CG Power Seeks Approval for New Statutory Auditor

• Proposed Auditor Fee: Rs 1.58 crore per annum
• Change Rationale: Alignment with parent company Tube Investments of India

Reader Takeaway: The auditor shift streamlines group-level reporting but comes with a 7% fee increase for shareholders.

What just happened

CG Power and Industrial Solutions Ltd has formally requested shareholder approval to appoint M/s. Price Waterhouse Chartered Accountants LLP as its new statutory auditor. This transition is being conducted to fill the casual vacancy left by M/s. SRBC & CO LLP, whose resignation took effect on August 14, 2026. The approval process is currently underway via a postal ballot.

Why this matters

The transition is a strategic initiative by the management to ensure audit alignment between CG Power and its holding company, Tube Investments of India Limited (TII). Given that CG Power represents more than 50% of TII's consolidated financial footprint, the company expects this change to create significant synergy and operational efficiency in the group audit process.

The backstory

The outgoing auditors, SRBC & CO LLP, served the company until August 14, 2026. The shift follows a deliberate management decision to consolidate the auditing function across the group. The proposed remuneration of Rs 1.58 crore marks a 7% increase over the fees paid to the previous firm.

What changes now

The company has initiated a remote e-voting process for shareholders recorded as of the August 21, 2026, cut-off date. This voting period remains open until September 25, 2026. The final outcome is expected to be declared by September 29, 2026, marking the formal onboarding of the new auditor.

What to track next

Investors should look for the official declaration of the postal ballot results scheduled for September 29, 2026, to confirm the appointment process is complete.