Key Event
M/s. Bagdia & Company, Chartered Accountants (Firm Reg. No 128256W) resigned as Statutory Auditor of the Company effective 13th August 2026.
Reason for Resignation
The auditor expressed unwillingness to continue due to revision in audit fees not being accepted by the management. The auditor stated that existing audit fees were not commensurate with efforts and resources required to conduct the audit in accordance with Standards on Auditing issued by ICAI, considering regulatory changes and significant increase in scope and volume of the Company's operations.
Auditor Tenure and Completed Work
- Appointed at the 44th Annual General Meeting held on 30th September 2023
- Tenure was scheduled until conclusion of the 49th Annual General Meeting (financial year ending March 31, 2028)
- Completed audit of financial statements for year ended March 31, 2026 (audit report dated May 28, 2026)
- Completed limited review of unaudited financial results for:
- Quarter ended June 30, 2025 (report dated August 21, 2025)
- Quarter ended September 30, 2025 (report dated November 22, 2025)
- Quarter ended December 31, 2025 (report dated February 13, 2026)
- Quarter ended June 30, 2026 (report dated August 13, 2026)
Additional Information
- No concerns or efforts made by auditor prior to resignation mentioned
- No issues regarding inability to obtain sufficient audit evidence
- No lack of information having significant financial impact
- Auditor confirms no other material reasons for resignation beyond fee disagreement
Next Steps
The Audit Committee and Board of Directors will take note of the resignation in their upcoming meetings.