Resignation of Statutory Auditor vide email dated 08.05.2025.
Awaiting price reaction for this filing.
The statutory auditor of RCI Industries and Technologies Limited, M/s SVARAJ & Associates (Firm Registration No. 014203N), resigned via email dated 8 May 2025, citing pre-occupation with other assignments and inability to devote time to the company. The firm was originally appointed for statutory audit from FY 2022-23 onwards. The company is currently under Corporate Insolvency Resolution Process (CIRP) since 25 November 2022, with Resolution Professional Brijesh Singh Bhadauria managing its affairs. The auditor has not yet submitted the prescribed Annexure A format detailing reasons for resignation, so only the basic resignation letter has been filed with the stock exchange.
Mid-term auditor resignation during an ongoing insolvency process raises governance concerns and could delay audit-related compliance. Shareholders should watch for any further disclosures (the detailed Annexure A is still pending) and any impact on the CIRP timeline or future financial reporting.