Resignation of Statutory Auditor.
Awaiting price reaction for this filing.
RCI Industries and Technologies Limited, which is currently undergoing Corporate Insolvency Resolution Process (CIRP) since November 2022, has disclosed the resignation of its Statutory Auditor, M/s SVARAJ & Associates, Chartered Accountants, effective 08.05.2025. The auditor cited pre-occupation with other assignments as the reason for stepping down and confirmed there are no other material reasons or concerns. The auditor was appointed on 06.01.2024 and did not submit any audit report before resigning. The filing, signed by Resolution Professional Brijesh Singh Bhadauria, includes the SEBI-mandated Annexure A format with details of the resignation.
This is a routine disclosure of an auditor exit during an ongoing insolvency process. Since the company is already under CIRP and the auditor had not submitted any audit report, the immediate financial impact is limited. However, it may delay audit processes and require appointment of a new auditor, which could affect timely financial disclosures.