RHI Magnesita India Ltd: Board Appoints B S R & Co. LLP as New Statutory Auditors
RHI Magnesita India Limited's Board accepted the resignation of Price Waterhouse Chartered Accountants LLP. B S R & Co. LLP has been appointed as the new Statutory Auditor for the company and its subsidiary. The appointment is recommended for a five-year term, commencing from the 16th AGM in 2026.
Changing statutory auditors is a significant governance event that can impact investor perception and requires shareholder approval, thus having a medium-term impact.
The change of auditor is a routine corporate action and does not inherently suggest a positive or negative financial impact on the company.
RHI Magnesita India Limited announced a change in its statutory auditors during a Board Meeting held on 14 August 2026. The Board accepted the resignation of M/s. Price Waterhouse Chartered Accountants LLP (PW) as the statutory auditor for the Company and its material wholly-owned subsidiary, RHI Magnesita India Refractories Limited (RHIMIRL), with immediate effect. This change is to align the company's statutory auditor with that of its ultimate holding company, RHI Magnesita N.V.
The Board expressed appreciation for the services rendered by PW during their tenure.
Following the resignation, the Board, based on the recommendation of the Audit Committee, approved the appointment of M/s. B S R & Co. LLP as the new Statutory Auditor for both the Company and RHIMIRL to fill the casual vacancy. The appointment of B S R & Co. LLP as the statutory auditor for RHI Magnesita India Limited is recommended for a term of five consecutive years, commencing from the conclusion of the 16th Annual General Meeting (AGM) in calendar year 2026 until the conclusion of the 21st AGM in calendar year 2031, subject to shareholder approval.
Similarly, for RHIMIRL, the appointment of B S R & Co. LLP is recommended for a term of five consecutive years, starting from the conclusion of the 8th AGM in calendar year 2026 until the conclusion of the 13th AGM in calendar year 2031.
The Board meeting commenced at 4:00 p.m. and concluded at 4:30 p.m.
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RHI MAGNESITA INDIA LIMITED filed this with the NSE as a statutory disclosure, categorised under auditor changes. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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