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Transchem Limited has informed the stock exchange that its statutory auditor, M/s. SPML & Associates, Chartered Accountants (FRN: 136549W), has resigned with immediate effect from June 20, 2025. The auditor was originally appointed for a 5-year term at the July 29, 2023 AGM, covering FY2023-24 to FY2027-28, meaning this is a midterm exit nearly three years ahead of schedule. SPML & Associates cited pre-occupation with other professional commitments and their inability to audit the company's financial statements from FY2025-26 onwards as the reason. Importantly, the auditor confirmed they had no concerns with the company, having already completed and signed off on the FY2024-25 audit (report dated May 20, 2025). The company stated that the Audit Committee and Board will take note of the resignation and recommend the appointment of a new statutory auditor for shareholder approval.
This is a routine auditor change and not a red flag, since the auditor resigned due to their own workload constraints and explicitly stated there were no concerns. However, shareholders should watch for the timely appointment of a replacement auditor to avoid any disruption to the FY2025-26 audit cycle.