Tembo Global Industries Limited has informed the Exchange regarding Change in Auditors of the company.
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Tembo Global Industries held a board meeting on July 15, 2025 with several key decisions. CFO Mr. Girish Jethmalani resigned effective June 11, 2025 as part of an internal transition, and Ms. Fatema S. Kachwala was appointed as the new CFO from June 12, 2025. Independent Director Mr. Jasbir Singh Anand also resigned (effective May 30, 2025) citing age-related health issues. Statutory auditor M/s R.A. Kuvadia & Co resigned mid-term due to a major angioplasty surgery and expiry of its peer review certificate, with M/s Karta and Company appointed as the new statutory auditor for 5 years. The Board also approved plans to raise up to ₹500 Crore through QIP, preferential allotment, rights issue, or other modes to fund expansion in defence and solar energy. The company disclosed it paid a fine of ₹3.04 lakh (including GST) to NSE for a past governance lapse — continuing an independent director above 75 years without shareholder approval.
For shareholders, the auditor and CFO changes are explained by health and transition reasons, but the SEBI penalty highlights a governance weakness that may draw scrutiny. The ₹500 Crore fundraising plan is significant and could lead to equity dilution, though it supports the company's defence and solar expansion plans including a ₹1,000 Crore Maharashtra investment and a 124 MW solar PPA.