SML ISUZU LIMITED has informed the Exchange about Resignation of Statutory Auditor
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Walker Chandiok & Co LLP has resigned as statutory auditor of SML Isuzu Limited effective 1 August 2025. The firm was originally appointed on 24 August 2020 for a five-year term ending with the 41st AGM (due by 30 September 2025). The reason for resignation is that a related party of the firm is providing non-audit services to Mahindra & Mahindra (M&M), which has recently acquired a controlling stake in SML Isuzu via a Share Purchase Agreement, making SML Isuzu a subsidiary of M&M. This creates an independence conflict under the firm's internal policies. The auditor confirmed it had already issued the limited review report for Q1 FY26 (quarter ended 30 June 2025) before stepping down, and stated there are no other concerns with the company or its management.
This is a procedural resignation driven by the M&M acquisition rather than any audit or governance concern, so it should not affect the stock negatively. SML Isuzu will need to appoint a new statutory auditor before the 41st AGM in September 2025, and the change of auditor is a routine post-acquisition step.