Key Event
M/s. Walker Chandiok & Co. LLP, Chartered Accountants (Firm Registration No. 001076N/N500013) tendered their resignation as Statutory Auditor of Shalimar Paints Limited effective November 11, 2026.
Reason for Resignation
The resignation was submitted due to the proposed share swap transaction announced by the Company in September 2026, which would make Shalimar Paints Limited the holding company of Hella Infra Market Limited. The auditor expressed inability to continue because:
- They are not currently the auditor of Hella Infra Market Limited
- A significant portion of the enlarged group would fall outside their audit coverage scope
- They would not be able to achieve the requisite level of group audit coverage in accordance with applicable regulatory requirements and their firm's internal policies
- Specifically cited insufficiency of direct audit participation in consolidated operations to act as principal auditor as required by SA 600 'Using the work of another auditor'
Important Dates
- Appointment Date: September 29, 2022 (at 120th AGM)
- Scheduled Term Expiry: Conclusion of 125th Annual General Meeting in 2027
- Resignation Date: November 11, 2026
- Last Submission: Limited Review Report dated October 28, 2026 for quarter ended September 30, 2026
Management and Governance Aspects
- No concerns raised by the resigning auditors with respect to company management
- Reasons for resignation will be placed before Audit Committee and Board of Directors for noting and consideration
- Views of Audit Committee, if any, will be disclosed as per SEBI regulations
Additional Information
- Resignation confirmed to contain no other material reasons beyond those stated
- No issues regarding information provision or management limitations reported
- Electronic communication regarding the matter was made to Board of Directors on November 6, 2026
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