Oil and Natural Gas Corporation (ONGC) has received a letter dated 24.09.2025 from M/s MSKA & Associates conveying their dissent to accept the appointment as Joint Statutory Auditor. This dissent arises because MSKA & Associates identified that their network entity provides multiple services, including accounting and finance, to an ONGC subsidiary and business valuation services to an associate company. Due to these services falling under prohibited categories, MSKA & Associates is restricted from accepting the appointment to maintain independence.
Auditor’s Dissent Explained
ONGC received communication from M/s MSKA & Associates regarding their inability to accept the role of Joint Statutory Auditor. The decision was formalized in a letter dated September 24, 2025, addressed to ONGC.
Reason for Dissent
M/s MSKA & Associates’ decision stems from a conflict of interest. The firm’s network entity provides various services to the ONGC Group, specifically, Accounting & Finance services to one of ONGC’s subsidiaries and business valuation services to an associate company. According to the communication, these services fall under the prohibited services category as outlined in Section 144 of the Companies Act, 2013. Consequently, accepting the Joint Statutory Auditor appointment would compromise the Firm’s independence.
Initial Appointment
The initial appointment of M/s MSKA & Associates as a Joint Statutory Auditor was part of a larger communication from the Comptroller & Auditor General of India (C&AG), as noted in filings dated 12.09.2025 and 19.09.2025. The C&AG conveyed the appointment of 5 Chartered Accountants firms as Statutory/Joint Statutory Auditors for the Financial Year 2025-26.
Source: BSE
