Intimation for Resignation of Auditor is attached herewith.
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Sacheta Metals Ltd informed the stock exchanges that M/s Kiran and Pradip Associates, Chartered Accountants (FRN: 112577W) resigned as Statutory Auditor of the company with effect from May 13, 2025. The auditor cited pre-occupation with other assignments as the reason, stating they could not devote sufficient time to the company's affairs. The auditor had been appointed for a 5-year term starting from the conclusion of the 33rd AGM held on September 30, 2023, and was originally scheduled to serve until the conclusion of the 38th AGM. The latest audit report for FY ending March 31, 2025 was submitted on May 12, 2025, just a day before the resignation. The auditor confirmed there are no other material reasons or concerns behind the resignation.
This is a mid-term auditor exit, which may raise short-term governance concerns among investors. However, the stated reason (pre-occupation with other assignments) is routine and the auditor flagged no disputes or issues with management. The company will need to appoint a new statutory auditor soon, and shareholders should watch for the replacement announcement.