M K Dandeker resign as auditors from Talwalkars Better Value, stock hits lower circuit

Shares of Talwalkars Better Value on Wednesday hit lower circuit on the BSE at Rs 8.20 after M K Dandekar and Company resigned from the post of statutory auditors.

The auditor firm cited the reason as failure to receive satisfactory responses for their queries raised from the management during the audit of the company's accounts.

Talwalkars is India's largest chain of health centres with over 150 modern gyms spanning 80 cities across the country and a customer base of two lakh.

The company said in a statement that it has received resignation letter from the chartered accountants stating their inability to continue as statuary auditors with a reason for resignation that they did not receive satisfactory/substantive responses for their queries raised from those charged with governance and management during the audit of accounts for the year 2018-2019.

Further, Talwalkars said that Independent Director Raman Maroo has resigned from the board of directors with effect from August 26 due to his advanced age and other professional commitments.