The Board of Directors in its meeting held on 13th August 2025 has terminated the engagement with M/s. S. Sureshbabu & Co., Chartered Accountants as the Internal Auditor of the Company ....
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Ravileela Granites Ltd has terminated the engagement of M/s. S. Sureshbabu & Co., Chartered Accountants as its Internal Auditor with immediate effect from 13th August 2025. The decision came after a public notice revealed that the individual running the firm had fraudulently impersonated a real chartered accountant, Mr. Suresh Babu Sakhamuru, and set up a fake firm using his identity. Acting on the recommendation of its Audit Committee, the Board found the matter serious enough to warrant immediate termination due to the risks of continued engagement. The company has stated it will appoint a new Internal Auditor in line with the Companies Act, 2013 and SEBI LODR Regulations.
This is a negative signal for governance and raises questions about how the fake firm was originally appointed without proper verification. While the swift action by the Board is a positive sign, retail investors should note this development as a governance red flag that may create short-term uncertainty around the stock until a new auditor is appointed.