Approved the appointment of M/s. K. M. Garg & Co., as Statutory Auditor of the Company w.e.f. November 12, 2025
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Eco Hotels and Resorts' board, at its November 12, 2025 meeting, accepted the resignation of statutory auditor Mr. Girish L. Shethia, who had been appointed just 44 days earlier on September 29, 2025 for a 2-year term, citing pre-occupation with other assignments. The board recommended appointing M/s. K. M. Garg & Co. as the new statutory auditor to fill the casual vacancy, subject to shareholder approval via postal ballot. The board also approved unaudited Q2/H1 FY26 results (standalone), reporting total revenue of Rs 60.77 lakhs versus nil a year earlier, but a widened loss of Rs 236.67 lakhs (vs Rs 28.40 lakhs loss in H1 FY25) and EPS of Rs (0.37). Additionally, the board approved a postal ballot to appoint Mr. Vikram Kantilal Doshi as Whole-Time Director designated 'Director - Finance' effective October 13, 2025. The auditor stated no concerns with the company's books or audit.
A statutory auditor quitting only ~44 days into a 2-year tenure is a governance yellow flag for shareholders, even though the company and auditor cite personal reasons and no audit concerns. Widening losses despite initial revenue from hotel operations suggest the business is still in heavy build-out mode, while the new auditor and incoming finance director indicate an ongoing restructuring.