Chemo Pharma Laboratories Limited has announced a significant change in its statutory auditor position, marking a transition in the company's financial oversight.

Resignation of Current Auditor

M/s Sanjay Rane & Associates LLP, the company's current statutory auditors, have stepped down from their role. The firm cited pre-occupation with other assignments as the reason for their departure. Their resignation letter, dated July 23, 2025, was formally accepted by the Board of Directors on July 31, 2025.

The Audit Committee, after careful consideration of the resignation, confirmed that the outgoing auditors raised no concerns or issues regarding their departure. The Board expressed its appreciation for M/s Sanjay Rane & Associates LLP's contribution to the company, particularly noting their adherence to high audit processes and standards.

Appointment of New Auditor

In response to this change, the Board of Directors has recommended the appointment of M/s. S S R V & Associates, Chartered Accountants, as the new statutory auditors of Chemo Pharma Laboratories Limited. This appointment, effective from July 29, 2025, is subject to shareholder approval at the upcoming General Meeting.

Profile of New Auditor

M/s. S S R V & Associates brings a strong reputation to their new role:

• The firm holds the Firm Registration Number (FRN) 135901W
• It is a peer-reviewed partnership firm, with peer review certificate number 014729 issued by The Institute of Chartered Accountants of India (ICAI)
• Vishnu Kant Kabra, a partner at S S R V & Associates, brings over 20 years of experience to the table
• Areas of expertise include Direct Taxation, Indirect Taxation, Internal & Statutory Audits, Bank Audits, and Fund Raising for both listed and unlisted companies

Regulatory Compliance

This change in auditors complies with the applicable provisions of the Companies Act 2013 and the SEBI Listing Regulations, 2015. The company has also adhered to the SEBI Circular No. CIR/CFD/CMD1/114/2019 dated October 18, 2019, ensuring transparency in the auditor transition process.

The Board meeting discussing these changes commenced at 10:00 AM and concluded at 10:25 AM on July 31, 2025. Ruchit Mehta, Managing Director & Chief Executive Officer of Chemo Pharma Laboratories Limited, signed off on the official communication to the Bombay Stock Exchange.

This transition in statutory auditors represents a significant corporate governance event for Chemo Pharma Laboratories Limited, potentially bringing fresh perspectives to the company's financial reporting and auditing processes.

Chemo Pharma Laboratories Limited announced a significant change in its auditing arrangements as its statutory auditors, Sanjay Rane & Associates LLP, tendered their resignation effective July 23, 2025. This development comes nearly two years before the scheduled completion of their five-year term, which was set to expire on March 31, 2026.

Reasons for Resignation

The auditing firm, appointed on September 2, 2021, cited pre-occupation with other assignments as the primary reason for their early departure. In their resignation letter, Sanjay Rane & Associates LLP stated, "Due to our pre-occupation in other assignments, we are unable to carry out the Statutory Audit of the Company M/s Chemo Pharma Laboratories Limited."

Recent Audit and Assurances

It's worth noting that the resigning auditors had recently signed the audit report for the fiscal year 2024-25 on May 29, 2025, less than two months before their resignation. In their communication, the auditors provided several assurances to maintain transparency:

1. No disputes with management
2. No concerns regarding information suppression by the company
3. No other material reasons for resignation beyond being occupied with other assignments

Regulatory Compliance

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Chemo Pharma Laboratories Limited promptly informed the Bombay Stock Exchange of this development. The company attached the auditor's resignation letter along with the required Annexure A, which provides detailed information about the resignation as mandated by SEBI circular no. SEBI/HO/CFD/CFD-PoD1/P/CIR/2023/123, dated July 13, 2023.

Company's Response

Ruchit Mehta, the Managing Director & Chief Executive Officer of Chemo Pharma Laboratories Limited, signed the intimation to the stock exchange. The company has not yet announced a replacement for Sanjay Rane & Associates LLP.

This unexpected change in auditors may require Chemo Pharma Laboratories Limited to swiftly find a new statutory auditor to ensure continuity in their financial reporting and compliance processes. Shareholders and market watchers will likely keep a close eye on the company's next steps in appointing a new auditing firm.