Please find enclosed intimation letter for resignation of Statutory Auditor.
Awaiting price reaction for this filing.
Maxgrow India Ltd's statutory auditor, M/s ASAT & Associates, resigned effective May 15, 2025, well before the scheduled end of their term (which was to run until the FY2024-25 AGM). The auditor cited non-receipt of required information and explanations from management despite repeated requests, stating they could not effectively carry out their statutory audit responsibilities. They also flagged that they were unable to issue the limited review/audit report for the quarters ending December 2024 and March 2025 within the SEBI-mandated timeline. The company's Audit Committee and Board have appointed M/s R.B. Jain & Associates as the new statutory auditor to fill the casual vacancy, subject to shareholder approval at the next AGM.
This is a significant red flag for shareholders — the auditor resigned mid-term citing lack of cooperation from management and was unable to complete audit/review for the last two quarters of FY25, raising serious governance concerns and potentially delaying the company's financial results. Investors should watch for timely filing of FY25 results and clarity on what information was withheld.