Resignation of M/s Ashwani & Associates
Awaiting price reaction for this filing.
Grand Foundry Ltd has informed the stock exchanges that both its Statutory Auditor (M/s Ashwani & Associates, FRN 000497N) and Internal Auditor (M/s Ajay Kanjhlia & Associates, FRN 007719N) resigned on 6th January 2026, effective immediately. Both auditors cited pre-occupation with other assignments or professional commitments as the reason. Notably, the Internal Auditor's resignation letter states they did not observe any matters requiring reporting to the Board. Both resignations occurred mid-way through the financial year 2025-26.
Simultaneous resignation of both statutory and internal auditors mid-financial year is unusual and may raise short-term governance and audit-continuity concerns among investors. The company now needs to appoint new auditors promptly to remain compliant, and the lack of any adverse observations in the Internal Auditor's exit letter is a mildly reassuring signal.