Key Event Details

M/s M A A K & Associates, Chartered Accountants, have tendered their resignation as the Statutory Auditors & Tax Auditors of Mangalam Seeds Limited. The resignation was submitted via letter dated August 11, 2026.

Effective Date of Resignation

The resignation shall be effective from August 13, 2026, upon conclusion of the meeting of the Board of Directors of the Company scheduled to be held on August 13, 2026. This meeting is for consideration and approval of the Unaudited Financial Results of the Company for the quarter ended June 30, 2026.

Background of Auditor Appointment

The auditors were originally appointed pursuant to shareholders' resolution dated September 19, 2024, to hold office for a term of five years until the conclusion of the Annual General Meeting of the Company to be held in the year 2029.

Reason for Resignation

The resignation is being tendered pursuant to the request of the Board of Directors of the Company. The Board has expressed its intention to appoint another firm of Chartered Accountants as the Statutory Auditors & Tax Auditors of the Company, considering the requirements of the Company and for ease of doing business and administrative convenience. The company has decided to appoint another auditor in view of its administrative and operational requirements to ensure smoother coordination and ease of communication.

Professional Clarifications

The auditors have explicitly confirmed that:

  • There are no professional, ethical, financial reporting, audit-related or other concerns behind the resignation
  • They have no dispute with the management
  • There are no concerns relating to suppression of information by the management of the Company
  • The resignation is being tendered solely pursuant to the request of the Board of Directors

Transition Arrangements

The auditors will continue to discharge their responsibilities until the effective date of resignation (August 13, 2026). They will complete the Limited Review Reports on the Company's Standalone and Consolidated Financial Statements & Financial Results for the quarter ended June 30, 2026, which are proposed to be completed and submitted on August 13, 2026.

Next Steps

The resignation is subject to discussion and approval by the Audit Committee and Board of Directors of the Company in their forthcoming meetings. The auditors will be forwarding a copy of Form ADT-3 to be filed with the Registrar of Companies in due course as required by the Companies Act, 2013.