The Board of Directors of Valencia Nutrition Limited in their meeting held on Thursday, August 14, 2025, which commenced at 4:00 p.m. and concluded at 5:30 p.m. have inter alia, approved ....
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Valencia Nutrition's board, at its meeting on August 14, 2025, accepted the resignation of M/s. Shah & Modi, Chartered Accountants, as Statutory Auditor, effective from their resignation letter dated August 13, 2025. Shah & Modi cited preoccupation and other professional commitments as the reason and confirmed there were no concerns, disputes, or governance issues. They were originally appointed on September 28, 2021, with their term running until the 13th AGM in 2026, making this a mid-term exit. The board approved the appointment of M/s. HAY & Associates LLP, a Mumbai-based firm established in 1986, as the new Statutory Auditor for a five-year term, subject to shareholder approval. Notably, the outgoing auditor mentioned a pending invoice of Rs. 7.08 Lakhs in their resignation letter.
This is a routine auditor change with no governance red flags, as the outgoing auditor explicitly stated no concerns. The appointment of a new auditor requires shareholder approval and may cause a brief governance gap, but should not materially affect the stock in the short term.