Procal Electronics Explains Auditor Resignation Disclosure Delay
Procal Electronics India Ltd has provided a clarification to BSE Limited regarding the delayed submission of a disclosure concerning the resignation of its statutory auditor. The company cited its prolonged suspension on BSE, consistent losses, and a lack of adequate internal resources, including the absence of a full-time Company Secretary or dedicated compliance support, as reasons for the administrative lapse. The delay was attributed to an inadvertent oversight stemming from these constraints. Procal Electronics stated that upon realizing the lapse, the disclosure was submitted immediately. The company expressed regret for the delay, emphasizing it was unintentional and without intent to withhold material information. Steps are being taken to enhance internal compliance mechanisms to prevent future occurrences.
Key Highlights
- Company explains delay in auditor resignation disclosure due to financial constraints.
- Lack of dedicated compliance staff cited as a reason for administrative lapse.
- Disclosure submitted immediately upon noticing the delay.
- Delay was inadvertent, with no intention to withhold information.
- Steps are being taken to improve internal compliance mechanisms.
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