Advance Lifestyles Limited has submitted a regulatory filing to BSE Limited under Regulation 30 of SEBI LODR Regulations, 2015, intimating the resignation of its statutory auditors.
The company had approached its statutory auditors, M/s. Piyush J. Shah & Co., Chartered Accountants (FRN 121172W) of Ahmedabad, to explore the operational feasibility of facilitating audit-related coordination and service delivery from Mumbai. This communication was purely exploratory and aimed at minimizing traveling requirements and ensuring smooth and timely completion of audit activities.
Subsequently, the company received a communication dated 12th November 2026 from M/s. Piyush J. Shah & Co. tendering their resignation from the office of Statutory Auditors. The auditors stated their resignation was based on administrative convenience and the requirements of effective coordination and efficient delivery of audit services.
Auditor Tenure and Completed Work
- The auditors were appointed pursuant to a shareholders' resolution dated 18th September 2024 for a term of five consecutive years, up to the conclusion of the Annual General Meeting for FY 2028-29.
- They completed the audit of financial statements for the year ended March 31, 2026, with an audit report dated May 27, 2026.
- They also provided Limited Review Reports for:
- Quarter ended June 30, 2026 (dated August 11, 2026)
- Quarter ended September 30, 2026 (dated November 06, 2026)
Reason for Resignation
The resignation was submitted pursuant to a request from the Board of Directors, which expressed its intention to appoint another firm of Chartered Accountants considering the company's requirements and for ease of business and administrative convenience. The resignation was based on mutual understanding with management.