Resignation of M/s. Ajmera Ajmera & Associates, Chartered Accountants (FRN: 123989W) as the Statutory Auditors of the Company.
ZSARACOM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
M/s. Ajmera Ajmera & Associates, Chartered Accountants (FRN: 123989W) has resigned as the Statutory Auditor of Saraswati Commercial India Ltd with effect from August 13, 2025. The resignation is driven by RBI regulations, not governance concerns. The company is an RBI-registered NBFC, and its asset size crossed Rs. 1,000 crore as of March 31, 2025. Per RBI's April 2021 guidelines, NBFCs with assets over Rs. 1,000 crore must appoint statutory auditors meeting specific eligibility criteria (minimum full-time partners, FCA partners with 3-year association, CISA/ISA-qualified partners, audit experience, professional staff). The current auditor firm does not meet these enhanced criteria. The auditor confirmed no concerns about company management and no material reason beyond the eligibility mismatch. The firm had originally been appointed for a 5-year term (FY2022-23 to FY2026-27).
This is a regulatory-driven auditor change, not a red flag for shareholders. The company will need to appoint a new statutory auditor meeting RBI's stricter eligibility norms for larger NBFCs. Minimal expected impact on stock price since no governance concerns were flagged.