SML Isuzu Limited has informed the Exchange regarding Resignation of M/s. Walker Chandiok & Co LLP as statutory auditors of the company w.e.f. August 01, 2025.
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SML Isuzu Limited announced multiple board and management changes on 2nd August 2025. Statutory auditor M/s. Walker Chandiok & Co LLP resigned on 1st August 2025, citing independence concerns after Mahindra & Mahindra acquired a controlling stake in the company. A related party of Walker Chandiok provides non-audit services to M&M, which the firm said impairs its independence. M/s. B S R & Co. LLP has been appointed as the new statutory auditor, initially to fill the casual vacancy until the next AGM, and proposed for a 5-year term thereafter, subject to shareholder approval. Mr. Vinod Kumar Sahay has been appointed as the new Executive Chairman, replacing Mr. Chandra Shekhar Verma who continues as a Non-Executive Independent Director. CFO Mr. Rakesh Bhalla's term has been cut short to 30th September 2025, after which he will move to an advisory role, and Mr. Pushkar Patwardhan will take over as CFO from 1st October 2025. Mr. Ritesh Agrawal joins as Chief Operating Officer.
The auditor change is procedural and triggered by governance rules following M&M's acquisition, not by any audit disagreement, so it should not affect investor confidence. The management reshuffle reflects deeper integration with the Mahindra Group, with a new Executive Chairman, new CFO, and new COO being put in place to drive the next phase of growth.