The Grob Tea Company Limited has informed the Exchange regarding Intimation of Resignation of Statutory Auditor of the company w.e.f. close of business hours on 13th May, 2026
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The Grob Tea Company Limited has received resignation from its statutory auditor, M/s GARV & Associates, Chartered Accountants, effective from close of business hours on 13th May 2026. The auditor was appointed for a 5-year term (FY 2022-23 to FY 2026-27) at the AGM held on 2nd August 2022. The reason cited for resignation is that existing audit fees are not commensurate with the time and effort required for the engagement, citing entity acquisitions by the company as the reason for increased workload. The auditor has completed and signed the Statutory Audit Report for FY ended March 31, 2026 and the Limited Review Report for Q4 March 31, 2026 before tendering resignation. The company has not yet appointed a replacement auditor.
This mid-term resignation creates a governance concern as the company must appoint a new auditor before the next reporting period. The reason (fee dispute amid company acquisitions) may signal increasing complexity in the company's operations. Investors should monitor for timely appointment of a new statutory auditor.