Statutory auditor Pankaj R Shah & Associates resigns with effect from 05 November 2026
Varvee Global's statutory auditor, M/s. Pankaj R Shah & Associates, Chartered Accountants, has resigned with effect from 05 November 2026.
By ScoutQuest · · 2 min read
- Resignation Effective Date
- 05 November 2026
- Stated Reason
- inability to continue due to preoccupancy with other audit assignments
- Appointment Term
- appointed by a shareholders' resolution dated 27-08-2022 for a term of 5 years
Statutory auditor steps down
Varvee Global Limited, formerly Aarvee Denims and Exports Ltd., has informed BSE and NSE that its statutory auditor has resigned from the position.
Who resigned, and when
- The statutory auditor is M/s. Pankaj R Shah & Associates, Chartered Accountants, Ahmedabad.
- The firm was appointed pursuant to a shareholders' resolution dated 27-08-2022 to hold office for a term of 5 years.
- It has tendered its resignation with effect from 05 November 2026, the same date as its letter and the company's disclosure.
- The company's disclosure records the change in the prescribed format and encloses the auditor's resignation letter.
What the auditor said
- The letter states that the firm is unable to continue as statutory auditor due to preoccupancy with other audit assignments.
- It adds that this was discussed and agreed with the management, and requests that the resignation be accepted with immediate effect.
- The auditor also states it will forward a copy of Form ADT-3, as shared with the Registrar of Companies, in due course.
Work already signed off before the exit
- The firm completed the statutory audit for the year ended 31 March 2026 and issued its reports on 27-05-26.
- It also issued limited review reports for Q-1 and Q-2 of F.Y. 2026-27, on 12-08-2026 and 22-10-2026.
- So the resignation comes after the last full-year audit was completed and after two quarterly reviews of the current financial year.
How to read this
- The stated reason in the update is the firm's other audit work, not a disagreement over accounts; the auditor describes the exit as discussed and agreed with the management.
- A statutory auditor leaving before the end of the approved term is a change investors typically note, because the auditor is the independent checker of the company's numbers.
- The company will need to appoint a new statutory auditor; the identity of the incoming firm and its reports on the accounts are the items to follow.
Key facts at a glance
- Auditor: M/s. Pankaj R Shah & Associates, Chartered Accountants, Ahmedabad
- Appointment basis: shareholders' resolution dated 27-08-2022, term of 5 years
- Resignation effective: 05 November 2026
- Stated reason: preoccupancy with other audit assignments
- Last full-year audit signed: year ended 31 March 2026, reports dated 27-05-26
Also from Varvee Global
Statutory Auditor Pankaj R Shah & Associates Resigns With Effect From 05th November 2026
5 Nov 2026
Record date fixed for sub-division: Rs. 5/- face value shares to be split into Rs. 2/- shares
31 Oct 2026
Record date fixed for sub-division/split: Rs. 5 face value shares to be split into Rs. 2 face value shares
31 Oct 2026
More numbers
- Term of appointment of statutory auditor5 years
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