Whalesbook
Modi Naturals Limited has accepted the resignation of its statutory auditors, M/s Doogar & Associates, effective May 13, 2026. The firm cited an increased workload from new assignments as the reason for its departure. M/s B. CHHAWCHARIA & CO. have been appointed as the new statutory auditors to fill the vacancy, also effective May 13, 2026.
This change comes after M/s Doogar & Associates were appointed on September 30, 2023. Modi Naturals stated the new appointment aims to ensure better audit process alignment and operational synergies, as M/s B. CHHAWCHARIA & CO. also serves a material subsidiary.
Modi Naturals Ltd operates in the agro-processing sector, focusing on edible oils and ethanol. The previous auditors, M/s Doogar & Associates, will complete audit reports for the financial year ending March 31, 2026, which were submitted on May 13, 2026, before their resignation takes effect.
With the new auditors in place, shareholders will see a new firm overseeing the company's financial statements. The company anticipates improved audit process alignment and group-wide operational synergies.
The appointment of M/s B. CHHAWCHARIA & CO. requires shareholder approval at the upcoming General Meeting, introducing a potential point of oversight. Any challenges or delays in the onboarding process for the new audit firm could also affect future audit efficiency.
In the broader industry, other edible oil and ethanol producers manage their audits similarly. Adani Wilmar Ltd relies on established internal functions and external auditors. BCL Industries Ltd and Gokul Refoils & Solvent Ltd also follow standard procedures to ensure financial integrity and investor confidence.
Investors will be watching the outcome of the shareholder vote on the new auditors. Initial audit reports and the realization of promised synergies will also be key indicators.