Pet Plastics Ltd's Statutory Auditors Resign by Mutual Agreement
Pet Plastics announced the resignation of its statutory auditors, M/s. Maheshwari & Co., Chartered Accountants, effective August 14, 2025. The resignation, mutually agreed upon, comes before the original term end date of March 31, 2027. The auditors completed the 2024-25 fiscal year audit but hadn't started work for 2025-26. They confirmed no concerns with the company's management. Pet Plastics is now seeking a new statutory auditor in compliance with regulatory requirements.
*this image is generated using AI for illustrative purposes only.
Pet Plastics announced the resignation of its statutory auditors, M/s. Maheshwari & Co., Chartered Accountants, effective August 14, 2025. The resignation comes as a result of a mutual agreement between the auditing firm and the company's Board of Directors.
Key Details of the Resignation
- Auditor: M/s. Maheshwari & Co., Chartered Accountants (Firm Registration No.: 105834W)
- Resignation Date: August 14, 2025
- Original Appointment: September 30, 2022
- Original Term End Date: March 31, 2027
Audit Status and Transition
M/s. Maheshwari & Co. completed the audit for the financial year 2024-25 but had not commenced work for the 2025-26 fiscal year. The auditing firm confirmed that there are no concerns or issues with the company's management that require the attention of shareholders or creditors.
Company's Response
The Audit Committee and Board of Directors of Pet Plastics have accepted the resignation and acknowledged the professional services rendered by M/s. Maheshwari & Co. during their tenure. The company expressed its appreciation for the auditor's work in its corporate announcement.
Next Steps
Pet Plastics is currently in the process of identifying and appointing a new statutory auditor in accordance with the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has stated that it will inform stakeholders about the new appointment in due course.
Regulatory Compliance
The resignation and subsequent disclosure comply with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. CIR/CFD/CMD1/114/2019 dated October 18, 2019, and SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.
Pet Plastics has assured stakeholders that the transition in statutory auditors will be managed smoothly, ensuring continued compliance with regulatory requirements and maintaining the integrity of its financial reporting processes.
