The resignation was tendered effective 22nd August 2026. The company received the resignation communication via email on Saturday, 22nd August 2026. As the registered office remains closed on weekends, the communication was reviewed on Monday, 24th August 2026.
The initial resignation communication did not contain detailed reasons required under SEBI Listing Regulations. The company immediately contacted the auditors and obtained the requisite detailed reasons and related disclosure.
Detailed Reasons for Resignation (as provided by Dharmendra K Agarwal & Co.):
- The company has undergone significant growth and expansion in its business operations.
- Considerable geographical distance between the auditor's office (Gwalior) and the company's place(s) of operations made it increasingly difficult to undertake regular visits.
- This constrained the auditor's ability to devote requisite time, attention, and resources necessary for effective discharge of responsibilities.
- The resignation decision was made keeping in view the interest of the company and ensuring the audit engagement receives adequate time and resources.
Auditor Tenure and Recent Work:
- The auditor was appointed at the 30th Annual General Meeting held on 30th September 2024 for a term of five consecutive financial years (until conclusion of 35th AGM for FY 2028-29).
- The latest limited review report was submitted for the quarter ended 30th June 2026 on 14th July 2026.
- The statutory audit for the quarter ended 30th June 2026 was completed.
Next Steps by Auditor:
- The auditor will file statement in Form ADT-3 with Registrar of Companies within prescribed period under Companies Act 2013 and Companies (Audit and Auditors) Rules 2014.
- The auditor undertakes to extend all necessary cooperation to the company and incoming auditors, including handing over audit working papers and records.
- Requested settlement of outstanding professional fees and out-of-pocket expenses up to effective date.
Company Actions:
- The Audit Committee and Board of Directors will take note of the resignation at ensuing meetings.
- Necessary steps will be taken for filling the casual vacancy arising due to resignation in accordance with Companies Act 2013 and SEBI Listing Regulations.
Disclosure Compliance:
- The company has made requisite disclosure to stock exchanges along with resignation letter and detailed reasons.
- Continuous disclosure requirements under Sub-Clause 7A of Para A of Part A of Schedule III of SEBI LODR Regulations 2015 have been annexed.