Key Board Decisions:
1. Resignation of Statutory Auditor: The board took on record the resignation of M/s. PAMS & Associates, Chartered Accountants (FRN: 316079E) as statutory auditor of the company with effect from 26th June, 2026. The resignation was due to geographical constraints as the registered office and operations of the company are in Mumbai while the audit firm is located in Bhubaneswar, making it practically challenging to devote adequate time and resources for efficiently conducting audit procedures.
2. Proposed New Auditor Appointment: Based on the recommendation of the Audit Committee, the board proposed the appointment of M/s. Lipika and Associates, Chartered Accountants (FRN: 145364W) as statutory auditor of the company for the first term of 5 years from financial year 2026-2027 to 2030-2031. This appointment is subject to approval by members in the ensuing Annual General Meeting (AGM).
Auditor Resignation Details (From PAMS & Associates):
- Effective Date: 26th June 2026
- Reason: Geographical constraints (Mumbai vs Bhubaneswar location). The firm previously operated through a Mumbai branch which was closed in 2024, making audit management increasingly difficult for a listed entity.
- Tenure: Originally appointed on 28th August 2024, with term scheduled to expire at the conclusion of the 45th Annual General Meeting.
- Latest Audit: Submitted audit report for year ended 31st March 2026 on 29th May 2026.
- No Concerns: The auditor confirmed no unresolved issues, qualifications, or concerns requiring attention of members or creditors. No management-imposed limitations or circumstances preventing obtaining sufficient audit evidence.
- Form ADT-3: The auditor will file Form ADT-3 with Registrar of Companies within prescribed time.
Financial Impact:
No financial impact quantified in the disclosure. The change represents an administrative and compliance-related transition in audit arrangements.