IFB Industries Limited has announced the resignation of its Cost Auditor M/s. Shome & Banerjee through a regulatory disclosure filed under SEBI Regulation 30. The announcement was made on January 24, 2026, informing both BSE Limited and The National Stock Exchange of India about this significant corporate development.

Cost Auditor Resignation Details

M/s. Shome & Banerjee, Cost Accountants with Firm Registration Number 000001, submitted their resignation letter dated January 23, 2025. The firm cited unavoidable circumstances at their end as the reason for their inability to continue as Cost Auditors of IFB Industries Limited for the financial year ending March 31, 2026.

Regulatory Compliance

The disclosure was made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. IFB Industries provided comprehensive information as required under Schedule III of Listing Regulations and SEBI Master Circular bearing Reference Number SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Formal Documentation

The resignation letter was signed by Partha Sarathi Guin, Partner at Shome & Banerjee Cost Accountants. In their communication to IFB Industries, the firm expressed regret for the inconvenience caused and thanked the company for the opportunity to be associated with the organization. They requested formal acceptance of their resignation as Cost Auditor for the financial year ending March 31, 2026.

Company Response

Ritesh Agarwal, Company Secretary of IFB Industries Limited, signed the regulatory filing on January 24, 2026. The company has fulfilled its disclosure obligations by providing detailed annexures and supporting documentation as required by SEBI regulations. The filing ensures transparency and keeps stakeholders informed about this important corporate governance matter.

IFB Industries Limited announced comprehensive board restructuring following its meeting held on January 24, 2026, with multiple director appointments and committee reconstitution under Regulation 30 of SEBI Listing Obligations.

Key Director Appointments

The board approved several strategic appointments to strengthen its governance structure:

New Director Profiles

Mr. Saurav Adhikari brings four decades of global business expertise across technology, FMCG, and consumer durables sectors. The 67-year-old executive holds a B.A. (Honors) in Economics from Hindu College, Delhi University, MBA from JBIMS, Bombay University, and AMP from INSEAD. His notable experience includes over two decades with HCL (2000-2019) in multiple leadership roles, contributing to the company's growth from approximately ₹200 million revenue to ₹14 billion revenue. He currently serves as Founder & Senior Partner at Indus Tech Edge Fund and holds board positions with several listed companies including Goodricke Group Ltd., Accelya Solutions India Ltd., and Zee Entertainment Enterprises Ltd.

Mr. Subir Chakraborty, aged 68 years, is a Mechanical Engineer from IIT Madras with PGDM from IIM Calcutta. He brings over four decades of experience in marketing, sales, projects, and general management. His last assignment was as Managing Director of Exide Industries Limited, where he operated at board level for more than ten years across Indian and international subsidiaries until his retirement on April 30, 2024. He served as immediate past President of Bengal Chamber of Commerce & Industry and was a National Council Member of Confederation of Indian Industry for 2022-24.

Cost Auditor Appointment

The board appointed M/s. Mani & Co., Cost Accountants (Firm Registration No. 000004) as Cost Auditor for Financial Year 2025-26:

The firm specializes in Cost Audit, Costing System implementation, Cost Ascertainment Projects, and Special Cost Studies, with partner Mr. Dinesh Sha carrying over 40 years of practice experience.

Board Committee Restructuring

The board reconstituted five key committees with new member compositions:

Audit Committee: Mr. Chacko Joseph (Chairman), Mr. Ashok Bhandari, Mr. Desh Raj Dogra, and Mrs. Sreedevi Pillai

Nomination and Remuneration Committee: Mr. Deshraj Dogra (Chairman), Mr. Sudip Banerjee, and Mrs. Sreedevi Pillai

Stakeholders Relationship Committee: Mr. Ashok Bhandari (Chairman), Mr. Desh Raj Dogra, and Mr. Amar Singh Negi

Corporate Social Responsibility Committee: Mr. Sudip Banerjee (Chairman), Mr. Ashok Bhandari, Mrs. Sreedevi Pillai, and Mr. Amar Singh Negi

Risk Management Committee: Mr. Chacko Joseph (Chairman), Mr. Sudip Banerjee, Mr. Desh Raj Dogra, Mr. P.H. Narayanan, and Mr. C.S. Govindaraj

All director appointments (Items 1-4) are subject to shareholder approval either at a General Meeting or through Postal Ballot. The company confirmed that none of the appointed directors are debarred from holding directorship by SEBI or any other regulatory authority.