Oswal Agro's CFO and auditor quit on the same day
Hemant Patni and Siddharth S. Kothari & Co. resign effective June 22; company leadership sees third exit this year.
— 1 earlier story on Oswal Agro Mills Ltd. →What's new
- CFO Hemant Patni resigns citing personal reasons, effective immediately.
- Internal auditor Siddharth S. Kothari & Co. also resigns same day.
- Resignations follow a CEO departure earlier this year, signaling management churn.
Why this matters
For a micro-cap with ₹580 cr market cap, the simultaneous exit of CFO and auditor raises red flags on financial oversight and internal controls. The company just reported a consolidated net loss of ₹2,203.15 lakh with a qualified audit opinion; a swift succession plan is now critical.
What we're watching
- Who will replace the CFO and auditor.
- Whether the resignations impact financial reporting for the current quarter.
- Any further board changes or reasons behind the sudden exits.
The full read
Oswal Agro Mills lost two key people in one board meeting on June 22, 2026. CFO Hemant Patni and internal auditor Siddharth S. Kothari & Co. both resigned effective that day, citing personal reasons. No replacement was named. This is the third management exit this year, after a CEO departure earlier in the year. For a micro-cap with a ₹580 cr market cap and a recent consolidated ₹2,203.15 lakh net loss with a qualified audit opinion, the simultaneous loss of the CFO and auditor is a severe blow to governance credibility. The board meeting lasted just 40 minutes. The open question is who will step in — and how quickly.
Questions answered
- Why did the CFO and auditor resign?
- CFO Hemant Patni cited personal reasons and family commitments; the internal auditor also cited personal reasons. Both resignations were effective immediately with no prior notice.
- What is the company's response?
- The board accepted both resignations on June 22, 2026. The company said it would complete formalities in due course but did not announce any replacements or transition plan.
- How does this affect financial reporting?
- The departure of the CFO and internal auditor could disrupt financial oversight, especially given the company's recent consolidated net loss of ₹2,203.15 lakh and a qualified audit opinion from the prior year.
- Has there been other management changes?
- Yes, a CEO resigned earlier this year, making this the third key management exit in the year, raising concerns about organizational stability.
- What is the market cap of Oswal Agro?
- The micro-cap company has a market capitalization of approximately ₹580 crore.
Story so far
All notes on OSWALAGRO →- 22 Jun 2026 · 5:58 PM IST Oswal Agro's CFO and auditor quit on the same day
- 27d ago Oswal Agro's consolidated books are in the red; auditor qualifies the opinion