Please find enclosed intimation letter for appointment of Statutory Auditor.
Awaiting price reaction for this filing.
Maxgrow India Ltd's statutory auditor, M/s. ASAT & Associates (formerly Jhanwar & Co.), has resigned with effect from May 15, 2025, citing non-receipt of required information and explanations from management despite repeated requests, which left them unable to complete statutory audit responsibilities, including limited reviews for the quarters ending December 2024 and March 2025. ASAT & Associates had been appointed on May 10, 2024, meaning they served less than a year before stepping down well before the natural end of their term. The company's Board has approved the appointment of M/s. R B Jain & Associates, a Mumbai-based chartered accountancy firm established in 1982, as the new statutory auditor effective May 15, 2025, subject to shareholder approval at the next AGM. R B Jain & Associates specializes in bank audits, statutory audits, and taxation, with a team of 6 partners and 89+ staff.
This is a significant red flag for shareholders — an auditor quitting mid-term over inability to obtain information from management raises serious governance and transparency concerns. The stock may face negative sentiment and increased scrutiny from regulators and investors until the new auditor completes reviews and clears pending quarterly results.