M/s Gupta & Shah, Chartered Accountants ,FRN No: 001416C have expressed their inability to continue as Statutory Auditor of the company vide letter on 05/09/2025, where they have tendered ....
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Magnanimous Trade & Finance Ltd has informed the BSE that its statutory auditor, M/s Gupta & Shah, Chartered Accountants (FRN: 001416C), has resigned effective September 5, 2025. The auditor, appointed in September 2023 with a term running until March 31, 2028, stepped down mid-term citing pressing professional commitments and a medical condition, and stated it could not continue with the statutory audit for FY 2025-26 beyond the Q2 limited review. The auditor's last submission was the limited review report for Q1 FY26 (quarter ended June 30, 2025). No concerns were raised about the company's management, and there are no other material reasons cited. The Audit Committee and Board will appoint a new statutory auditor to fill the casual vacancy.
This is a mid-term auditor change at a small NBFC. While the auditor cited personal health and workload reasons and flagged no governance issues, investors may want to watch for timely appointment of a replacement and any unusual audit qualifications going forward, as mid-term auditor exits can sometimes raise governance questions.