Resignation of Auditor via Resignation letter dated 19th April,2025
Awaiting price reaction for this filing.
Manpasand Beverages Ltd has informed the stock exchanges that its statutory auditor, M/s Bagaria & Co LLP (FRN: 113447W/W-100019), has resigned with effect from 19th April 2025. The auditor cited several concerns as reasons for stepping down, including 'various proceedings and litigations' faced by the company, long-overdue audit fees, and a reassessment that concluded their independence to conduct the audit 'stands impacted.' Bagaria & Co was originally appointed at the 8th AGM on 30th December 2019, with their term scheduled to run until the 13th AGM, meaning they are exiting well before the end of their tenure. Notably, the auditor's last audit report was for the financial year ending 31st March 2020, and their last limited review was for the quarter ending 31st December 2021 — meaning audited financials have not been issued for over four years. The signed letter was submitted by the Whole-Time Director, Abhishek Dhirendra Singh.
This is a significant negative signal for shareholders. An auditor quitting mid-term citing litigation issues, unpaid fees, and compromised independence is a red flag about the company's financial health and governance. With no audited financials since FY2020, investors should be cautious about the reliability of reported numbers and the risk of further disclosures or regulatory action.