Thirumalai Chemicals announced that Walker Chandiok & Co LLP has resigned as the statutory auditor of its material subsidiary, TCL Intermediates Private Limited, effective August 28, 2026.

The resignation aims to realign the subsidiary’s audit function with that of the holding company. This structural change follows the conclusion of Walker Chandiok & Co LLP’s tenure as the statutory auditor for Thirumalai Chemicals Limited at the 53rd Annual General Meeting held on August 7, 2026, pursuant to mandatory auditor rotation requirements.

Audit Transition Details

The firm was originally appointed as the statutory auditor of TCL Intermediates Private Limited at the first Annual General Meeting on September 16, 2022. The appointment covered a five-year term scheduled to expire after the conclusion of the sixth Annual General Meeting in 2027.

Walker Chandiok & Co LLP confirmed that no deliverables are expected from the firm for the quarter ended September 30, 2026. The last audit report submitted by the firm was dated May 28, 2026, covering the financial statements for the fiscal year ended March 31, 2026.

Regulatory Compliance

Thirumalai Chemicals disclosed the change under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure also references Chapter V of SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

The company stated there were no concerns or management-imposed limitations that influenced the resignation. The move is strictly administrative to ensure uniformity in the group’s audit processes.

Thirumalai Chemicals plans to raise ₹200-250 crore through the issuance of preference shares, according to a new report. This specific instrument replaces the broader fundraising strategy previously reported.

Fundraising plan at a glance

The company has narrowed its capital mobilisation route to a single instrument. The updated plan focuses exclusively on preference shares, moving away from the earlier combination of equity and asset sales.

Context

This update clarifies the mechanism for the capital raise. While earlier reports indicated a target of ₹400-500 crore via a mix of preferential equity issues and non-core asset divestments, the latest information specifies a smaller amount raised strictly through preference shares. This shift suggests a potential change in strategy towards non-dilutive or less dilutive capital structures compared to equity, although the total quantum is lower than initially projected.