AJAJEL530713Auditor resignation (mid

Board approves Maddukuru & Associates as statutory auditor to fill casual vacancy

Ajel Ltd's Board met on 13th October 2026 (11:00 A.M. to 11:15 A.M.) and approved M/s Maddukuru & Associates, Chartered Accountants, as Statutory Auditors.

By ScoutQuest · Tue 13 Oct 2026, 11:26 AM IST · 3 min read

New Statutory Auditor Approved

M/s Maddukuru & Associates, Chartered Accountants

Reason for Vacancy

casual vacancy created by the resignation of M/s G M K & CO. LLP, Chartered Accountants

EGM Date for Shareholder Approval

Friday, 06th November 2026

Board meeting and what was approved

• The Board of Directors met on Tuesday, 13th October 2026, commencing at 11:00 A.M. and concluding at 11:15 A.M.
• The Board approved the appointment of M/s Maddukuru & Associates, Chartered Accountants, as Statutory Auditors of the company.
• The appointment was made on the recommendation of the Audit Committee.

Why a new auditor was appointed

• The earlier Statutory Auditors, M/s G M K & CO. LLP, Chartered Accountants, resigned, which created a casual vacancy in the office of the Statutory Auditor.
• A casual vacancy means a mid-term opening in the auditor's position, which the company has to fill so that audit work for the year can continue.
• The update states the existing/outgoing auditors have not raised any concern or issue, and that there is no reason other than as mentioned in their letter; this was intimated to the exchange on 10th October 2026.
• The incoming firm has given its consent to act as Statutory Auditor, and the annexure records the reason for change as filling the casual vacancy in the office of Statutory Auditor for the financial year 2026-27.

Shareholder approval is still to come

• The Board's approval is subject to approval of shareholders, which the company will seek at an Extra Ordinary General Meeting.
• The Board has decided to convene an Extra Ordinary General Meeting on Friday, 06th November 2026 for this purpose and has approved the draft notice for it.
• The notice of the meeting will be sent separately to the stock exchange(s) and to members.
• The update states the meeting is to be held through Video Conferencing / Other Audio-Visual Means, and the proceedings shall be deemed to be conducted at the registered office of the company in Mumbai, which is the deemed venue.

Term of the new auditor

• M/s Maddukuru & Associates will hold office till the conclusion of the ensuing Annual General Meeting.

Who the incoming firm is

• M/s Maddukuru & Associates is a firm of Chartered Accountants headquartered in Ongole, Andhra Pradesh, serving clients across India.
• Its stated areas include audit and assurance, taxation, accounting and financial advisory services, and it is described in the update as having expertise in auditing, finance, legal, taxation, assurance and regulatory services.

Other items approved

• The Board appointed C V Reddy K & Associates, Practicing Company Secretaries, as Scrutinizer to scrutinize the e-voting process for the meeting in a fair and transparent manner.

What investors may keep in mind

• A change of statutory auditor in the middle of a financial year is an event investors generally track, because the auditor signs off on the company's accounts.
• Here the company has stated that the outgoing auditors raised no concern or issue, and that the new auditor was recommended by the Audit Committee.
• The appointment becomes effective for shareholders only after their approval at the proposed Extra Ordinary General Meeting, for which the notice is to be issued separately.

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