Resignation of Internal and Statutory Auditor
Awaiting price reaction for this filing.
Grand Foundry Ltd has informed the exchanges that both its Statutory Auditor (M/s Ashwani & Associates) and Internal Auditor (M/s Ajay Kanjhlia & Associates) resigned on 6th January 2026, with effect from the close of business hours that day. Both auditors cited 'pre-occupation in other assignments' or 'other professional commitments' as the reason for stepping down, and neither raised any concerns, qualifications, or adverse observations prior to resigning. The Statutory Auditor's term was originally scheduled to expire in September 2028, making this a midterm exit, while the Internal Auditor had been appointed in May 2024. This is a revised intimation because the company had earlier omitted the required SEBI disclosure details. No replacement auditors have been announced yet.
Simultaneous resignation of both auditors mid-financial-year can raise governance red flags for retail investors, even though no adverse observations were reported. The company will need to appoint new auditors quickly to avoid delays in upcoming audit work and quarterly reviews, which could create short-term uncertainty around the stock.