Corporate News
Shalimar Paints Limited announced the resignation of its statutory auditors, Walker Chandiok & Co LLP, effective immediately, citing an inability to adequately perform duties related to consolidated financial statements due to limitations in audit participation. The company has subsequently appointed Sen & Ray as its new statutory auditor, pending shareholder approval at the next Annual General Meeting; Sen & Ray has no related party relationships with the company. Additionally, Michael Glover has been appointed as an Additional Director (Non-Executive Independent Director) for a term until November 10, 2029, also subject to shareholder approval, bringing experience in global business leadership and corporate governance. The auditor resignation underscores potential challenges in consolidated financial reporting, while the new appointments aim to strengthen governance and oversight.