Usha Martin appoints MSKA & Associates LLP as statutory auditors
Usha Martin Limited’s Board approved the appointment of M/s. MSKA & Associates LLP as statutory auditors for five years, replacing M/s. S R Batliboi & Co. LLP. Additionally, the Board re-appointed Mr. Venkatachalam Ramakrishna Iyer and Mr. Sethuratham Ravi as Independent Directors and appointed Ms. Shreya Jhawar, Mr. Dimitri Bracco Gartner, and Mr. Sabyasachi Majumder as Additional Directors.
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Usha Martin Limited’s Board has approved the appointment of M/s. MSKA & Associates LLP as the statutory auditors for a term of five years, subject to shareholder approval. The decision was taken during a Board meeting held on May 26, 2026. The new auditors will replace the incumbent firm, M/s. S R Batliboi & Co. LLP, whose second and final term concludes at the end of the 40th Annual General Meeting. The Board also approved the re-appointment of two independent directors and the appointment of three additional directors to strengthen governance.
The appointment of M/s. MSKA & Associates LLP (Firm Registration No. 105047W/W101187) is based on the recommendation of the Audit Committee. The firm’s tenure will commence from the conclusion of the ensuing 40th Annual General Meeting and continue until the conclusion of the 45th Annual General Meeting. The outgoing auditors, M/s. S R Batliboi & Co. LLP, are completing their five-year term.
Based on the recommendation of the Nomination and Remuneration Committee, the Board approved the re-appointment of Mr. Venkatachalam Ramakrishna Iyer and Mr. Sethuratham Ravi as Non-Executive Independent Directors. Both directors have been re-appointed for a second and final term of five years, effective from November 12, 2026, to November 11, 2031, subject to shareholder approval.
The Board also appointed three Additional Directors (Non-Executive, Non-Independent) with immediate effect from May 26, 2026. Ms. Shreya Jhawar, Mr. Dimitri Bracco Gartner, and Mr. Sabyasachi Majumder were appointed to the Board. Ms. Jhawar is the daughter of Mr. Rajeev Jhawar, Managing Director of the Company. These appointments are subject to the relevant regulatory disclosures.
The following table summarizes the key appointments and their respective terms:
| Name | Role | Term | Effective Date |
|---|---|---|---|
| M/s. MSKA & Associates LLP | Statutory Auditor | 5 years | From conclusion of 40th AGM to conclusion of 45th AGM |
| Mr. Venkatachalam Ramakrishna Iyer | Non-Executive Independent Director | 5 years | November 12, 2026 to November 11, 2031 |
| Mr. Sethuratham Ravi | Non-Executive Independent Director | 5 years | November 12, 2026 to November 11, 2031 |
| Ms. Shreya Jhawar | Additional Director (Non-Executive, Non-Independent) | Up to ensuing AGM | May 26, 2026 |
| Mr. Dimitri Bracco Gartner | Additional Director (Non-Executive, Non-Independent) | Up to ensuing AGM | May 26, 2026 |
| Mr. Sabyasachi Majumder | Additional Director (Non-Executive, Non-Independent) | Up to ensuing AGM | May 26, 2026 |
The company confirmed that none of the appointed or re-appointed directors are debarred from holding the office of director by SEBI or any other authority. The Board meeting commenced at 10:00 AM and concluded at 10:36 AM on May 26, 2026.
Historical Stock Returns for Usha Martin
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.86% | +8.71% | +9.93% | +20.10% | +59.74% | +893.23% |
What strategic rationale drove the decision to transition from M/s. S R Batliboi & Co. LLP to M/s. MSKA & Associates LLP?
How will the appointment of the Managing Director's daughter and two other non-independent directors impact the Board's governance dynamics?
Will the three newly appointed Additional Directors be proposed for regular terms at the upcoming Annual General Meeting?
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