Resignation of Statutory Auditor.
Awaiting price reaction for this filing.
The statutory auditor of RCI Industries and Technologies Limited, M/s SVARAJ & Associates (Firm Registration No. 014203N), has resigned with effect from 08.05.2025, citing pre-occupation with other assignments. The auditor was appointed on 06.01.2024 and had not submitted any audit report or limited review report before resigning. No concerns were raised by the auditor prior to resignation, and there are no other material reasons cited. The company is currently under Corporate Insolvency Resolution Process (CIRP) initiated by NCLT Delhi on 25.11.2022, with the Resolution Professional Brijesh Singh Bhadauria managing its affairs.
The auditor's exit mid-term, especially for a company already under insolvency proceedings, may delay the audit process and add uncertainty for shareholders. However, the stated reason appears routine (workload) with no governance red flags flagged by the auditor.