M Tek Copper Limited (NSE:MCL), formerly known as Madhav Copper Limited, disclosed to the National Stock Exchange on 05 August 2026 that its statutory auditor, M/s P G Hemani & Co. Chartered Accountants (FRN: 103628W), resigned with effect from 04 August 2026, citing professional preoccupation elsewhere as the sole stated reason.
Key Highlights
- M/s P G Hemani & Co. (FRN: 103628W) tendered their resignation as statutory auditor of M Tek Copper Limited on 04 August 2026, citing professional preoccupation elsewhere.
- The company confirmed no concerns were raised by the resigning auditor regarding the management of the company, and no Audit Committee deliberation on the resignation was deemed necessary.
- The Audit Committee and Board will consider appointment of new statutory auditors in due course to fill the casual vacancy, with details to be intimated separately to the exchange.
- The disclosure was filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular dated 11 November 2024.
About the Company
M Tek Copper Limited (NSE:MCL), erstwhile known as Madhav Copper Limited, is engaged in the copper products manufacturing sector in India. The company is listed on the National Stock Exchange and is headquartered in Gujarat. Its operations are focused on the production and supply of copper-based materials catering to industrial end-users across domestic markets.
Announcement in Detail
In a filing dated 05 August 2026, M Tek Copper Limited informed the NSE that M/s P G Hemani & Co. Chartered Accountants, bearing firm registration number 103628W, communicated their inability to continue as statutory auditors through a resignation letter dated 04 August 2026. The sole reason recorded in the resignation letter was professional preoccupation elsewhere, and no adverse observations concerning the company's management or financial reporting were cited by the departing auditor.
The company stated that because no material concerns were raised by the outgoing auditor, Audit Committee deliberation on the resignation is not required under applicable SEBI norms, and consequently no Audit Committee view needs to be disclosed at this stage. The filing was accompanied by Annexure A and Annexure B as mandated under SEBI Master Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated 11 November 2024, covering the required disclosures pertaining to the resignation event. The Board and Audit Committee will proceed to appoint replacement statutory auditors to fill the casual vacancy and will notify the exchange separately once that appointment is finalised.
Impact on Investors
Investors will note that the resignation of a statutory auditor creates a casual vacancy that must be filled under the Companies Act, 2013. The filing shows the company has explicitly confirmed that the resigning auditor raised no concerns about management conduct or financial reporting, which limits the governance risk typically associated with mid-term auditor exits. Shareholders will observe that no material reason for the resignation has been flagged, reducing the immediate information asymmetry risk.
However, the disclosed terms indicate that a replacement auditor has not yet been appointed as of the filing date. Until a new auditor is formally confirmed and intimated to the exchange, there remains an interim period without a statutory auditor in place, which investors will note is a process-level gap worth monitoring through subsequent exchange disclosures.
Sector / Market Context
India's copper products manufacturing segment operates within a broader metals and materials industry that is subject to SEBI's enhanced disclosure framework for listed companies. Under the Companies Act, 2013, a casual vacancy caused by an auditor's resignation must be filled by the Board within 30 days, with subsequent shareholder ratification at a general meeting. SEBI's Master Circular dated 11 November 2024 further strengthened the disclosure obligations applicable to listed entities whenever statutory auditors resign, reinforcing investor protection standards across Indian equity markets.