Resignation of Statutory Auditor of the Company w.e.f. 06.05.2025.
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M/s N K Bhat & Associates, Chartered Accountants, resigned as the statutory auditor of Grand Oak Canyons Distillery Ltd (formerly Pacheli Industrial Finance Limited) effective May 6, 2025. The firm had been appointed on February 13, 2025, with its term scheduled to expire on May 12, 2025, meaning it served for less than three months. The resignation letter cites ongoing health issues and the need for surgery as the reason, with the auditor stating no other material concerns and expressing willingness to rejoin after recovery. No concerns were flagged to the Audit Committee or Board prior to resignation, and no management-imposed limitations were reported. The auditor's last submitted report was on February 14, 2025.
This is a routine administrative change driven by the auditor's personal health reasons, with no governance red flags mentioned. Shareholders should expect the company to appoint a new statutory auditor soon; minimal impact on stock price is anticipated given the reasons stated.