Ramkrishna Forgings Limited has announced the resignation of S.R. Batliboi & Co. LLP as the statutory auditor of its material subsidiary, Ramkrishna Titagarh Rail Wheels Limited (RTRWL), effective May 12, 2026. The resignation stems from a recent change in the subsidiary’s status regarding its joint venture partners, necessitating a review of independence requirements for the group’s consolidated financial reporting.
Reason for Resignation
The auditor, S.R. Batliboi & Co. LLP, formally resigned citing a change in the organizational structure of Ramkrishna Titagarh Rail Wheels Limited (RTRWL). RTRWL has recently become a material entity to one of the joint venture partners, Titagarh Rail Systems Limited (TRSL). To ensure compliance with independence requirements for the consolidated financial reporting of the group, the auditor determined it was necessary to step down from its position at the subsidiary level.
Audit Process Confirmation
The company has confirmed that there were no concerns raised by the outgoing auditor regarding the management or the audit process of RTRWL. The auditor successfully completed the audit of the financial statements for the year ended March 31, 2026, and issued its report on April 30, 2026. No audit work has commenced for the fiscal year ending March 31, 2027. The company has clarified that the decision to resign was solely due to professional independence standards rather than any internal disagreements or operational concerns.
Source: BSE
