Resignation of Statutory Auditors from Material Subsidiary - Advait Greenergy Private Limited with effect from July 31, 2025
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M/s H.J. Goswami & Associates, Chartered Accountants (FRN 161493W), has resigned as Statutory Auditor of Advait Greenergy Private Limited (AGPL), a material subsidiary of Advait Energy Transitions Ltd, effective July 31, 2025. The auditor was appointed on September 30, 2024, with a term scheduled to run until March 31, 2029 — meaning this is a mid-term exit after only about 10 months. The cited reason is an 'increase in the scope of compliance' which left the auditor unable to devote sufficient time. The auditor's last submitted report was dated June 30, 2025, and no concerns about management, financial information, or audit evidence were flagged. The auditor confirmed there is no other material reason for the resignation.
This is a mid-term auditor exit at a material subsidiary, which retail investors should watch for any follow-up appointment. The reason given (compliance workload) is not unusual on its face, but the company must now appoint a new auditor for AGPL, and any delay or governance red flags in that appointment would warrant attention. At present, no concerns about the financials or management integrity have been raised by the outgoing auditor.