The resignation is effective from 13th August, 2026. The auditor was originally appointed on 27th September, 2024 by the members for a term of 5 years, which was scheduled to expire at the conclusion of the 42nd Annual General Meeting of the Company.
Reason for Resignation
The stated reason for resignation, as per the auditor's letter, is "due to requirement of the laws and regulatory standards, we have found that we are unable to align on a mutually agreeable fee structure that supports the increased professional time and compliance resources now required for this engagement."
The auditor confirmed that there are no other material reasons for the resignation beyond what was provided.
Audit Work Completed
Prior to resignation, the auditor had completed the following work:
- Statutory Audit for the financial year 2025-26 (Audit Report dated 10th April, 2026 on the company's Standalone and Consolidated financial Statements)
- Limited review of the 1st Quarter for FY 2026-2027 (Limited Review dated 11th August, 2026)
The auditor stated that they will not be able to continue with the statutory audit work beyond these completed assignments.