Ms Jain Kedia & Sharma (FRN: 103920W) has tender their resignation due to the reason stated in resignation letter dated 14th November 2025.
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Riddhi Corporate Services Limited's statutory auditor, M/s Jain Kedia and Sharma (FRN: 103920W), has resigned effective November 14, 2025, well before the end of their term (which was scheduled to run until the 20th Annual General Meeting). The auditor, appointed only on January 28, 2025, cited two main reasons: (1) non-availability of information and documents in time and very late publishing of results, and (2) non-acceptance of their proposed revision in audit fees despite increased scope and regulatory requirements. The auditor noted repeated follow-ups for books of account, records, and supporting documents went unanswered, impacting their ability to plan and perform the audit. They had just submitted the limited review report for Q2/H1 FY26 (ended September 30, 2025) the same day as their resignation.
This is a significant negative governance signal for shareholders. A mid-term statutory auditor resignation citing delayed information sharing and late result publication raises red flags about the company's internal controls, financial reporting quality, and management responsiveness. Investors should monitor for any further delays in financial filings and watch closely for the appointment of a replacement auditor.