India Glycols Limited has initiated legal proceedings to recover an insurance claim worth ₹79.76 crore from The New India Assurance Co. Limited. The company filed an application for Pre-Institution Mediation and Settlement before the Delhi High Court Legal Services Committee on May 21, 2026. This move follows the insurer's repeated rejection of the claim regarding damaged machinery at the company's Kashipur plant.

Dispute Details

The dispute stems from an insurance policy issued by The New India Assurance Co. Limited covering property damage, machinery breakdown, and consequential business interruption at various plant locations of the company. In 2020, the company filed a claim for damaged equipment at the Kashipur Plant. Although the company pursued the matter with the insurer and their appointed surveyor, submitting requisite documents for re-assessment, the claim was ultimately repudiated.

Based on an assessment and legal opinion obtained from counsel, india glycols believes it has a strong case on merits. Consequently, it has sought to challenge the repudiation through the mediation process to recover the claim amount towards material damage and loss of profit, along with interest.

Financial Implications

The company disclosed that if the application is decided in its favor, it stands to receive the claim amount or any other sum determined during the judicial process. The table below summarizes the key details of the litigation.

India Glycols Limited has announced the re-appointment of its internal and cost auditors for the financial year 2026-27. The decision was taken by the Board of Directors during a meeting held on May 14, 2026, following the recommendations of the Audit Committee. The disclosure was made in compliance with Regulation 30 of the SEBI Listing Regulations.

The Board approved the re-appointment of M/s. S.S. Kothari Mehta & Co. LLP, Chartered Accountants, as the Internal Auditors of the company. Additionally, M/s. R.J. Goel & Co., Cost Accountants, were re-appointed as the Cost Auditors for the upcoming financial year. The Board meeting commenced at 16:15 Hrs. and concluded at 17:25 Hrs. on May 14, 2026.

Auditor Re-appointment Details

The following table summarizes the key details regarding the re-appointments:

Auditor Profiles

M/s. S.S. Kothari Mehta & Co. LLP (Firm Registration No. 000756N/N500441) is a leading Chartered Accountants firm with its head office in New Delhi and a PAN India presence. The firm comprises 16 partners and other qualified, multidisciplinary professionals, and has over five decades of multi-industry experience. It serves as auditor to various companies, including listed entities, and is recognized for its track record of integrity and independence.

M/s. R.J. Goel & Co. (Firm Registration No. 000026) is a leading Cost Accounting firm established in 1978 by Late Sh. R. J. Goel, Former President of ICMAI (formerly ICWAI), with its head office in Pitampura, New Delhi. The firm currently has four partners — Mr. Hari Krishan Goel, Mr. Naresh Kumar Goel, Mr. Raman Lal Agrawal, and Mr. Subhash Chandra Agrawal — each with over three decades of experience in cost audit and related fields. The firm's areas of expertise span cost audit, cost accounting systems, management accounting, stock audit, and physical verification across a wide range of industries including chemicals, pharmaceuticals, steel, power, and textiles.