Key Event Details
M/s KSMC & Associates, Chartered Accountants (Firm Registration No. 035565N) have resigned from the position of Statutory Auditors of the Company with effect from August 15, 2026.
Auditor Appointment History
The auditor was originally appointed by the Board of Directors on August 25, 2022, and subsequently approved by shareholders at the Annual General Meeting held on September 27, 2022. Their term was scheduled to expire at the conclusion of the Company's 42nd AGM in 2027.
Reason for Resignation
The resignation was tendered solely due to inadequacy of professional fees relative to the time, effort, resources and costs involved in the engagement. The auditor stated that despite several discussions with management about fee revision, the Company cited financial constraints and inability to increase fees due to ongoing losses.
Communication Timeline
The latest communication regarding fee concerns was sent by the auditor on April 22, 2026, with management's latest response received on May 18, 2026.
Completed Work Prior to Resignation
The auditor completed all required work prior to resignation, including the un-audited report on the Company's financial results for the quarter ended June 30, 2026, dated August 14, 2026.
Transition and Compliance
The auditor has committed to providing reasonable cooperation for a smooth transition to the incoming statutory auditor and will file the required ADT-3 form with the Registrar of Companies.
Company Actions
The resignation will be placed before the Audit Committee and Board of Directors at their ensuing meetings. The Company will take necessary steps to fill the casual vacancy in accordance with the Companies Act, 2013 and SEBI LODR Regulations.
Auditor Contact Information
KSMC & Associates is located at G-5, Vikas Apartments, 34/1 East Punjabi Bagh, New Delhi-110026, with contact number 011-41440483 and email admin@ksmc.in.
Financial Impact
Financial impact not quantified in the disclosure.