GRAND FOUNDRY LIMITED has informed the Exchange about Resignation of Statutory Auditor
Awaiting price reaction for this filing.
Grand Foundry Limited (GFSTEELS) has informed the exchanges that both its Statutory Auditor, M/s Ashwani & Associates (FRN 000497N), and its Internal Auditor, M/s Ajay Kanjhlia & Associates (FRN 007719N), resigned on 6th January 2026 with immediate effect. Both firms cited pre-occupation in other assignments as the reason. Notably, the resignations come mid-way through FY 2025-26, and the company has not yet announced any replacement auditors. The Internal Auditor's resignation letter stated they had not observed any matters requiring reporting or disclosure to the Board during their tenure.
The simultaneous departure of both audit firms mid-financial year is unusual and may raise governance concerns among investors. While the cited reason is benign and the outgoing Internal Auditor flagged no adverse observations, the absence of announced replacements could create uncertainty and may be viewed negatively by the market until new auditors are appointed.