Announcement under Regulation 30 (LODR) - Appointment of Statutory Auditor
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Chandrima Mercantiles announced several key management changes at its board meeting on 22 November 2025. Mr. Dinesh Hareshbhai Gohel stepped down from Managing Director to Non-Executive Director and resigned as Chief Financial Officer citing pre-occupation elsewhere. Mr. Chiragkumar Kiranbhai Prajapati was appointed as the new Managing Director and also as Chief Financial Officer, effectively taking on both top executive roles. Additionally, M/s. M A A K & Associates was recommended as the new Statutory Auditor to fill a casual vacancy caused by the resignation of the previous auditor, subject to member approval at an Extra-Ordinary General Meeting. The new auditor has a background in audit, risk management (including prior stint at Deloitte), and regulatory compliance.
Combining the MD and CFO roles in a single individual raises governance concerns and concentrates financial control in one person. The mid-term change of statutory auditor, alongside the CFO exit and executive reshuffle happening on the same day, warrants closer scrutiny by shareholders about continuity and governance quality.