Change in Statutory Auditor

  • Nature of change: Appointment of Statutory Auditor for the Financial Year 2026-27.
  • Appointing Authority: The Comptroller & Auditor General of India (C&AG).
  • Firm Appointed: Dhawan & Co.
  • Basis of Appointment: Pursuant to Section 139 of the Companies Act, 2013.
  • C&AG Appointment Letter Details: Letter No. /CA.V/COY/CENTRALGOVERNMENT, IFCIL(1)/185 dated September 07, 2026.
  • Date of Receipt by Company: The appointment letter was received by IFCI Limited on September 08, 2026.
  • Auditor Profile: A brief profile of the statutory auditor, M/s Dhawan & Co, was provided as an enclosure.

Profile of Statutory Auditor - M/s Dhawan & Co

  • Firm Name: M/s Dhawan & Co
  • PAN No.: AABFD3891M
  • ICAI Registration No.: 002864N
  • CAG Empanelment No.: DE2225
  • Date of Constitution: The firm was established on February 10, 1981.
  • Date since full-time FCA: February 18, 1986.
  • Region: North
  • Experience: The firm's experience ranges from financial advisory to central statutory audit, including small traders and large PSUs. It has experience auditing asset management companies and NBFCs, in addition to core banking.

Terms and Conditions of Appointment (As per C&AG Letter)

The appointment is governed by a detailed set of terms and conditions stipulated by the C&AG, which include:

For the Company (IFCI Limited):

  • The company must send a list of directors and previous auditors to the newly appointed auditors immediately.
  • The company is responsible for preparing financial statements and providing all necessary documents and information to the auditors expeditiously as per Section 143(1) of the Companies Act, 2013.
  • Audit fees and expenses are to be fixed by the company in accordance with Section 142 of the Companies Act, 2013. A signed 'Memorandum of Fee' must be forwarded to the C&AG office within 30 days of the appointment letter.
  • To maintain auditor independence, the company cannot provide any consultancy, directorship, or non-audit assignments (as specified in Section 144 of the Act) to the audit firm or its partners during the audit year and for one year after they cease to be auditor. Exceptions are made for statutory assignments like tax audit or quarterly reviews under SEBI guidelines.
  • The company must intimate the C&AG office of the date of commencement of audit and the date the C&AG's comments and auditor's report are placed in the AGM.

For the Auditors (Dhawan & Co):

  • The auditors must sign and return the 'Memorandum of Fee' to the C&AG within 30 days to signify acceptance of the audit. Refusal after this period may lead to action against the firm.
  • The appointment is subject to satisfactory performance in previous audits as adjudged by the concerned CAG office.
  • The auditors must provide declarations that they are not disqualified under Section 141 of the Companies Act, will not claim unreasonable expenses, and will adhere to the independence conditions regarding other assignments.
  • The audit must be completed within the time schedule stipulated by the management to adhere to statutory timelines for the AGM.
  • The auditors must comply with directions issued by the C&AG under Section 143(5) of the Companies Act, 2013.
  • For listed PSUs like IFCI Limited, the appointed auditors must have a valid peer review certificate issued by the Peer Review Board of ICAI.

Supplementary Audit: The supplementary/test audit under sections 143(6) & (7) of the Companies Act, 2013, is entrusted to the Director General of Audit (Industry and Corporate Affairs), I.P. Estate, New Delhi-110002.

Regulatory Compliance: This disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.