OUTCOME OF BOARD MEETING HELD ON 23 AUG 2025
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Awaiting price reaction for this filing.
The board of Shree Manufacturing Company accepted the resignation of statutory auditor Laxmi Tripti & Associates on August 23, 2025, barely 11 months into a 5-year term that was scheduled to run until 2029. The outgoing auditor cited 'other commitments and other assignments' as the reason and explicitly confirmed there were no concerns, qualifications, or governance issues with the company. To fill the casual vacancy, the board appointed Ramanand & Associates, Chartered Accountants (FRN: 117776W), subject to shareholder approval at the upcoming 48th AGM on September 22, 2025. The audit committee reviewed and aligned with the stated reasons for the exit and noted the auditor did not raise any red flags. The board also approved the 48th AGM notice and the Annual Report for FY 2024-25.
Mid-term auditor exits can worry investors, but in this case the reasons appear non-controversial with no adverse remarks, suggesting limited impact on the stock. Shareholders should still watch for any unusual disclosures in the FY25 annual report to be presented at the September 22 AGM.