RRP Defense Limited Appoints New Statutory Auditor Amid Accounting Concerns

RRP Defense Limited (formerly Euro Asia Exports Limited) has announced significant changes to its statutory auditor position, raising concerns about potential accounting irregularities. The company, which operates in the defense sector, made these announcements following a board meeting held on June 6, 2025.

Auditor Resignation and New Appointment

A Arora & Co., the company's previous statutory auditor, has resigned from their position. The resignation comes with a notable reason: the auditor cited a lack of response from the company regarding queries about inconsistencies in the books of accounts. This development may raise questions among investors about the company's financial transparency and accounting practices.

In response to this resignation, RRP Defense Limited has appointed M/s. TDK & Co. as its new statutory auditor. Both the resignation of A Arora & Co. and the appointment of TDK & Co. are effective from June 6, 2025.

New Auditor Profile

The company describes TDK & Co. as an experienced chartered accountancy firm. Their services reportedly include:

Auditing
Management consultancy
Tax consultancy
Accounting services

The selection of a firm with this range of expertise may be seen as an attempt by RRP Defense Limited to address the concerns raised by the previous auditor.

Board Meeting Rescheduled

In addition to the auditor changes, the company has announced that a previously planned board meeting, originally scheduled for June 5, 2025, has been postponed. The new date for this meeting is yet to be announced, which may leave shareholders waiting for further updates on the company's financial situation and response to the auditor's concerns.

Timeline of Events

Date	Event
June 6, 2025, 6:30 PM - 7:00 PM	Board meeting held to address auditor changes
June 6, 2025	Effective date of A Arora & Co.'s resignation and TDK & Co.'s appointment
June 5, 2025	Originally scheduled board meeting (now postponed)

The swift action taken by RRP Defense Limited in appointing a new auditor suggests that the company is attempting to address the situation promptly. However, the circumstances surrounding the previous auditor's resignation and the rescheduling of the board meeting may lead to increased scrutiny of the company's financial reporting in the coming months.

Shareholders and potential investors will likely be watching closely for any further developments or disclosures from RRP Defense Limited regarding the inconsistencies mentioned by the outgoing auditor and the company's plans to address these concerns.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.00%	+10.39%	+48.48%	+1,122.16%	+5,288.38%	+14,456.92%

RRP Defense has announced plans to acquire majority stakes in two of its subsidiaries, RRP Drones Innovation Private Limited and RRP S4E & Innovation Limited. This strategic move aims to strengthen the company's position in drone technology and innovation services.

Acquisition Details

According to a disclosure made to the Bombay Stock Exchange (BSE) under Regulation 30 of the SEBI LODR Regulations, RRP Defense has executed a Term Sheet with both RRP Drones Innovation Private Limited and RRP S4E & Innovation Limited. The proposed transaction will result in RRP Defense holding a majority stake in the equity shares of both companies.

Strategic Implications

This acquisition aligns with RRP Defense's focus on expanding its portfolio in the drone technology and innovation services sectors. By bringing these subsidiaries under greater control, the company is poised to enhance its capabilities and market presence in these rapidly growing fields.

Transaction Process

The proposed acquisition is subject to several conditions:

Completion of satisfactory due diligence by the respective companies
Execution of definitive agreements
Fulfillment of applicable conditions

RRP Defense has stated that further details regarding the acquisition, as per SEBI circular no. SEBI/HO/CFD/PoD2/CIR/P/0155, will be disclosed after the execution of the share acquisition agreement and completion of due diligence.

Company Background

RRP Defense, formerly known as Euro Asia Exports Limited, is headquartered in New Delhi with a corporate office in Gurugram, Haryana. The company's move to acquire these subsidiaries suggests a strategic shift towards strengthening its position in the defense and technology sectors.

As this development unfolds, investors and industry observers will be keenly watching how RRP Defense leverages these acquisitions to drive growth and innovation in the drone technology and defense sectors.