Mangalam Industrial Finance Limited’s statutory auditor, M/s Mahesh Udhwani & Associates, resigned effective May 14, 2026, due to non-receipt of required information and records. The auditor stated in their resignation letter that they were constrained in discharging their professional responsibilities satisfactorily despite repeated requests. The firm noted that the resignation creates a casual vacancy which the company intends to fill by appointing a new statutory auditor.

The resignation was intimated to the stock exchange on June 18, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company attributed the delay in submitting the disclosure to an inadvertent and unintentional administrative oversight. It clarified that there was no intention to withhold material information from shareholders or investors.

M/s Mahesh Udhwani & Associates was initially appointed on August 23, 2021, and reappointed at the 40th Annual General Meeting (AGM) on September 2, 2023. Their current term was scheduled to expire at the conclusion of the 43rd AGM to be held in 2026. Prior to their resignation, the firm had submitted audit reports dated May 29, 2026, on the company's standalone financial statements for the year ended March 31, 2026.

The auditor confirmed there were no other material reasons for the resignation beyond those stated in the letter. They also indicated they would file Form ADT-3 as required under the provisions of the Companies Act, 2013. The company has stated that the necessary steps to appoint a new statutory auditor will be taken and intimated to the stock exchange in due course.

Auditor Details

Mangalam Industrial Finance Limited announced the resignation of Mr. Miteshkumar Ghanshyambhai Rana as Non-Executive Independent Director effective June 30, 2026. The resignation, submitted on June 09, 2026, is attributed to personal commitments and increased professional engagements, preventing him from devoting adequate time to the company. He confirmed there are no other material reasons for his departure.

Consequently, Mr. Rana will cease to be a member or chairperson of several board committees, including the Audit Committee, Stakeholders Relationship Committee, Nomination and Remuneration Committee, Rights Issue Committee, and Risk Management Committee. The Board of Directors placed on record its appreciation for his contributions during his tenure.

The disclosure was made pursuant to Regulation 30 of The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company stated that the information is available on its website and that necessary filings will be made with the Registrar of Companies and stock exchanges.

Committee Memberships Prior to Resignation

Mr. Rana held directorships in multiple listed entities. His roles at Mangalam Industrial Finance Limited included chairmanship of the Nomination and Remuneration Committee and membership in other key committees.