Key Event
M/s B S R and Co (Firm Registration No. 128510W), Statutory Auditors of Prabal Motors Private Limited (PMPL), a Material Subsidiary of Popular Vehicles and Services Limited, have tendered their resignation effective 11th November 2026.
Detailed Reasons for Resignation
The management of PMPL intends to align auditors of the Company with the auditors of Popular Vehicles and Services Limited, the ultimate holding company, due to mandatory rotation of B S R and Co as auditors of the ultimate holding company under the Companies Act, 2013. The auditors stated they would not be in a position to continue as statutory auditors after completion of Limited Review for the quarter ended 30 September 2026.
Auditor Tenure and Completion Status
- Appointment Date: 30 September 2023
- Scheduled Term Expiry: 30 September 2028
- Completed Statutory Audit: Till 31 March 2026 (audit report issued on 21 May 2026)
- Completed Limited Review: Quarter ended 30 September 2026 (report issued on 03 November 2026)
Management Concerns
No concerns were raised by the resigning auditors with respect to the management of the Company. Accordingly, no deliberation by the Audit Committee is required, and disclosure of the Audit Committee's comments is not applicable.
Company Representation
Place: Kochi
Additional Information
The announcement will be available on the company website at www.popularvehicles.in.