Padmanabh Industries Auditor Change: S K Bhavsar & Co. Resigns as Statutory Auditor
Padmanabh Industries Auditor Resignation and Key Details
M/s. S K Bhavsar & Co., Chartered Accountants, resigned as the Statutory Auditor of Padmanabh Industries Ltd. with effect from August 12, 2026. The firm had been appointed as the Company's statutory auditor on September 5, 2024, for a term of five years.
In its resignation letter, the auditor stated that the resignation was due to the recent change in the management of the company, along with other preexisting professional commitments that made it difficult for the firm to devote the required time and attention to the company's audit.
It also confirmed that there were no material reasons for the resignation other than those specifically stated in the letter.
Auditor Rules Out Fraud, Non-Compliance, or Irregularity
S K Bhavsar & Co. clarified that the resignation was not due to any fraud, non-compliance, or irregularity in the affairs of the company.
They further confirmed that there were no adverse remarks or concerns to report under Section 143(12) of the Companies Act, 2013.
The auditor also stated that it had not raised any concerns regarding the availability of information, management cooperation, or compliance with applicable requirements.
Board Takes Note of Statutory Auditor's Resignation
The Board of Directors of Padmanabh Industries Ltd. took note of the statutory auditor's resignation at its meeting held on August 12, 2026. The meeting commenced at 1:30 PM and concluded at 2:00 PM.
The Company's Audit Committee was also informed about the resignation at its meeting. According to the disclosure, the Company had not received any communication from the auditor regarding concerns or issues prior to the resignation.
Padmanabh Industries Auditor Resignation: Key Details
Auditor Resignation: S K Bhavsar & Co. resigned as the Company's statutory auditor effective August 12, 2026.
Reason for Resignation: The auditor cited a recent change in management and other pre-existing professional commitments that affected its ability to devote the required time to the Company's audit.
No Adverse Reasons Reported: The auditor stated that the resignation was not related to fraud, non-compliance or irregularities in the Company's affairs.
Board Action: The Board took note of the resignation at its meeting held on August 12, 2026.
Audit Committee: The Audit Committee was informed about the auditor's resignation.
What to Watch Next
- Investors may monitor the appointment of a new statutory auditor after the resignation of S K Bhavsar & Co.
- Investors may also track further disclosures from the company regarding the change in its statutory audit arrangements.
- The company's future filings may provide additional information on the impact, if any, of the management changes referred to by the outgoing auditor.
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