Modern Threads Board Approves Re-appointment of Tax and Internal Auditors
Modern Threads (India) Limited's Board of Directors approved the re-appointment of S.S. Surana & Co., Chartered Accountants as Tax Auditor for FY 2025-26 and Mr. Naveen Kumar Vijayvargiya as Internal Auditor for FY 2026-27. Both appointments, recommended by the Audit Committee, ensure continuity in financial oversight and compliance with SEBI regulations.
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Modern Threads (India) Limited announced key auditor appointments following a Board of Directors meeting held on 27.03.2026. The board approved the re-appointment of both tax and internal auditors for upcoming financial years, ensuring continuity in the company's audit processes.
Board Decisions and Appointments
The board meeting resulted in two significant re-appointments, both recommended by the company's Audit Committee. These decisions demonstrate the company's commitment to maintaining robust financial oversight and compliance with regulatory requirements.
| Appointment Details: | Tax Auditor | Internal Auditor |
|---|---|---|
| Name: | S.S. Surana & Co., Chartered Accountants | Mr. Naveen Kumar Vijayvargiya |
| Appointment Period: | Financial Year 2025-26 | Financial Year 2026-27 |
| Date of Appointment: | 27.03.2026 | 27.03.2026 |
| Registration/PAN: | Firm Registration No. 001079C | PAN: AVNPV9111H |
Tax Auditor Profile and Credentials
S.S. Surana & Co., Chartered Accountants, based in Jaipur, brings extensive experience to Modern Threads. The firm is registered with the Institute of Chartered Accountants of India (ICAI) under Firm Registration No. 001079C. With more than 44 years of experience, the firm specializes in multiple areas including accounting services, tax advisory, statutory audit, internal audit, management audit, and GST compliance. The firm maintains a strong professional track record, having conducted statutory audits for various other companies across different sectors.
Internal Auditor Qualifications
Mr. Naveen Kumar Vijayvargiya, son of Shri Ram Prakash Vijayvargiya, has been re-appointed as Internal Auditor for financial year 2026-27. He holds Chartered Accountant (Inter) qualification and possesses comprehensive experience across multiple domains. His expertise spans accounting, taxation, internal audit, information technology, corporate laws, and GST regulations, making him well-suited for the internal audit responsibilities.
Regulatory Compliance
The appointments were made in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has fulfilled its disclosure obligations by providing detailed information about both appointments, including professional profiles and relevant credentials. This compliance ensures transparency and maintains investor confidence in the company's governance practices.
Corporate Governance Impact
These re-appointments reflect Modern Threads' focus on maintaining experienced audit professionals who understand the company's operations and regulatory environment. The continuity in audit relationships helps ensure consistent oversight while leveraging the auditors' accumulated knowledge of the company's business processes and risk factors.
Historical Stock Returns for Modern Threads
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.37% | -6.55% | +4.00% | -7.73% | +21.54% | +108.00% |
How might the continuity in audit relationships impact Modern Threads' ability to identify and address emerging financial risks in the textile industry?
What potential changes in GST regulations or corporate compliance requirements could affect the auditors' scope of work in the upcoming financial years?
Will Modern Threads consider expanding its audit committee structure or adding specialized auditors as the company scales its operations?
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