Auditor27 Jul 2026, 07:10 pm
Padam Cotton Yarns Ltd: Auditor Resigns, New Firm Appointed
AI Summary
Padam Cotton Yarns Ltd announced that its Board of Directors has accepted the resignation of its Statutory Auditors, M/s. SVJK & Associates, effective July 27, 2026. The resignation was due to a disagreement over audit fees, citing that the existing fees were not commensurate with the required professional resources for the company's growing operations and complexity. The Board has approved the appointment of M/s. Piyush Kothari & Associates as the new Statutory Auditors to fill the casual vacancy for FY 2026-27, subject to shareholder approval at the upcoming General Meeting. The new auditors will hold office until the conclusion of the next Annual General Meeting.
Key Highlights
- Resignation of Statutory Auditors M/s. SVJK & Associates accepted.
- New auditors M/s. Piyush Kothari & Associates appointed.
- Appointment is to fill a casual vacancy for FY 2026-27.
- Shareholder approval required for the new auditor appointment.
- Resignation cited fee disagreements and operational complexity.
Price Impact
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