Garbi Finvest539492Auditor resignation (mid

Statutory Auditor Kushal S. Poonia & Co. resigns over unpaid audit fees

M/s Kushal S. Poonia & Co., Chartered Accountants (FRN 156576W), has resigned as Statutory Auditor.

By ScoutQuest · Thu 5 Nov 2026, 11:14 PM IST · 3 min read

Auditor Resignation Reason: professional fees payable for audit remained outstanding despite becoming due and payable
Resignation Letter Date: 30th October 2026; received by the Company by email on 3rd November 2026
Effective Date / Replacement Timeline: takes effect after Limited Review Report for quarter ended 30th September 2026; vacancy to be filled within thirty days

Who has resigned

M/s Kushal S. Poonia & Co., Chartered Accountants (Firm Registration Number: 156576W), has resigned from the position of Statutory Auditor of the Company.
The stated reason is non-payment of professional fees payable by the Company in respect of audit, which remained outstanding despite becoming due and payable.
The resignation letter is dated 30th October 2026 and was received by the Company by email on 3rd November 2026.

When it takes effect

The resignation will be placed before the Audit Committee and the Board of Directors at their respective meetings to be held on 13th November 2026.
It shall take effect upon completion and issuance of the Limited Review Report for the quarter ended 30th September 2026.
The resignation has been tendered within 45 days from the end of that quarter, so the auditor is required to issue the Limited Review Report for that quarter before the resignation takes effect.
The views of the Audit Committee will be disclosed to the Exchanges within twenty-four hours of its meeting.

Who replaces the auditor

The vacancy will be filled within thirty days in accordance with Section 139(8)(i) of the Companies Act, 2013.
The appointment is made by the Board on the recommendation of the Audit Committee under Section 177(4)(i) of the Companies Act, 2013 read with Regulation 18(3) of the SEBI Listing Regulations, subject to approval of members at a general meeting convened within three months of the Board's recommendation.

What the auditor has disclosed

Appointed on 20th August 2024, with the term scheduled to expire at the conclusion of the 45th AGM to be held in 2027.
Latest audit report was given for FY 2025-26 as on 31st March 2026; the latest Limited Review Report was for the quarter ended 30th June 2026, submitted on 13th August 2026.
The auditor states it made several reminders for the non-payment of its outstanding dues and took follow-ups on the same.
On whether inability to obtain sufficient appropriate audit evidence was due to a management-imposed limitation or circumstances beyond the control of management, the auditor has answered that it was due to circumstances beyond the control of management.
On whether the lack of information would have a significant impact on the financial statements/results, the auditor's answer is Yes, with reference to the Independent Auditor's Report on Annual Results for the quarter and year ended 31 March 2026, dated 30 May 2026.
The auditor also confirms it has performed alternative procedures to obtain appropriate evidence for the purposes of audit/limited review as laid down in SA 705 (Revised).

What it means for a shareholder

The statutory auditor is the outside professional who checks the company's accounts, so a change of auditor is something investors typically watch closely.
In this case the stated trigger is unpaid professional fees. The company has set out the steps to appoint a successor and to keep the exchanges informed.

The communication is a revised intimation under Regulation 30 of the SEBI Listing Regulations, shared along with the details in the prescribed format and the auditor's own disclosures and resignation letter.

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