Resignation of Statutory Auditor of the Company
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Awaiting price reaction for this filing.
The statutory auditor of Ambitious Plastomac Company Ltd, M/s Pankaj K Shah Associates (Firm Registration No. 107352W), has resigned with effect from September 1, 2025. The auditor was originally appointed in 2022 for a five-year term ending at the 2027 AGM, so this is a mid-term exit. The reason given is purely commercial — the firm felt the audit effort and resources required for a listed company had grown significantly, while the proposed audit fee was not commercially viable, and the two sides could not agree on a fee. Importantly, the auditor had already completed the FY2024-25 audit (report dated May 30, 2025) and the Q1 FY2025-26 limited review (dated August 13, 2025), and confirmed no concerns about management or financial statements. The Board and Audit Committee will appoint a new auditor to fill the casual vacancy and inform the exchange accordingly.
This is a fee-driven, mid-term auditor exit with no governance red flags — shareholders should monitor how quickly the company appoints a replacement auditor and disclose the new appointment, but the resignation itself is unlikely to have a material impact on the stock or operations.