Statutory Auditor NSVR & Associates LLP Resigns Citing Preoccupation with Other Assignments

NSVR & Associates LLP, Chartered Accountants, has resigned as Statutory Auditor, effective from close of business hours on September 29, 2026.

Wed 30 Sep 2026

Auditor Name

NSVR & Associates LLP, Chartered Accountants

Resignation Effective Date

September 29, 2026

Appointment Start Date

September 28, 2022

Audit Report Issued Date

25-08-2026

Reason for Resignation

Preoccupation with other assignments, constraints of time and cost to the audit firm

What happened

NSVR & Associates LLP, Chartered Accountants, has tendered its resignation as Statutory Auditor of the company. The resignation takes effect from closing of business hours of September 29, 2026, and the letter from the firm is dated 29th September, 2026.

Background of the appointment

• The firm was appointed by shareholders' resolution dated September 28, 2022 for a term of 5 consecutive years.
• The term ran from the conclusion of the 6th Annual General Meeting and was scheduled to expire at the conclusion of the 11th Annual General Meeting.
• The firm therefore steps down before the full term ends.

Audit work already completed

The auditor states it had completed the statutory audit for the financial year ended March 31, 2026 and issued its audit report on 25-08-2026. So the most recent annual audit was finished before the resignation.

Reasons stated by the auditor

• Preoccupation with other assignments.
• Under "any other facts relevant to the resignation": constraints of time and consideration of cost to the audit firm.
• The auditor states the resignation does not result from an inability to obtain sufficient appropriate audit evidence.
• The firm confirms it has no dispute with the company and no concern relating to suppression of information by management.
• It confirms there are no other circumstances connected with the resignation that should be brought to the Board's notice.

Procedural steps ahead

• The Audit Committee and the Board of Directors will take note of the resignation at their upcoming meetings.
• They will then recommend the appointment of new Statutory Auditors for shareholders' approval.
• The outgoing firm will forward Form ADT-3 to be shared with the Registrar of Companies in due course.

How investors may read it

A mid-term auditor resignation is an event investors usually watch closely, because auditors sometimes step down where there are disagreements or information gaps. Here the auditor has explicitly recorded that the exit is for workload, time and cost reasons, and not because of audit evidence limitations or management behaviour. The point to track next is the company naming a replacement auditor and obtaining shareholder approval, so that audits and limited reviews continue without a gap.

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