CG Power Replaces Auditor as S R B C & CO LLP Communicates Intent to Resign
CG Power and Industrial Solutions Limited has received a letter of intent from its current Statutory Auditors, M/s. S R B C & CO LLP, indicating their resignation. This move reflects a management proposal aimed at aligning the company's statutory auditors with those affiliated to Tube Investments of India Limited (TII), the Holding Company.The decision follows CG Power’s operations having material significance relative to TII. The company and its subsidiaries constitute more than 50% of the consolidated financial statements of the Holding Company. To ensure better coordination and efficiency in the audit process, management proposed aligning the statutory auditors with those of TII's network.
M/s. S R B C & CO LLP communicated their intent to resign as the Statutory Auditors of CG Power. The resignation is effective at the close of business hours on August 14, 2026. SRBC was previously re-appointed for a term of five years, up to the conclusion of the 91st Annual General Meeting (AGM).
The change coincides with TII's existing statutory auditors, M/s. S.R. Batliboi & Associates LLP, who are set to demit office after completing their ten-year tenure, as per provisions relating to the rotation of auditors under the Companies Act, 2013, following the ensuing AGM of TII proposed for August 14, 2026.
In addition to the resignation notice, SRBC had conducted a limited review on CG Power's financial results for the quarter ended June 30, 2026, and issued the corresponding report on July 24, 2026.
Key details regarding the change in audit status:
| Metric | Details |
|---|---|
| Resigning Auditor | M/s. S R B C & CO LLP |
| Effective Date of Resignation | August 14, 2026 (Close of business hours) |
| Materiality of CG Power to TII | More than 50% of Consolidated Financial Statements |
| Limited Review Report Issued | July 24, 2026 |
| Current Relationship to TII's Auditor | The company aims to align with the network of M/s. S.R. Batliboi & Associates LLP. |
CGPOWER Stock Price Movement
As of 3:19 PM, shares of CG Power and Industrial Solutions Limited are shedding value in live trading, currently priced at ₹844.30 after slipping by 4.47%. This decline comes amidst significant market activity, with a volume exceeding 6.97 million shares traded so far today.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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