Statutory auditor GMK & Co resigns; board takes resignation on record, replacement to be appointed

Ajel Limited's Board met on 10 October 2026 and took on record the resignation of its Statutory Auditor, M/s GMK & Co, Chartered Accountants.

Sat 10 Oct 2026

Resignation Effective Date

09 October 2026

Board Meeting Date

10 October 2026

Audit Committee Comment

no adverse concerns, disagreements or scope limitations were reported

Board takes auditor resignation on record

• The Board of Directors met on Saturday, 10 October 2026 from 5.00 P.M. to 5.30 P.M. and took on record the resignation tendered by M/s GMK & Co, Chartered Accountants, Statutory Auditors of the company.
• The resignation letter is dated 09 October 2026, and the effective date of resignation is 09 October 2026.

Why the auditor resigned

• The resignation letter from G M K & Co LLP states the firm is resigning as Statutory Auditors of the company for the Financial Year 2026-27 due to its pre-occupation, and requests that the resignation be accepted with immediate effect.
• The company states that M/s GMK & Co has confirmed that there are no other material reasons beyond those provided.

What the Audit Committee and Board said

• The Audit Committee considered the resignation letter and is aligned with the reasons stated in it, and the company states the Board also noted there are no other reasons than those mentioned in the letter.
• The Committee noted that no adverse concerns, disagreements, or limitations on scope were reported by the auditors, and considered the reasons stated satisfactory and convincing.
• The Committee confirmed that the auditors had completed the limited review report for the quarter ended 30th June 2026 prior to their cessation.
• The Audit Committee and the Board placed on record their appreciation for the auditors' contribution to the company.

What happens next

• The company says necessary steps are being taken to appoint another auditor in the resultant casual vacancy, and that this will be intimated to the exchange.
• The company also says it will find and appoint a new auditor as soon as possible and inform the stock exchange.

How to read this

• A statutory auditor is the independent firm that checks a company's accounts. When it resigns partway through a financial year, another firm has to take over the audit work for that year.
• The stated reason here is pre-occupation. The update also records the Audit Committee's view that there was no disagreement or scope limitation, and that the limited review for the June 2026 quarter was completed before the auditor ceased.
• The follow-up points for investors are the appointment of the new auditor for the casual vacancy and the audit of the accounts for the year concerned.

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