appointment of auditor
Awaiting price reaction for this filing.
Vasudhagama Enterprises has appointed Parth R Shah And Co (FRN: 153846W) as its new statutory auditor for a 5-year term starting FY 2025-26, replacing P.H. Shah & Co who resigned. Company Secretary Riti Jain also resigned effective 01 October 2025. In a significant business update, the company said it has cut down operations and laid off 80% of its employees because payment gateway providers stopped services after the Online Gaming Act, 2025 came into force on 01 October 2025. Although VEL says it is not in the gaming business, payment gateways sought clarity before continuing services. The company is now looking to pivot the business of itself and subsidiaries Digipines Pvt. Ltd. and Jecrom Enterprises Pvt. Ltd. The audit committee and board will also pursue recovery of business advances outstanding for over 2 years.
This is a materially negative filing for shareholders — a mid-term auditor change, loss of a Key Managerial Personnel, and a sharp operational contraction with 80% of employees laid off signal serious business stress. The regulatory hit from the Online Gaming Act on payment processing could pressure revenues and trigger further stock-price weakness until the company clarifies its new business direction.