Subsequent to issuance of the AGM Notice, M/s A Y & Company, Chartered Accountants (FRN 020829C) have expressed their inability to continue and have resigned as the Statutory Auditors of ....
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Sahara Maritime has issued an addendum to its 16th AGM notice (scheduled for September 30, 2025) after its existing Statutory Auditor, M/s A Y & Company (FRN: 020829C), resigned with effect from September 9, 2025, citing pre-occupation with other assignments. The original firm had been appointed at the 13th AGM in 2022 for a full 5-year term, so this is a mid-term departure. The Board, at its September 11, 2025 meeting, approved the appointment of M/s G A M P & Co (FRN: 031165N), a firm established in 2017, as the new Statutory Auditor. Two new agenda items have been added: Item 6 seeks members' approval for the casual-vacancy appointment (till the next AGM), and Item 5 proposes re-appointing G A M P & Co for a full 5-year term until the 21st AGM in 2030. The resignation was accepted after completion of the FY2024-25 audit, with the company stating there were no reasons beyond what was mentioned in the resignation letter.
Auditor changes ahead of an AGM can briefly raise governance concerns, but here the resignation was attributed to the previous auditor's workload rather than any dispute, and a replacement has already been lined up and recommended by the Audit Committee. Shareholders should watch the AGM voting on Items 5 and 6, but the immediate operational and financial impact on the company appears minimal.