Key Dates
- Date of Appointment: September 30, 2023 (at the Annual General Meeting for a term of five years covering financial years 2023-24 to 2027-28)
- Date of Resignation Letter: July 23, 2026
- Effective Date of Resignation: July 23, 2026 (close of business hours)
- Last Audit Report Submitted: Statutory Audit Report for FY ended March 31, 2026 and Limited Review Report for quarter ended March 31, 2026, dated May 27, 2026
Reason for Resignation
The resignation was tendered due to the existing audit fees being "not commensurate with the time and effort required" given the:
- Growing scale of operations of the Company
- Increasing complexity of its business
- Regulatory environment, including applicable RBI Scale Based Regulation and other regulatory compliances
The resignation followed discussions regarding statutory audit fees for FY ending March 31, 2027, which did not fructify (referencing a company letter dated July 21, 2026).
Company Action
The company shall take necessary steps to appoint a new statutory auditor to fill the casual vacancy caused by the resignation, and will intimate the stock exchange in due course.
Additional Information
- No concerns were raised by the auditor requiring approach to the Audit Committee/Board prior to resignation
- No management-imposed limitations or circumstances preventing obtaining sufficient audit evidence were reported
- The auditor confirmed no other material reasons for resignation beyond those stated
- The declaration confirms all information provided is correct and complete
Financial Impact
Financial impact not quantified in the disclosure.
Signatories and Contacts
- Company Representative: Dinesh Burman, Executive Director (DIN: 00612904)
- Auditor Representative: Gaurav More, Partner (Membership No: 306466)
- Auditor Contact: 22, R.N. Mukherjee Road, 3rd Floor, Kolkata - 700001 | Phone: 8910509929 | Email: gauravmore1@yahoo.com