Raymond Realty joint auditor Chaturvedi & Shah resigns over audit fee

Raymond Realty said in a filing with the National Stock Exchange that Chaturvedi & Shah LLP, Chartered Accountants, has resigned as one of its joint statutory auditors. The company received the firm's letter, dated 28 October 2026, at its registered office at 7:00 pm that day, and the resignation took effect on 28 October 2026.

What Happened

According to the company's filing, the auditors said they asked for a revision in the statutory audit fee to make it match the expanded scope, time commitment, resources and responsibilities of the audit, particularly given the company's status as a listed company. The company said that, after internal deliberations, its management told the auditors it could not revise the proposed fee, and that this led to the resignation.

The firm's own letter, attached to the filing, says it had asked that its audit fees be "suitably revised so as to be commensurate with the extent and nature of the audit work and the professional responsibilities involved". It says the management declined this in a communication dated 28 August 2026, and that it was therefore resigning with immediate effect.

The company said the resigning auditors did not raise any concerns about its management or about the circumstances of the resignation. For that reason, it said, the Audit Committee was not required to deliberate on the matter under the SEBI circular of 18 October 2019. The auditors' declaration, attached to the filing, says there is no other material reason beyond those in the letter.

The firm was appointed as a statutory auditor at the company's annual general meeting on 13 June 2022 for five consecutive years, covering the financial years 2022-23 to 2026-27. Its term was due to end at the conclusion of the annual general meeting to be held in 2027. Along with the other joint auditor, it issued the audit report dated 5 May 2026 for the year ended 31 March 2026 and limited review reports dated 7 August 2026 and 27 October 2026 on the results for the June 2026 quarter and the September 2026 quarter and half year.

The company said Walker Chandiok & Co. LLP, Chartered Accountants, continues to act as its statutory auditor.

What It Means

The filing reports the resignation as the company and the firm describe it, and neither says the audit work or the company's accounts were in question. The reason given is a disagreement over fees. The filing does not say when a replacement for the resigning firm will be proposed. The firm said it will file the required statement in Form ADT-3 with the Registrar of Companies.

Readers who hold the company's shares can read the full filing on the National Stock Exchange website.

Source: Company filing on NSE