Retirement of Statutory Auditor w.e.f September 25, 2025
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Sonal Adhesives reported Q1 FY26 revenue of Rs. 2,828.75 lakh, up about 13.7% from Rs. 2,488.13 lakh in Q1 FY25, but net profit fell to Rs. 44.75 lakh from Rs. 64.21 lakh, a drop of roughly 30%. The board approved the 34th AGM for September 25, 2025 and announced the routine rotation of statutory auditors: existing auditor M/s M C Asawa & Co retires after completing a five-year term, and M/s Haziyani & Associates (Nagpur-based) is appointed for a fresh five-year term (FY26 to FY30). The board also appointed Mr. Vipul Desai as a new Independent Director, noted the retirement of Independent Director Mr. Nitin Rane on completion of tenure, and reconstituted the Audit, Nomination & Remuneration, and Stakeholders Relationship committees. Additionally, CS Prashant Diwan was appointed as Secretarial Auditor and M/s S K Agarwal & Associates as Cost Auditor for FY 2025-26.
The auditor and director changes are routine end-of-tenure transitions and committee restructuring with no governance red flags. However, weaker Q1 profits despite higher revenue may concern short-term investors watching margins.