Intimation regarding resignation of the statutory auditors of the company.
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M/s. KDN & Associates LLP, Chartered Accountants (FRN 131655W/W100691) have resigned as the statutory auditors of Jhaveri Credits & Capital Ltd with effect from August 20, 2025. The auditor had been appointed on August 12, 2024 for a full 5-year term (till the 35th AGM), meaning this is a midterm exit after just about a year. In their resignation letter, the auditor cited two reasons: (1) the company's expanding operations now require a larger audit team with bigger resources, and (2) an ongoing merger of U R Energy (India) Private Limited with the company (currently before NCLT) would be better served by a single bigger audit firm. The auditor explicitly stated there are no disputes, no concerns about suppression of information by management, and no other circumstances to flag. KDN & Associates had already completed the FY25 audit and issued their report on May 28, 2025. The Audit Committee and Board will appoint a new statutory auditor to fill the casual vacancy.
The resignation appears amicable and business-driven, tied to the upcoming U R Energy merger rather than any governance concerns, which is reassuring for shareholders. However, an auditor change this early into a 5-year term — combined with a pending merger — means investors should watch for the next update on who replaces KDN & Associates and how the combined entity's audit is structured.