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Milestone Furniture Ltd informed BSE that its statutory auditor, M/s. S. Agrawal & Co., Chartered Accountants (FRN: 000808N), has resigned with effect from FY 2024-25, citing pre-occupation. The auditor was originally appointed on 3 July 2023, making this a mid-term exit before completing the typical 5-year tenure. Notably, the auditor flagged serious governance issues — they had issued a Disclaimer of Opinion in their audit reports for FY 2022-23 and FY 2023-24 due to a stand-off between old and new owners/management, leaving them unable to verify the reliability of assets, liabilities, and financial results as on 31 March 2022. The auditor had sought clarifications from management via emails in March, April 2025, and was unable to obtain satisfactory evidence through alternative audit procedures.
This is a significant red flag for shareholders — the auditor has publicly disclosed internal disputes between old and new management and inability to verify financial statements, which may erode investor confidence and pressure the stock. The company now urgently needs to appoint a replacement auditor and resolve its internal ownership/management conflicts to avoid further regulatory scrutiny.