Gloster Limited , a prominent player in the jute industry, has announced a significant change in its statutory auditors. The company, along with its material subsidiary Fort Gloster Industries Limited, has appointed Singhi & Co. as their new statutory auditors following the resignation of Price Waterhouse & Co Chartered Accountants LLP.

Key Developments

• Auditor Resignation: Price Waterhouse & Co Chartered Accountants LLP (Firm Registration No. 304026E/E-300009) resigned from their position as statutory auditors for both Gloster Limited and Fort Gloster Industries Limited on September 11.

• New Appointment: The Board of Directors, based on the recommendation of the Audit Committee, has approved the appointment of Singhi & Co., Chartered Accountants (Firm Registration No. 302049E) as the new statutory auditors for both companies.

• Effective Date: The appointment of Singhi & Co. is effective from September 11, subject to shareholder approval at the respective general meetings of both companies.

Reasons for Change

According to the company's statement, no specific reasons were provided for the resignation of Price Waterhouse & Co beyond those mentioned in their resignation letter. The Audit Committee and Board of Directors noted that there were no reasons other than those stated in the resignation letter.

About Singhi & Co.

Singhi & Co., the newly appointed statutory auditors, brings a wealth of experience to their role:

• Founded in 1940 by Late R. C. Singhi, a Chartered Accountant from the United Kingdom
• Registered with the Institute of Chartered Accountants of India (ICAI)
• Employs over 600 professionals
• Serves more than 100 listed companies as clients
• Collaborates with Moore Global Network
• Offers services including audit, assurance, risk consulting, corporate finance, tax, and management consulting

Regulatory Compliance

The change in auditors was announced in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with the SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11.

Company Appreciation

The Audit Committee and Board of Directors of Gloster Limited have placed on record their appreciation for the continuous support provided by Price Waterhouse & Co Chartered Accountants LLP during their tenure as the Statutory Auditor of the Company.

This change in statutory auditors marks a new chapter for Gloster Limited and its subsidiary, with Singhi & Co. set to oversee the financial auditing responsibilities for both entities, pending shareholder approval.

Gloster Limited , a leading manufacturer in the jute industry, has announced its financial results for the quarter ended June 30, 2025, showing a mixed performance across its standalone and consolidated operations.

Financial Highlights

• Standalone revenue from operations decreased by 51.17% quarter-over-quarter
• Standalone profit after tax increased by 14.78% quarter-over-quarter
• Consolidated operations swung to a loss from a profit in the previous quarter

Segment Performance

Gloster operates in two main segments:

1. Jute Goods
2. Cables (through its subsidiary, Fort Gloster Industries Limited)

Corporate Governance

The Board of Directors addressed a fine imposed by BSE for delayed filing of related party statements for the half year ended March 31, 2025. The company's response includes:

• Planning to pay the fine under protest
• Applying for a waiver
• Citing unintentional delay due to website/technical issues

Future Outlook

• The increase in standalone profit after tax suggests some resilience in core operations
• Challenges remain in consolidated performance
• Continued focus on diversification through operations in both Jute Goods and Cables segments

Investors and stakeholders will likely monitor Gloster's efforts to address challenges in its consolidated operations and potential improvements in the coming quarters.