This is to inform you that the Board meeting was held today i.e. 17th April, 2026 at the registered office of the Company. The Board took the note of resignation of M/s. Bhairavi & Associates, ....
Awaiting price reaction for this filing.
Mahesh Developers Limited's Board meeting on April 17, 2026 noted the resignation of Statutory Auditor M/s. Bhairavi & Associates (CA Bhairavi M Shah), effective immediately. The auditor cited increased audit procedures due to changes in financial reporting requirements and proposed fee increases as reasons for resignation. The auditor confirmed no disputes with management. The Board appointed M/s. Sunit M. Chhatbar & Co. to fill the casual vacancy, subject to shareholder approval at the ensuing AGM. Additionally, Mr. Khushal Bherulal Bajaj was appointed as Secretarial Auditor for FY 2025-2026. Notably, the resigning auditor was only re-appointed on April 10, 2026 for a 5-year term, making this a mid-term resignation just 7 days later.
The mid-term resignation of the statutory auditor may raise concerns about governance and continuity, though the company acted quickly to appoint a replacement. The audit committee reviewed and accepted the resignation, confirming no outstanding issues. Shareholders will vote on the new auditor appointment at the AGM.