Appointment of M/s Ram Chandak & Associates, Chartered Accountants as Statutory Auditor of the Company w.e.f September 5, 2025
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SGL Resources announced the resignation of statutory auditor M/s R V Somani & Associates effective September 4, 2025, citing pre-occupation with other assignments, and the same-day appointment of M/s Ram Chandak & Associates to fill the casual vacancy (pending shareholder approval). The outgoing auditor, who had been appointed only on July 18, 2025, issued an unmodified opinion on FY25 results and raised no concerns. For FY25, revenue from operations fell sharply to Rs. 1,928 lakhs (vs Rs. 2,953 lakhs in FY24), but reported PAT held steady at Rs. 140 lakhs (vs Rs. 162 lakhs) after large accounting adjustments. Notable items: Rs. 1,720 lakhs of interest on an unsecured loan was reversed from P&L and capitalised to 'Intangible Asset under Development' (shown as Other Income), and the full year's depreciation of Rs. 868 lakhs was loaded entirely into Q4 FY25. The Board also appointed Mr. Suhit Bakshi as an Additional Non-Executive Director and reappointed the Secretarial Auditor for five years. The 33rd AGM is set for September 30, 2025.
Short-term impact is likely neutral: the auditor change was triggered by a benign reason (pre-occupation), no governance red flags were raised, and new auditor appointment is routine. However, investors should watch the heavy year-end accounting adjustments (interest capitalisation and Q4 depreciation load) which significantly flatter headline profit and merit closer scrutiny of underlying operational performance.