Since the past few days itself, there has been a lot of selling pressure on the counter of Talwalkars Better Value Fitness, hitting new lows consistently. Today too within moments of its opening, it hit the 5% LC at Rs.8.20.
Another case of auditor resignation. Yesterday, the Statutory Auditors, M/s. M.K. Dandeker & Co., Chartered Accountants tendered in their resignation, stating their inability to continue as the Statuary Auditors of the Company. The reason? They stated that that they did not receive satisfactory/substantive responses for their queries raised from those charged with governance and management during the audit of the company's accounts for the year 2018-2019.
On the same day, Mr. Raman Maroo, Independent Director of the company also resigned as Director from the Board of Directors of the Company with effect from 26th August, 2019 due to his advanced age and other professional commitments.
Obviously, based on past track record, auditors resigning is always a cause for concern and the market has reacted accordingly.