SML Isuzu Limited has informed the Exchange regarding Appointment of M/s. B S R & Co. LLP, Chartered Accountants as statutory auditors of the company w.e.f. August 02, 2025.
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SML Isuzu announced a major leadership overhaul at its board meeting on August 2, 2025, coinciding with Mahindra & Mahindra acquiring a controlling stake and the company becoming an M&M subsidiary. Mr. Vinod Kumar Sahay was appointed Executive Chairman (effective August 3, 2025), replacing Mr. Chandra Shekhar Verma, who continues as a Non-Executive Independent Director. CFO Mr. Rakesh Bhalla will step down on September 30, 2025 (well before his original May 2026 term end) and move to an advisory role, with Mr. Pushkar Patwardhan taking over as CFO from October 1, 2025. Mr. Ritesh Agrawal was appointed as the new Chief Operating Officer. Statutory auditor M/s. Walker Chandiok & Co LLP resigned mid-term on August 1, 2025, citing that a related party of the firm was providing non-audit services to the new holding company (M&M), which impaired their independence. M/s. B S R & Co. LLP has been appointed to fill the casual vacancy and is recommended for a five-year term subject to shareholder approval.
Shareholders should view this as an expected governance reset following the M&M takeover — new leadership, a new auditor, and an organizational restructuring point to deeper integration with the Mahindra Group. The auditor change is procedural (driven by independence rules, not audit quality issues) and B S R & Co. LLP is a larger, more established firm. Short-term, the changeover creates some execution risk, but longer-term M&M's backing and scale could strengthen the business.