Grand Foundry Limited has informed the Exchange regarding Resignation of M/s Ashwani & Associates as Statutory Auditors of the company w.e.f. January 06, 2026.
Awaiting price reaction for this filing.
Grand Foundry Limited informed the exchanges that both its Statutory Auditors (M/s Ashwani & Associates) and Internal Auditors (M/s Ajay Kanjhlia & Associates) resigned on January 6, 2026, effective immediately. Both were serving for the financial year 2025-26, making this a mid-term exit. The reasons cited were 'pre-occupation in other assignments' for the statutory auditor and 'other professional commitments' for the internal auditor. The internal auditor's resignation letter explicitly noted that they did not observe any matters requiring reporting or disclosure to the Board during their tenure. The company has not yet announced replacement auditors, and the filing was made by Company Secretary Nalini Singh on January 7, 2026.
Simultaneous resignation of both statutory and internal auditors mid-financial-year is a notable governance red flag and may raise concerns among shareholders. While the internal auditor stated no adverse observations, the company must appoint new auditors soon to meet SEBI and Companies Act compliance requirements, and any delay could invite regulatory scrutiny or affect audit timelines for FY26 results.