Re-uploading of the resignation letter of the Statutory Auditors along with details as per SEBI circular dated October 18, 2019
Awaiting price reaction for this filing.
The statutory auditor of Inditrade Capital, Kirtane & Pandit LLP, has resigned mid-term effective February 12, 2026, just over two years into a five-year appointment. The auditor states they were unable to obtain timely financial information for the quarters ended June 2025, September 2025, and December 2025, with the Q1 FY26 results received as late as January 28, 2026, and consolidated results never provided. The company disclosed severe liquidity constraints that led to mass employee resignations, salary defaults, and operational disruption. Even more alarming, in September 2025 the company's lessor seized its books of accounts, records, computers, and servers, making it impracticable to prepare financial statements. The auditor concluded that the lack of information has significantly impacted the financial results and no alternative audit procedures were possible.
This is highly negative for shareholders — the company appears to be in severe financial distress with a crippled finance function, no quarterly results available, and its books physically seized by a landlord. Expect heightened regulatory scrutiny, likely trading restrictions, and significant uncertainty about the true financial picture of the company. Investors should exercise extreme caution.