CG Power and Industrial Solutions Limited has received a letter of intent to resign from its Statutory Auditor, M/s. S R B C & CO LLP (“SRBC”). The resignation is scheduled to become effective at the close of business hours on August 14, 2026, following the conclusion of the Annual General Meeting (AGM) of the company’s holding entity, Tube Investments of India Limited (“TII”). This transition aims to align CG Power’s audit function with TII’s new auditor network, enhancing coordination and efficiency given that CG Power and its subsidiaries constitute more than 50% of the holding company’s consolidated financial statements.

The decision follows the mandatory rotation of auditors under Section 139 of the Companies Act, 2013. TII’s current auditors, M/s. S.R. Batliboi & Associates LLP, will demit office after completing their ten-year term upon the conclusion of TII’s AGM, proposed for August 14, 2026. To maintain consistency across the group, management proposed aligning CG Power’s statutory auditors with those affiliated to the same network as appointed by TII. Consequently, SRBC, a network firm of S.R. Batliboi & Associates LLP, initiated the resignation process vide their letter dated July 24, 2026.

In compliance with SEBI circular CIR/CFD/CMD1/114/2019 dated October 18, 2019, SRBC conducted a limited review of CG Power’s financial results for the quarter ended June 30, 2026. The firm issued its limited review report on July 24, 2026, covering both standalone and consolidated financial results. SRBC is required to submit further details as mandated by the SEBI circular in due course, after which the information will be intimated to the stock exchanges within the stipulated timeframe.

Key Dates and Entities

SRBC was originally re-appointed as Statutory Auditors for a second term of five years up to the conclusion of the 91st AGM of CG Power, during the AGM held on July 27, 2023. The master engagement agreement between the parties was dated July 28, 2023. The resignation process ensures continuity in audit quality while adapting to the structural changes in the holding company’s audit framework.

What the Numbers Show

The alignment of auditors highlights the significant weight CG Power carries within the Tube Investments group. With CG Power and its subsidiaries contributing more than 50% to the holding company’s consolidated financial statements, the audit process requires tight synchronization. By moving to an auditor from the same network as TII’s incoming auditors, the group aims to reduce duplication of efforts and streamline reporting. This structural adjustment does not reflect any dissatisfaction with SRBC’s performance but rather a strategic operational choice driven by regulatory rotation requirements at the parent level.

CG Power and Industrial Solutions Limited has scheduled an earnings call to discuss its financial performance for the quarter ended June 30, 2026. The conference call is set to take place on July 24, 2026, at 4:15 PM IST, providing analysts and institutional investors an opportunity to review the company's Q1FY27 results. The announcement was made pursuant to Regulations 30(2) and 46(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The session will include a presentation on earnings performance followed by an interactive question-and-answer segment. Key management personnel, including Managing Director & CEO Amar Kaul and CFO Susheel Todi, will lead the discussions. Other participants include executive vice presidents and vice presidents overseeing various business verticals such as Drives & Automation, Switchgears, Transformers, Railways, and Motors.

Participants can access the call through digital means or via telephone. Domestic participants in India can dial the universal access numbers, while international attendees have the option of using toll-free lines provided for the USA, UK, Singapore, and Hong Kong. The event details and access links have been disseminated to ensure broad participation from the investment community.

Management Participants

Conference Call Details