BIL Vyapar has accepted the resignation of its statutory auditor, TLB & Co., effective August 04, 2026, following the firm’s citation of pre-occupation with other professional commitments. The outgoing auditor confirmed in a disclosure filed under SEBI Circular No. CIR/CFD/CMD1/114/2019 dated October 18, 2019, that there were no material concerns, audit qualifications, or management-imposed limitations that hindered the audit process. 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., headquartered at Embassy Centre, Nariman Point, Mumbai, had been appointed as statutory auditor during the Annual General Meeting held on September 16, 2025. Their term was scheduled to expire upon the completion of the AGM for FY2030. Prior to resignation, the firm submitted its latest audit report for the quarter and year ended March 31, 2026, on May 29, 2026. Partner Abuali Darukhanawala signed the resignation declaration on August 06, 2026, affirming that the information provided was complete and that no other material reasons existed for the firm’s departure.

Auditor Transition Details

The Committee of Creditors appointed RNM & Associates as the new Statutory Auditor effective August 04, 2026, during a meeting held on that date. RNM & Associates, based in Lucknow with branch offices across India, will serve as statutory auditor subject to ratification by members at the ensuing Annual General Meeting. 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.

What the Numbers Show

The resignation of TLB & Co. is a procedural update within the ongoing CIRP framework rather than a signal of financial distress or audit dispute. The explicit confirmation of "NIL" concerns regarding information availability and audit evidence suggests a routine administrative shift driven by capacity constraints. Investors should note that RNM & Associates’ appointment remains contingent on shareholder approval at the next AGM, maintaining standard corporate governance protocols despite the insolvency proceedings.

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.