Raymond Realty loses one of two joint auditors after fee talks fail
The exit leaves Walker Chandiok as sole statutory auditor, and the filing points to a commercial disagreement rather than governance concerns.
Key points
- Chaturvedi & Shah LLP resigned as joint statutory auditor of Raymond Realty Limited, effective 28 October 2026.
- The auditor cited an inability to agree on revised audit fees for a wider scope of work; management had declined a fee increase in late August 2026.
- Walker Chandiok & Co. LLP remains as the company's statutory auditor.
- The filing does not say whether a new joint auditor will be appointed.
Raymond Realty Limited has informed the stock exchanges that Chaturvedi & Shah LLP, one of its two joint statutory auditors, resigned with effect from 28 October 2026. The company made the disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, the rule that requires listed companies to report material events to the exchanges. The realty arm, which is listed on the BSE and the NSE, said Walker Chandiok & Co. LLP will continue as its statutory auditor.
A statutory auditor is the chartered accounting firm appointed by shareholders to examine a company's financial statements each year and certify them. Where a company has joint auditors, two firms share that work and sign the audit report together. With Chaturvedi & Shah's exit, Walker Chandiok is now the only firm holding that role for the company.
What the filing says about the reason
The resigning firm cited an inability to agree on revised audit fees that would reflect a larger scope of work and wider regulatory requirements. The disclosure does not give any fee figures, and the audit's size is not stated. The reports on the filing also say that management turned down the firm's request for a fee increase in late August 2026, and that the firm then decided to step down.
The reasons on record describe a commercial disagreement. They do not describe any finding on the company's accounts or its governance. Auditor exits are often watched closely by investors, because a resignation can sometimes signal a problem. In this case, the available statements point to the fee terms.
Background on the company
Raymond Realty was demerged from the parent, Raymond Ltd, in May 2025 and listed on the BSE and NSE on 1 July 2025. The company's business model is asset-light, meaning it develops projects mainly through joint development agreements with landowners rather than owning all the land itself. It has said it has two completed projects and six under development, with a total gross development value of ₹40,000 crore and projects worth ₹10,500 crore already launched. It reported revenue of ₹766 crore in the fourth quarter of FY25, up 13% year on year, and a net cash surplus of ₹399 crore after the demerger. Its Mumbai pipeline includes projects in Bandra, Mahim, Sion and Bandra East, according to earlier company announcements.
The filing does not mention any project, sales or buyer impact. No authority or company statement links the auditor change to construction timelines, possession dates or the handling of buyer money.
What to watch next
The filing does not give a date for appointing a replacement auditor. The open question for investors is whether the company will appoint a new firm to restore a joint audit, or will continue with a single statutory auditor. Any such decision would come through a later stock exchange filing, and the company's next annual results will show how the change has been handled in its audit report. Buyers with bookings in the company's Mumbai projects have no action to take on the basis of this filing alone, but should watch for the company's appointment disclosure.
Spotted an error? Tell our editors · Corrections policy