AUDITOR WITHDRAWL & NOC
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 4.4 pts more than Nifty Microcap 250 and 5.0 pts more than its Gems, Jewellery And Watches peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
The company's statutory auditor, M/s G.K. Kedia & Co., has withdrawn their reappointment and given a No Objection Letter dated October 15, 2025. The auditor was reappointed at the AGM on September 29, 2025, but realized they were ineligible under Section 139(2) of the Companies Act, which mandates auditor rotation for certain classes of companies. The auditor, who had served the company for 10 years, admitted their consent was wrongly issued and stated the reappointment is null and void from the start. They have ceased to act with immediate effect. The company will hold Audit Committee, NRC, and Board meetings on October 18, 2025, to appoint a new statutory auditor and call an Extraordinary General Meeting.
This raises governance red flags as the auditor was wrongly reappointed in September 2025, suggesting weak compliance checks at the company level. Shareholders should expect short-term uncertainty until a new auditor is appointed via EGM, and there could be regulatory scrutiny over the procedural lapse.