Auditor24 Jul 2026, 02:53 pm
CG Power's Statutory Auditors SRBC & CO LLP Intend to Resign
AI Summary
CG Power and Industrial Solutions Ltd has received a letter of intent from its statutory auditors, M/s. S R B C & CO LLP (SRBC), to resign effective August 14, 2026. This move is proposed to align CG Power's auditors with those of its holding company, Tube Investments of India Limited (TII), which are affiliated to the same network. The intention is to improve coordination and efficiency in the audit process, given CG Power's significant contribution to TII's consolidated financial statements. SRBC has already completed a limited review for the quarter ended June 30, 2026, and will submit further details as required by SEBI circulars.
Key Highlights
- Statutory auditors SRBC & CO LLP intend to resign from CG Power.
- Resignation effective August 14, 2026, aligning with TII's AGM.
- Proposal to align auditors with holding company TII for synergy.
- Limited review for Q1 FY27 completed by SRBC.
- Resignation follows management's proposal for audit process efficiency.
Price Impact
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