Resignation of Statutory Auditors of the Company
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M/s Kumbhat & Co. LLP, Chartered Accountants, has resigned as the Statutory Auditor of Vashishtha Luxury Fashion Limited effective October 8, 2025. The auditor was originally appointed in December 2023 for a 5-year term covering FY 2023-24 to FY 2027-28. The reason for resignation is a fee dispute — the company asked them to reduce their audit fees for FY ending March 31, 2026, which the auditor felt was inadequate given the time and effort required. The auditor confirmed there are no other concerns, no information was withheld by management, and no issues with their previous audit reports, including the FY 2024-25 audit signed on August 13, 2025. The company must now appoint a new statutory auditor.
While the resignation is due to a fee disagreement rather than governance red flags, a mid-term auditor exit can be viewed negatively by investors and may signal financial pressure on the company. The company will need to appoint a new auditor promptly to avoid any compliance or audit delays.