Appointment of Statutory Auditor
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Esaar (India) Limited's board, at its August 23, 2025 meeting, approved the appointment of M/s. B.L. Dasharda & Associates (FRN: 112615W) as the new Statutory Auditor for a 5-year term covering FY26 through FY30, subject to shareholder approval at the upcoming AGM. This follows the resignation of the previous auditor, M/s. Sumit Ranka & Associates, effective August 11, 2025 — effectively a mid-term change. The board also approved the unaudited standalone financial results for Q1 FY26 (quarter ended June 30, 2025), on which the new auditor issued a Limited Review Report with an unmodified opinion. However, the auditor drew attention to an emphasis of matter: Rs. 220 lakhs remains unpaid to creditors for share purchases, even though the company had sold those purchased shares a long time ago.
The mid-term auditor switch is a governance signal that investors should monitor closely. The unresolved Rs. 220 lakh creditor issue, despite the underlying shares already being sold, raises concerns about pending liabilities and management's follow-through on outstanding obligations.