Axita Cotton Limited Notes Auditor Resignation, Appoints New Auditors Amid Board Decisions
Axita Cotton Limited has announced significant board-level decisions following a meeting held on August 12, 2026, including the resignation of its Statutory Auditor and the appointment of new auditing firms. The company also released the unaudited financial results for the quarter ended June 30, 2026.M/s P K N & Co., Chartered Accountants, tendered their resignation as the company's Statutory Auditors, effective August 12, 2026. M/s P K N & Co. cited internal administrative and operational restructuring within their firm as the reason for resigning.
In a subsequent decision, the Board of Directors approved the appointment of M/s DTA & Associates, Chartered Accountants (FRN: 140825W), to serve as the Statutory Auditors until the conclusion of the ensuing General Meeting.
Appointments and Governance Updates
The company also detailed several key appointments and governance decisions during its meeting:- Independent Director Re-appointment: The Board approved the re-appointment of Mr. Vinod Kanubhai Rana (DIN: 08160972) as an Independent Director for a second term, effective from February 22, 2027, until February 21, 2032.
- Internal and Cost Auditors: M/s R J and Associates, Cost Accountants (Firm Registration No. 004690), were appointed as the Internal Auditor for the Financial Year 2026-2027. Furthermore, Ms. Reena K. Patadiya's proprietorship firm, M/s Reena Patadiya & Co., was appointed as the Cost Auditor for FY 2026-2027.
- Stock Option Allotment: The Nomination and Remuneration Committee (NRC) approved the allotment of 178,200 fully paid-up equity shares to eligible employees under the Employee Stock Option Plan - 2023. This increased the company's paid up equity share capital from 38,2495,333 equity shares to 3,826,73.533 equity shares as of June 30, 2026. Additionally, the NRC granted 2,14,930 Employee stock Options under the same plan.
Unaudited Financial Results
The Board approved the unaudited financial results for the quarter ended on June 30, 2026, which were reviewed by the company's Statutory Auditor.The consolidated figures from the Statement of Unaudited Financial Results (in Lakhs) are presented below:
| Metric | Q Ended June 30, 2026 |
|---|---|
| Revenue from Operations | 6,103.14 |
| Total Income | 15,930.59 |
| Cost of Material Consumed | 16,101.60 |
| Total Expense | 15,734.29 |
| Profit Before Tax (PBT) | 196.30 |
| Net Profit after tax for the period | 161.18 |
| Total Comprehensive Income (after tax) | 245.93 |
| Earnings Per Share (EPS) | 0.05 |
The results were reviewed by the Statutory Auditor, who confirmed that the statement is free from material misstatement and disclosed all required information.
AXITA Stock Price Movement
Shares of Axita Cotton Limited on Wednesday slipped by 0.41% to close at ₹7.28, as the equity shed ₹0.03 in trading. The stock recorded a volume of 566,985 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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