Viceroy Hotels Limited (VHL) has announced a significant change in its statutory auditors, as approved by the company's Board of Directors on August 8, 2025. The board has accepted the resignation of M/s. Deva & Co. and appointed M/s. MSKC & Associates LLP as the new statutory auditors for a five-year term.

Resignation of M/s. Deva & Co.

M/s. Deva & Co., Chartered Accountants, have stepped down from their role as statutory auditors of Viceroy Hotels Limited. The firm cited internal reallocation of audit resources and strategic priorities as the primary reasons for their resignation. Their tenure, which began on September 9, 2024, was originally scheduled to conclude at the 63rd Annual General Meeting in 2028.

In their resignation letter, M/s. Deva & Co. confirmed that there were no material concerns or circumstances that needed to be brought to the attention of the company's shareholders or creditors. The outgoing auditors will complete their responsibilities by issuing the limited review report for the quarter ended June 30, 2025.

Appointment of MSKC & Associates LLP

The Board of Directors has appointed M/s. MSKC & Associates LLP (formerly known as MSKC & Associates) as the new statutory auditors of Viceroy Hotels Limited. The appointment is subject to shareholder approval at the upcoming Annual General Meeting. The key details of the appointment are as follows:

• Term: Five financial years, from the 60th Annual General Meeting in FY 2025-26 to the 64th AGM in FY 2029-30
• Effective Date: August 8, 2025

About MSKC & Associates LLP

MSKC & Associates LLP is a Limited Liability Partnership registered with the Institute of Chartered Accountants of India (ICAI) and the Ministry of Corporate Affairs. The firm has a strong presence across five major cities in India: Chennai, Mumbai, Bengaluru, Hyderabad, and Gurugram.

Key highlights of MSKC & Associates LLP include:

• Holds a peer review certificate
• Primarily focuses on providing audit and assurance services
• Possesses significant experience across various industries, markets, and geographies

Financial Performance

In addition to the auditor change, Viceroy Hotels Limited has reported its unaudited financial results for the quarter ended June 30, 2025:

The company reported a net loss of ₹302.32 lakhs for Q1 FY2025-26, compared to a net profit of ₹171.75 lakhs in the same quarter of the previous year.

Other Board Decisions

The Board of Directors also approved several other matters during their meeting:

1. The 60th Annual General Meeting is scheduled for September 8, 2025, to be held through video conference or other audio-visual means.
2. M/s. S.S. Reddy & Associates, Practicing Company Secretaries, have been appointed as scrutinizers for the Annual General Meeting.
3. The Corporate Social Responsibility Committee and Risk Management Committee have been reconstituted.

These changes mark a significant transition for Viceroy Hotels Limited as it moves forward with new auditors and prepares for its upcoming Annual General Meeting.

Viceroy Hotels Limited , a prominent player in the hospitality sector, has released its financial results for the quarter ended June 30, revealing a challenging period for the company. The hotel chain also announced significant changes in its corporate structure and upcoming events.

Financial Performance

The company reported a net loss of ₹302.32 lakhs for the first quarter, a stark contrast to the profit of ₹171.75 lakhs recorded in the same quarter of the previous year. This represents a significant downturn in the company's financial performance.

Revenue from operations also saw a decline, dropping to ₹2,536.95 lakhs from ₹2,709.59 lakhs year-over-year, indicating a decrease in business activity during the quarter.

Key Financial Highlights

Corporate Updates

Change in Statutory Auditors

Viceroy Hotels announced the resignation of M/s. Deva & Co. as its statutory auditors. The company cited internal reallocation of audit resources and strategic priorities within the firm as reasons for the resignation.

Following this, the Board of Directors has appointed M/s. MSKC & Associates LLP (formerly known as MSKC & Associates) as the new statutory auditors. The appointment is for a period of five years, subject to shareholder approval at the upcoming Annual General Meeting (AGM).

Annual General Meeting

The company has scheduled its 60th Annual General Meeting for September 8. The meeting will be conducted via video conference or other audio-visual means, adapting to the evolving corporate practices.

Committee Reconstitution

Viceroy Hotels has also announced the reconstitution of its Corporate Social Responsibility Committee and Risk Management Committee, effective August 8. This move is aimed at strengthening the company's governance structure.

Utilization of Rights Issue Proceeds

The company provided an update on the utilization of funds raised through its recent rights issue. Out of the total ₹4,951.58 lakhs raised:

• ₹3,278.39 lakhs have been used for renovation and completion of existing properties
• ₹1,161.58 lakhs were allocated for general corporate purposes
• ₹471.61 lakhs remains unutilized as of June 30

As Viceroy Hotels navigates through these challenging times, the company's focus on corporate restructuring and strategic utilization of funds may play a crucial role in its future performance. Shareholders and market observers will be keenly watching the company's moves in the coming quarters for signs of recovery and growth.