Intimation of Resignation of M/s. NSVR & Associates LLP, Chartered Accountants as Statutory Auditors of the Company
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VSF Projects Limited informed BSE that NSVR & Associates LLP has resigned as the company's Statutory Auditors with effect from August 14, 2025, citing time, effort, and cost considerations. NSVR was originally appointed in September 2023 for a 5-year term (till the 2027-28 AGM), making this a mid-term exit. The Board has appointed V D P & Co. Chartered Accountants to fill the casual vacancy until the next AGM. The Board also approved unaudited Q1 FY26 results, which show zero revenue from operations and a net loss of Rs 3.83 lakhs (versus a Rs 2.58 lakh profit in Q1 FY25). Additionally, P. Lenin Babu was appointed as Company Secretary and Compliance Officer, and P.S. Rao & Associates was recommended as Secretarial Auditor for a 5-year term.
Auditor changes mid-term often raise minor governance questions, but NSVR cited only commercial reasons (time/cost) and explicitly confirmed no other material concerns, which limits the negative read. The new auditor (V D P & Co.) is a southern India-based firm and the transition is being treated as a routine casual vacancy. For shareholders, the bigger concern is the operational picture: zero operating revenue in Q1 FY26, a small net loss, and EPS of Rs (0.02), suggesting the core business is not yet generating meaningful income.