Resignation of Uday Pasad & Associates as Statutory Auditors of the Company
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Relic Technologies Limited informed the BSE that M/s. Uday Pasad & Associates, Chartered Accountants (FRN: 0113230W), has resigned as the Statutory Auditor of the company effective 26th July 2025, after closure of business hours. The auditor had been appointed on 30th September 2024 for a 5-year term until the AGM for FY 2028-29, meaning they resigned less than a year into their tenure. The auditor cited two reasons: an 'inter se change in the Promoters' and the company's plans for future expansion requiring more audit staff than their current engagement allows. The auditor confirmed they completed the FY25 audit and issued the limited review report for Q1 FY26 (quarter ended 30th June 2025), and stated there are no concerns about management-imposed limitations or lack of information.
Auditor resigning mid-term, especially so soon after appointment, combined with a stated change among promoters and upcoming business expansion, may raise governance questions for retail investors. The company will need to appoint a new auditor, and shareholders should watch for further disclosures about the promoter change and expansion plans.