Sagar Cements Limited has informed the Exchange regarding Change in Auditors of the company.
SAGCEM · price
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Sagar Cements' Board, on the recommendation of its Audit Committee, has approved the appointment of M/s. B S R and Co., Chartered Accountants (Firm Registration No. 128510W) as the new Statutory Auditors of the company. The appointment is for a term of five consecutive years, starting from the conclusion of the 44th Annual General Meeting (AGM) up to the conclusion of the 49th AGM in 2030. This appointment is subject to shareholder approval at the upcoming AGM. The change is happening because the term of the existing statutory auditors, M/s. Deloitte Haskins & Sells, will conclude at the 44th AGM. B S R and Co. is a large audit firm with 4000+ staff and 200+ partners, registered across Mumbai, Gurgaon, Bangalore, and Hyderabad.
This is a routine change of statutory auditors at the end of the current auditor's term, not a mid-term disruption. Switching from Deloitte to B S R and Co. brings in another top-tier audit firm, which should not materially affect the stock price. Shareholders will need to approve the appointment at the upcoming AGM.