Usha Martin Limited has informed the Exchange regarding Change in Auditors of the company.
USHAMART · price
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Usha Martin's Board meeting on 26th May 2026 approved multiple key changes. The company will replace statutory auditor S R Batliboi & Co. LLP with MSKA & Associates LLP for a 5-year term from the 40th AGM onwards, as the current auditor completes its second and final term. Two Independent Directors, Mr. Venkatachalam Ramakrishna Iyer and Mr. Sethurathnam Ravi, are being re-appointed for second 5-year terms from November 2026. The Board also appointed three Additional Directors: Ms. Shreya Jhawar (daughter of Managing Director Mr. Rajeev Jhawar), Mr. Dimitri Bracco Gartner (CEO of Usha Martin International), and Mr. Sabyasachi Majumder (MD of Brunton Wire Ropes FZCo). All appointments are subject to shareholder approval.
The appointment of the MD's daughter to the board raises governance concerns as it introduces a related party appointment. The auditor change appears routine as the previous auditor completed its permitted term. The new board members bring international experience which could benefit global operations.