Simbhaoli Sugars Limited has informed the Exchange regarding Change in Auditors of the company.
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Simbhaoli Sugars Limited, currently under the Corporate Insolvency Resolution Process (CIRP), has appointed M/s B.K. Kapur & Company as its new Statutory Auditor. The appointment was recommended by a Joint Committee of the company's senior management (CFO & COO) and approved by the Interim Resolution Professional (IRP), Mr. Anurag Goel, who was appointed by the NCLT in July 2024. The new auditor will serve for a two-year term or until the CIRP process is completed, whichever is earlier, starting from Q1 of FY 2025-26. Total audit fees are set at Rs 44.50 lakh, excluding GST and out-of-pocket expenses. The appointment remains subject to ratification by the Committee of Creditors (CoC) once constituted.
This is a procedural change driven by the company's ongoing insolvency proceedings rather than a governance concern. Shareholders should note that the new auditor's tenure is tied to the outcome of the CIRP, meaning the company's future direction remains uncertain until the resolution plan is approved. No immediate impact on stock price is expected from the auditor change itself, but it reinforces that the company is still under insolvency resolution.