EFC (I) Limited has announced significant changes to its statutory auditors following new regulatory requirements from the Institute of Chartered Accountants of India (ICAI). The changes affect EFC Limited, the company's wholly owned material subsidiary, and stem from mandatory compliance requirements for peer-reviewed audit firms.

Auditor Resignation Details

M/s. Nikhil Warankar & Co., the existing statutory auditors of EFC Limited, tendered their resignation effective April 24, 2026. The resignation is directly attributed to ICAI's announcement dated January 22, 2025, which mandates that statutory audits for financial year 2025-26 must be conducted by Peer Reviewed Firms.

The resigning auditors confirmed that M/s. Nikhil Warankar & Co. is not a Peer Reviewed Firm and therefore became statutorily ineligible to undertake the statutory audit of EFC Limited for financial year 2025-26. The firm emphasized that there are no other material reasons for their resignation beyond the regulatory compliance requirement.

New Auditor Appointment

The Board of Directors and shareholders of EFC Limited have approved the appointment of M/s. SKAND and Co. as the new statutory auditors to fill the casual vacancy created by the resignation.

M/s. SKAND and Co. is described as a professionally managed Peer Reviewed Chartered Accountancy firm that has been registered with ICAI since 2011. The firm provides audit, assurance, taxation, regulatory and advisory services across Maharashtra with partner-led execution and proven quality standards.

Regulatory Compliance

The auditor changes ensure full compliance with SEBI regulations and ICAI requirements. EFC (I) Limited has made all necessary disclosures pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

The transition maintains continuity in audit services while ensuring adherence to the new peer review requirements mandated by ICAI for the financial year 2025-26. Both the resignation and appointment processes have been completed with appropriate documentation and regulatory filings to stock exchanges.

EFC (I) Limited has announced a significant operational milestone with its Sprint Business Center at Wakadewadi, Pune achieving over 90% occupancy in record time. The company filed this update under Regulation 30 of SEBI Listing Regulations, highlighting the successful leasing of its fully owned 49,556 sq ft premium A-Grade commercial workspace to large enterprise and multinational clients.

Occupancy Achievement Details

The Sprint Business Center, located in Wakadewadi, Pune, represents a fully owned asset of the company that has been successfully developed as a premium commercial workspace. The rapid occupancy achievement demonstrates strong market demand for high-quality managed office spaces in Pune's commercial real estate sector.

Market Position and Strategic Impact

This landmark achievement reflects several key strengths of EFC's business model. The successful leasing demonstrates strong market absorption for premium Grade-A office infrastructure and reinforces the company's brand credibility and client trust. The rapid stabilization also showcases EFC's efficient leasing and operational turnaround capabilities while strengthening recurring revenue visibility from owned assets.

Company Operations Overview

Founded in 2014 by first-generation entrepreneur Mr. Umesh Kumar Sahay, EFC (I) Limited operates as an integrated workplace infrastructure and design ecosystem player. The NSE and BSE listed company is headquartered in Pune and manages 90+ centers with more than 73,000+ seats across eleven cities in nine states.

The successful leasing of the Sprint Business Center further solidifies EFC's position in combining ownership, development, and managed workspace solutions under one platform, catering to 720+ highly reputed Indian and global corporate clients.