Statutory Auditors Resign at Material Wholly Owned Subsidiary Following Voluntary Liquidation Start

S.R. Batliboi & Co. LLP has resigned as Statutory Auditors of Bharat Serums and Vaccines Ltd (BSV), a material wholly owned subsidiary, with effect from September 28, 2026.

Mon 28 Sep 2026

Subsidiary Status

Bharat Serums and Vaccines Ltd (BSV) is a material wholly owned subsidiary

Liquidation Type

Voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016

Shareholders Resolution Date

September 7, 2026

Auditor Resignation Effective Date

September 28, 2026

FY26 Audit Completion

Audit report dated May 12, 2026

What was shared

Mankind Pharma informed the exchanges that S.R. Batliboi & Co. LLP, Chartered Accountants, have resigned as Statutory Auditors of Bharat Serums and Vaccines Limited (BSV), a material wholly owned subsidiary, with effect from September 28, 2026, per their resignation letter of the same date. This continues an earlier intimation dated September 7, 2026.

Why they resigned

• BSV's shareholders resolved on September 7, 2026 to liquidate the company by way of voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016 and the IBBI (Voluntary Liquidation Process) Regulations, 2017.
• Those regulations prohibit a liquidator from engaging any professional who served as auditor of the company at any time in the five years preceding the liquidation commencement date.
• The liquidator, Mr. Dilipkumar Natvarlal Jagad, communicated this position by emails dated September 11 and September 15, 2026.
• The auditors confirmed there is no other material reason for the resignation, and recorded "None" against concerns raised with the Audit Committee or Board and against information not provided.

Audit status

• The firm was appointed at BSV's 32nd AGM held on September 22, 2025 for a period of 4 years, from April 1, 2025 until the conclusion of the 36th AGM.
• They have completed the audit of BSV's financial statements for the year ended March 31, 2026, with audit report dated May 12, 2026.
• They have not commenced the audit for the year ending March 31, 2027.
• Form ADT-3 will be shared with the Registrar in due course.

How to read this

The resignation is a consequence of the voluntary liquidation of the subsidiary rather than an audit disagreement, and the auditors stated there was no other material reason. The underlying development investors may focus on is that a material wholly owned subsidiary, BSV, is in voluntary liquidation proceedings. Voluntary liquidation under Section 59 is available to a solvent company; the update does not describe any dispute with management.

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