Step-down subsidiary NGM appoints independent director; statutory auditor replaced with B S R & Co. LLP
NGM, a wholly owned step-down subsidiary, appointed Mrs. Ruchika Bansal as Non-Executive Independent Director for 5 years from October 24, 2026.
By ScoutQuest · · 3 min read
- Statutory Auditor Resignation
- M/s. M.S. Barmecha & Co., Chartered Accountants, resigned as the statutory auditor of NGM
- New Statutory Auditor Appointed
- M/s. B S R & Co. LLP appointed for a term of five years, subject to approval of the shareholders
- Independent Director Appointment
- Mrs. Ruchika Bansal as Non-Executive Independent Director for a term of five years with effect from October 24, 2026
What the subsidiary's board approved
- Appointment of Mrs. Ruchika Bansal as Non-Executive Independent Director on the board of Next Generation Manufacturers Private Limited (NGM), a wholly owned step-down subsidiary of the company, for a term of five years with effect from October 24, 2026.
- M/s. M.S. Barmecha & Co., Chartered Accountants, resigned as the statutory auditor of NGM.
- M/s. B S R & Co. LLP, Chartered Accountants, was appointed as the new statutory auditor of NGM for a term of five years, subject to approval of the shareholders.
An independent director is a board member who is not part of the company's day-to-day management and is expected to bring an outside view to the board. A statutory auditor is the chartered accountant firm that examines and certifies the company's financial statements.
Who the new independent director is
Mrs. Ruchika Bansal is a management consultant with over 23 years' experience, specialising in wealth advisory, investment banking, private equity, corporate finance and business strategy, with work in mergers and acquisitions and private equity syndication. She is a Commerce graduate from SRCC (Delhi University) and holds a Postgraduate Diploma in management from MDI, Gurgaon.
- She is not related to any director on the board.
- She is not debarred from holding the office of director under any SEBI or other authority order.
Why the auditor changed
The board stated that the change is to align and consolidate the statutory auditors of the subsidiary companies with the auditors of the parent company. The outgoing auditor's own letter gives the same reason: the company intends to align its auditors with those of its parent / holding company.
- The letter states that no concerns were raised by the auditor prior to resignation.
- It also states that no information requested by the auditor was withheld.
- The auditor confirms there is no material reason for resignation other than those stated.
Timeline of the outgoing auditor
- Appointed on September 30, 2024 for five consecutive years, ending March 31, 2029.
- Completed the statutory audit for the year ended March 31, 2026 and issued the audit report on May 11, 2026.
- The resignation takes effect from the conclusion of the board meeting held on October 24, 2026.
The incoming auditor
B S R & Co. LLP was set up in 1990 and converted into a limited liability partnership in 2013. It is a member entity of B S R & Affiliates, a network registered with the Institute of Chartered Accountants of India, and audits various listed companies in India, including in the industrial manufacturing sector. The update describes the firm as having over 4000 staff, 170+ Partners and offices across 14 locations.
Points a retail investor may note
- Both decisions are at the level of NGM, a step-down subsidiary, not at the level of the listed company's own board or auditor.
- The new auditor's term is subject to the approval of the shareholders.
- Both changes are effective from October 24, 2026.
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More numbers
- Term of appointment of Mrs. Ruchika Bansal as Independent Directorfive years
- Term of M/s. B S R & Co. LLP as statutory auditorfive years
- Experience of Mrs. Ruchika Bansalover 23 years'
- Staff strength of B S R & Co. LLPover 4000 staff
- Partners at B S R & Co. LLP170+ Partners
- Office locations of B S R & Co. LLP14 locations
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