Advik Capital Limited has disclosed the resignation of its statutory auditor, M/s KSMC & Associates, Chartered Accountants (Firm Registration No. 035565N), effective August 15, 2026. The resignation was submitted via letter dated August 14, 2026.
The statutory auditor was originally appointed pursuant to a Board resolution passed on August 25, 2022, and subsequently approved by members at the Annual General Meeting held on September 27, 2022.
Reason for Resignation
The resignation was tendered solely due to inadequacy of professional fees relative to the time, effort, professional resources and costs required to discharge audit responsibilities. The auditor stated that despite several discussions with management about fee revision, no corresponding increase was implemented.
Company's Financial Position
The management informed the auditor that the company is facing financial constraints and has been incurring losses, making it unable to revise professional fees or foresee any increase in audit fees in the foreseeable future.
Audit Work Completed
The auditor confirmed that all audit/review reports falling within their engagement period have been issued/completed, including relevant review requirements for Q4 of FY 2025-26 and Q1 of FY 2026-27. The resignation timing was chosen to facilitate orderly transition and avoid disruption to financial reporting.
Next Steps
The resignation will be placed before the Audit Committee and Board of Directors at their ensuing meetings. The company will take necessary steps under the Companies Act, 2013 and SEBI LODR Regulations to fill the resultant casual vacancy by appointing a new statutory auditor.
Disclosure Basis
The intimation is made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular CIR/CFD/CMD/4/2015 dated September 9, 2015 and SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.