RPSV & Co., Chartered Accountants, (Firm Regn no 013151S), have expressed their inability to continue as statutory auditors of the Company vide their resignation letter dated July 10, 2025
Awaiting price reaction for this filing.
RPSV & Co., Chartered Accountants (Firm Regn no 013151S) has resigned as the statutory auditor of Neueon Towers Limited with effect from July 10, 2025. The firm was appointed on December 31, 2024 for a 5-year term ending at the AGM in 2030, so this is a mid-term exit just about 7 months into the engagement. The reason cited is 'professional preoccupation,' and the auditor has confirmed there are no concerns with the company's management or any other material reason for stepping down. RPSV & Co. had already completed the FY25 audit (report dated May 17, 2025) and was due to submit the Q1 FY26 limited review report at the board meeting on July 15, 2025. The company's Audit Committee and Board will appoint a new statutory auditor to fill the casual vacancy and will inform the stock exchanges accordingly.
Although the resignation is attributed to professional reasons with no governance red flags flagged, a mid-term auditor change within the first year of appointment can raise minor governance questions among investors. The company will need to quickly appoint a replacement auditor to avoid any disruption in statutory audit timelines.