Outcome of Board meeting for appointment of Statutory Auditor attached herewith.
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Ontic Finserve Ltd held a board meeting on 14th August 2025 where M/s K M Chauhan & Associates resigned as Statutory Auditor, effective from FY 2025-26. The outgoing auditor cited 'busy schedules' and 'unavoidable circumstances' as reasons and confirmed there are no other material reasons for their exit. Notably, K M Chauhan & Associates had only been appointed on 27 September 2024 with a 5-year term extending to FY 2028-29, making this a mid-term exit less than a year into their tenure. The board simultaneously appointed M/s Nirav S Shah & Co. as the new Statutory Auditor, subject to shareholder approval at the upcoming EGM or AGM. The outgoing firm had completed the FY 2024-25 audit, with the latest report submitted just a day before the resignation on 13 August 2025.
Auditor changes mid-term, especially within a year of appointment, can raise governance questions among investors. While the reasons stated are routine, the timing may warrant attention. The new auditor's appointment is subject to shareholder approval, giving investors a chance to weigh in at the next general meeting.