RRRaymond Realty544420Auditor resignation (mid

Joint Statutory Auditor Chaturvedi & Shah LLP resigns after audit fee revision request declined

One of the two joint statutory auditors has resigned mid-term.

By ScoutQuest · Wed 28 Oct 2026, 9:41 PM IST · 3 min read

Resignation effective date

stepped down as Joint Statutory Auditor with immediate effect on October 28, 2026

Reason for resignation

after the management declined its request to revise statutory audit fees

Continuing statutory auditor

M/s. Walker Chandiok & Co. LLP continues as Statutory Auditor

One of the company's two joint statutory auditors has stepped down in the middle of its term, and the stated reason is a disagreement over audit fees rather than any issue with the accounts.

What was announced

• M/s. Chaturvedi & Shah LLP, Chartered Accountants, resigned as one of the Joint Statutory Auditors of the company.
• The resignation letter is dated October 28, 2026 and is effective the same day, with immediate effect.
• The letter was delivered in person at the registered office at 07:00 PM.
• The details were disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Why the auditor resigned

• The firm had requested a revision in statutory audit fees so that the fees would be commensurate with the expanded scope, significant time commitment, resources and professional responsibilities involved.
• It specifically pointed to the company's status as a listed entity and the associated regulatory, reporting and compliance requirements.
• Its request was made to the CFO, and the management's decision not to accede was conveyed by its communication dated 28th August, 2026.
• The firm has confirmed that there is no other material reason for the resignation, apart from what is stated in its letter dated October 28, 2026.

Did the auditor flag any concerns

• The company states that the resigning auditors did not raise any concerns regarding the company's management or the circumstances surrounding their resignation.
• On that basis, the Audit Committee was not required to deliberate on the matter and a disclosure of the Audit Committee's views is shown as not applicable, in line with the SEBI circular dated October 18, 2019.
• In the resignation disclosure, the auditor has shown "Not Applicable" against the columns on concerns raised before resigning and on information not provided by the company.

Who audits the company now

• M/s. Walker Chandiok & Co. LLP, Chartered Accountants (FRN/Membership No: 001076N/N500013), continues to act as the Statutory Auditors of the company.
• The resigning firm was appointed as Statutory Auditor at the Annual General Meeting held on June 13, 2022 for a term of five years, to audit Financial Years 2022-23 to 2026-27.
• Its term was scheduled to end upon the conclusion of the 8th Annual General Meeting to be held in the calendar year 2027.
• Before resigning, the firm had issued, along with the Joint Statutory Auditors, the Audit Report dated May 5, 2026 on the financial statements for the year ended March 31, 2026, and Limited Review Reports dated August 07, 2026 and October 27, 2026 on the financial results for the quarter ended June 30, 2026 and the quarter and half year ended September 30, 2026.
• The firm has said it will file the requisite statement in Form ADT-3 with the Registrar of Companies within the prescribed period.

How to read this

• This is a change in the audit arrangement, not a re-statement of results. The stated trigger is fees, and the disclosure records no concern from the auditor about the company's management or the circumstances of the resignation.
• The company still has a statutory auditor in place, since the other joint auditor continues.
• The outgoing auditor signed off on the latest annual audit report and the most recent limited review reports along with the joint auditor, as listed in the disclosure.
• Investors who track governance will note the mid-term exit and the fee disagreement as the facts of this announcement.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

About ScoutQuest · Logos provided by Logo.dev