Talwalkars Better hits lower circuit as statutory auditor resigns

Shares of Talwalkars Better Value Fitness hit 5 per cent lower circuit limit of Rs 8.20 in Wednesday’s trade after statutory auditor MK Dandeker & Co resigned following the company’s failure to provide satisfactory responses to their queries.

The queries were raised with the management during the audit of company's accounts for the year FY19, it informed BSE in a filing.

Auditors, thus, issued their audit report under section 143 of the Companies Act, 2013 “with disclaimer of opinion as required by Standards on Auditing (SA)-705 and under those circumstances and as per guidance note issued by ICAI in November 2018, they have informed that they cannot continue as statutory auditors of the company.”


The news came in at a time when the independent director of the company R Raman Maroo also resigned from the company board.

Maroo in his resignation letter said that the company has defaulted in payments of its debt and is going through a challenging time and, thus, needs someone who can devote sufficient time and effort, which he could not do due to his advanced age and other professional commitments.