Resignation of Mr. Girish L. Shethia, Chartered Accountant, as Statutory Auditor of the Company w.e.f. November 12, 2025
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Eco Hotels and Resorts Ltd announced that Mr. Girish L. Shethia, Chartered Accountant, has resigned as Statutory Auditor of the company effective November 12, 2025, citing pre-occupation with other assignments and location constraints. Notably, Mr. Shethia had only been appointed on September 29, 2025 for a two-year term extending to 2027, making this an unusually early departure. The company stated the auditor raised no concerns or issues, and the Audit Committee aligned with the stated reason. M/s. K. M. Garg & Co., Chartered Accountants has been recommended to fill the casual vacancy, subject to shareholder approval via postal ballot. Separately, the board approved unaudited H1 FY26 results showing a standalone net loss of Rs 236.67 lakhs (vs Rs 28.40 lakhs loss in H1 FY25) on total revenue of Rs 60.77 lakhs, and the appointment of Mr. Vikram Kantilal Doshi as Whole-Time Director (Director-Finance) effective October 13, 2025.
The auditor exit comes just weeks into a freshly appointed two-year term, which may briefly raise governance questions among investors despite the company stating no audit concerns. The proposed new auditor (K. M. Garg & Co.) and related postal ballot resolutions (including a new Director-Finance) will need shareholder approval; the deepening standalone losses from Rs 28.40 lakhs to Rs 236.67 lakhs half-year-on-half-year remain the key financial concern.