EFC (I) Limited has officially incorporated a wholly-owned subsidiary, EFC Estate Wakadewadi 2 Private Limited, with the Certificate of Incorporation received from the Ministry of Corporate Affairs on April 29, 2026. The company informed BSE Limited and National Stock Exchange of India Limited about this development pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Subsidiary Details and Structure

The newly incorporated entity operates in the real estate as a service sector and maintains complete ownership under EFC (I) Limited. The subsidiary was established with an initial capital structure designed for targeted real estate operations.

Financial Structure and Investment

The subsidiary's financial framework reflects a focused approach to real estate operations with clear capital allocation and ownership structure.

Business Operations and Property Portfolio

EFC Estate Wakadewadi 2 Private Limited will hold and acquire property situated on the 2nd floor, B Wing/building, in the commercial complex known as Godrej Eternia. The property is strategically located on sub-divided Final Plot bearing No. 64/A1, 64/B1 and 64/B2 at village Bhamburda, Shivaji Nagar, Taluka Pune City, District Pune, within the limits of Pune Municipal Corporation. The property acquisition will be executed through demerger from EFC Limited, which is a material wholly-owned subsidiary of EFC (I) Limited.

Regulatory Compliance and Documentation

The incorporation process was completed without requiring governmental or regulatory approvals. EFC (I) Limited's Company Secretary, Aman Gupta, digitally signed the regulatory filing on April 29, 2026, ensuring compliance with SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The transaction involves cash consideration and establishes EFC (I) Limited's complete operational control over the new real estate entity through 100% shareholding.

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.