint a new auditor for a material subsidiary. No immediate red flags exist since the FY2026 audit is complete and the reason is independence-related rather than any dispute with management.