Re-appointment of Internal Auditor
Awaiting price reaction for this filing.
Harig Crankshafts Ltd's board meeting on 28th May 2026 approved the re-appointment of Mr. Payas Agarwal, currently serving as Chief Financial Officer, as Internal Auditor for FY 2026-2027. This dual role combines CFO and Internal Auditor responsibilities. Payas Agarwal is the son of Mr. Manoj Agarwal (Managing Director) and Mrs. Pragya Agarwal (Director), indicating a family-connected appointment. The company also reported audited standalone profit of Rs. 10.33 crore for FY 2026 (vs loss of Rs. 54.33 crore in previous year), though the statutory auditor issued a qualified opinion due to non-filing of income tax returns from AY 2012-13 to 2023-24. The company is under new management post-insolvency resolution approved by NCLT in April 2024.
The dual appointment of CFO as Internal Auditor raises potential governance concerns regarding independence of internal audit function. Shareholders should note the family relationship between the appointee and board directors, and the ongoing audit qualification regarding non-compliant tax filings.