BIL Vyapar has replaced its statutory auditor, with the Committee of Creditors accepting the resignation of TLB & Co. and appointing RNM & Associates in its place. The changes took effect on August 04, 2026, following a meeting of the Committee of Creditors on that date. This transition occurs while the company remains under the Corporate Insolvency Resolution Process (CIRP) as per an NCLT Kolkata Bench order dated November 21, 2025.

TLB & Co. resigned owing to pre-occupation with other professional commitments. In their resignation letter dated August 04, 2026, which restated a prior communication from July 10, 2026, the firm confirmed compliance with the Companies Act, 2013, and the Chartered Accountants Act, 1949. TLB & Co. stated there were no other reasons for unwillingness to continue and no matters requiring disclosure to shareholders or creditors.

RNM & Associates, Chartered Accountants, was appointed as the new Statutory Auditor effective August 04, 2026. The appointment is subject to ratification by the members at the ensuing Annual General Meeting. RNM & Associates is headquartered in Lucknow with four branch offices and six partners. The firm serves a diverse client base including private, government, and semi-government organizations, practicing in taxation, corporate law, GST, and other areas.

Auditor Transition Details

The company notified the National Stock Exchange of India Limited (code: BIILVYAPAR), BSE Limited (code: 500059), and Calcutta Stock Exchange Limited (code: 12026) under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. The disclosure aligns with Part A of Schedule III of the Listing Regulations and SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

What the Numbers Show

The change in statutory auditor is a procedural update within the ongoing CIRP framework rather than a financial performance indicator. The resignation cites workload constraints rather than any dispute or audit qualification, suggesting a routine administrative shift. Investors should note that the final confirmation of RNM & Associates depends on shareholder approval at the next Annual General Meeting.

BIL Vyapar Limited (formerly known as Binani Industries Limited) disclosed that its statutory auditors have issued a disclaimer of opinion on the audited standalone and consolidated financial results for the fourth quarter and financial year ended March 31, 2026. The Committee of Creditors (CoC) approved these results during its meeting held on May 29, 2026. The disclaimer stems from the inability to obtain sufficient appropriate audit evidence on several material matters, including outstanding corporate guarantees and the valuation of assets held for sale.

The auditors, TLB & Co., highlighted that the company provided corporate guarantees to lenders of Edayar Zinc Limited (EZL), with an outstanding balance of ₹8,025 lakhs as of March 31, 2026. Although a third party has consented to replace these guarantees, lenders have filed admitted claims during the CIRP proceedings, and the guarantees have not been formally released. Consequently, the consequential financial impact has not been considered in the financial results. The company has maintained a provision for loss allowances amounting to ₹2,149.10 lakhs as required by Ind AS 109.

Significant discrepancies were also noted regarding asset valuations and property sales. The company carried out valuations of assets held for sale, including land and buildings, through registered valuers, but the reports were deemed confidential and not shared with the auditors. As a result, these assets continue to be carried at book values rather than estimated net realisable values. Additionally, the company sold an immovable property in Ahmedabad at a loss of ₹33.51 lakhs on May 22, 2025, but did not recognise the sale or the loss in the current period. Had the disposal been recognised, the asset held for sale would have been lower by ₹159.51 lakhs.

The financial statements indicate that the company is under the Corporate Insolvency Resolution Process (CIRP) pursuant to an order by the National Company Law Tribunal. The auditors noted that the company has accumulated losses of ₹21,766.17 lakhs, and its net worth has been fully eroded, with current liabilities exceeding current assets by ₹18,627.68 lakhs. In the absence of a business plan, the going concern assumption was deemed inappropriate, and the financial statements have been prepared on a liquidation basis.

Other material matters include income tax receivables aggregating to ₹1,145.97 lakhs that could not be traced due to inadequate records, and a sub-judice matter concerning land in Wada. The auditors also drew attention to a US subsidiary that was liquidated in April 2026, following expenditures of USD 450,000 in FY 2023-24 and USD 300,000 in FY 2025-26 on consultants, for which insufficient documentation was available to determine the accounting impact.