The clarification and additional details are in respect to the email received on 4th June, 2025 in respect to Corporate Announcement submitted by our Company on 3rd June, 2025 at 18:33:17 ....
Awaiting price reaction for this filing.
Nagarjuna Agri Tech informed BSE about the resignation of its Statutory Auditor M/s. S MV & Co. (FRN: 0156308), with the effective resignation date being 5 May 2025, citing pre-occupation with other assignments and excess workload. The Board, at its 3 June 2025 meeting, approved the appointment of Agarwal Khetan & Co., Chartered Accountants as the new Statutory Auditor to fill the casual vacancy. The previous auditor had only been appointed on 28 September 2024 at the 36th AGM, with term scheduled till the 41st AGM, making this a mid-term exit. Notably, the outgoing auditor had already issued the FY2025 audit report on 2 May 2025. The company also acknowledged a delay in intimating the exchange about the resignation (effective 5 May, but BSE informed only on 3 June, nearly a month later), which triggered SEBI's additional disclosure requirements.
Mid-term auditor exits, especially where the outgoing firm cites workload concerns, can raise governance and oversight red flags for shareholders. The delayed disclosure to BSE may invite scrutiny, though routine replacement of statutory auditors is common practice.