Skyline Ventures India Limited's statutory auditor, M/s K S Rao & Associates, resigned effective May 27, 2026, citing pervasive scope limitations and the inability to obtain sufficient appropriate audit evidence. The firm stated that the non-availability of books of account, financial information, and supporting records for Q2, Q3, and Q4 of FY 2025-26, as well as for the full-year statutory audit, made it impossible to perform the necessary procedures. Consequently, the auditor cannot ensure compliance with Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates the submission of annual audited standalone and consolidated financial results by May 30, 2026.

The resignation follows a formal notice dated May 15, 2026, wherein the auditor requested the necessary records to complete the limited review and statutory audit. In response, the Company Secretary confirmed via email on May 18, 2026, that the company was not in a position to provide the requisitioned information. The auditor highlighted that while the limited review for Q1 of FY 2025-26 was completed and results were filed, the records for subsequent quarters remained unavailable due to a lack of handover from the erstwhile management.

Governance and Record-Keeping Issues

The auditor detailed several governance breakdowns that contributed to the scope limitations. The financial statements for FY 2024-25 were not adopted by shareholders at the Annual General Meeting held on September 30, 2025, and rectified or restated financials have not been prepared or provided. Additionally, the Board of Directors reconstituted on December 31, 2025, confirmed that no handover of books of account or financial records had been received from the previous management. The absence of opening balances and prior period records precluded the auditor from conducting the audit for FY 2025-26.

Material events occurring between October 1, 2025, and December 31, 2025, including significant fund inflows and outflows and changes in directorship, lacked supporting documentation. The erstwhile management failed to prepare or file quarterly financial results for Q2, Q3, and Q4 of FY 2025-26. The auditor noted that the registered office was vacated due to non-payment of dues and that statutory assets such as laptops and computers recorded in the balance sheet had not been handed over.

Statutory and Regulatory Constraints

The company faces significant statutory filing constraints due to incomplete banking access, non-updation of Ministry of Corporate Affairs (MCA) credentials, and multiple unauthorized banking transactions. An FIR has been filed at the Madhapur Police Station against the then directors regarding these unauthorized transactions. A forensic audit is currently underway, but significant information remains unavailable. The Company Secretary admitted that due to these practical limitations, the timelines for finalizing accounts remain uncertain and beyond the company's direct control.

A dispute regarding the resignation of the erstwhile CFO, Ms. Swapna Tervati, has further complicated matters. The present management could not locate a valid resignation email in official records, resulting in a lack of authorized signatories for statutory filings such as DIR-12 for the appointment of new directors. This has prevented the updation of MCA records and restricted access to underlying financial information required for the audit.

Auditor Disclosure Details

The auditor provided a comprehensive disclosure outlining the reasons for the resignation and the efforts made to secure the necessary information. The table below summarizes the key particulars of the auditor's association and the factors leading to the resignation.

M/s K S Rao & Associates stated that the inability to obtain sufficient appropriate audit evidence was due to management-imposed limitations, as the erstwhile management failed to provide the required records. The firm confirmed that alternative procedures could not be performed because basic books of account, bank statements, ledgers, vouchers, and asset records were not provided. The auditor will file e-Form ADT-3 with the Registrar of Companies within 30 days as required by Section 140(2) of the Companies Act, 2013.

Skyline Ventures India Limited has submitted its quarterly compliance certificate to BSE Limited for the quarter ended March 31, 2026, fulfilling regulatory requirements under SEBI (Depositories and Participants) Regulations, 2018.

Regulatory Compliance Filing

The company filed the mandatory certificate under Regulation 74(5) of SEBI regulations on April 11, 2026. Company Secretary and Compliance Officer K J R Lakshmana Rao signed and submitted the documentation to BSE's Listing Compliance Department.

Certificate Details

The compliance certificate was issued by M/s Venture Capital and Corporate Investments Private Limited, which serves as the company's Registrar and Share Transfer Agent. The certificate, dated April 3, 2026, provides specific information about securities processing during the quarter.

Company Information

Skyline Ventures India Limited operates from its registered office at Workafella, Cyber Crown in Madhapur, Telangana. The company maintains its corporate identification number as L45200TG1988PLC009272 and provides investor communications through its official channels.

This quarterly filing represents standard regulatory compliance for listed companies, ensuring transparency in securities handling and depositories management as mandated by SEBI regulations.