Mankind Pharma Limited disclosed that S.R. Batliboi & Co. LLP, the statutory auditors of its material wholly owned subsidiary Bharat Serums and Vaccines Limited (BSV), resigned from their role effective September 28, 2026. The resignation follows the initiation of voluntary liquidation proceedings for BSV under the Insolvency and Bankruptcy Code, 2016.

The move stems from a shareholder resolution passed on September 7, 2026, to liquidate BSV voluntarily. Under the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, a liquidator is prohibited from engaging any professional who served as an auditor for the company within five years preceding the liquidation commencement date. Consequently, S.R. Batliboi & Co. LLP tendered its resignation to comply with this regulatory requirement.

Regulatory Compliance and Timeline

The resignation was communicated via a letter dated September 28, 2026, addressed to the Board of Directors of BSV. The auditors confirmed that there were no other material reasons for their departure beyond the regulatory constraint imposed by the liquidation process. Mankind Pharma filed this disclosure with BSE and NSE pursuant to Regulations 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key details regarding the auditor's tenure and the resignation are outlined below:

Audit Status and Next Steps

S.R. Batliboi & Co. LLP confirmed that they had completed the audit of BSV's financial statements for the year ended March 31, 2026, issuing the report on May 12, 2026. They had not commenced the audit for the fiscal year ending March 31, 2027. The firm stated it would file a statement in Form ADT-3 with the Registrar of Companies as required by the Companies Act, 2013.

The resignation highlights the procedural implications of corporate restructuring under Indian insolvency laws. When a company undergoes voluntary liquidation, the independence requirements for professionals assisting the liquidator extend to former auditors, necessitating a change in statutory audit firms even if the audit work was satisfactorily completed.

Mankind Pharma shareholders approved the appointment of Anish Vanraj Bafna as a non-executive independent director. The special resolution passed on September 17, 2026, following a remote e-voting process that concluded on the same date.

The voting period ran from August 19, 2026, at 9:00 am to September 17, 2026, at 5:00 pm. Neelesh Kumar Jain of N.K.J. & Associates served as the scrutinizer for the process. The resolution requires a five-year term for Bafna, commencing from August 10, 2026.

Voting Breakdown

Promoter and promoter group entities held 299,960,612 shares and voted unanimously in favor of the resolution. Public institutional investors cast 85,102,048 votes, with 99.83% supporting the appointment. Non-institutional public shareholders polled 11,142,124 votes, showing 99.99% support.

The total valid votes cast were 396,204,784 out of 412,995,978 shares held as on the record date of August 14, 2026. This represents a participation rate of 95.93%. No invalid votes were recorded in any category.

What the Numbers Show

The promoter group’s complete alignment with the resolution underscores strong internal consensus on board composition changes. While public institutional investors showed near-unanimous support, their participation rate of 93.04% was slightly higher than the 51.67% turnout from non-institutional retail shareholders, indicating varying levels of engagement across shareholder segments.