Gabion Technologies India Limited has formally approved the resignation of its statutory auditor following a remuneration disagreement, with the Board of Directors meeting on March 13, 2026, to address this significant corporate governance development.

Board Meeting Outcome

The Board of Directors convened on March 13, 2026, at the company's registered office to formally consider and approve the resignation of M/s SVJ & Company (Firm Registration No. 020356C), Chartered Accountants, as the company's statutory auditors. The meeting commenced at 06:00 p.m. and concluded at 09:00 p.m.

Auditor Resignation Details

SVJ & Company submitted their resignation letter on January 30, 2026, citing disagreement over auditor's remuneration as the primary reason for their departure. The auditing firm confirmed they had completed the audit for FY 2024-25 and all necessary certifications and audits related to the company's IPO, providing all required reports.

Management Response and Timeline

The company initially received email communication from the statutory auditors regarding their resignation decision. The Managing Director responded within approximately 20 minutes, requesting the auditors not to proceed with resignation and indicating that outstanding dues would be settled. Following internal management discussions, the company decided to release a substantial portion of the outstanding amount and communicated its willingness to settle dues.

Regulatory Compliance and Disclosure

The disclosure has been made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided detailed annexures including the resignation letter and information required under SEBI Circular CIR/CFD/CMD1/114/2019.

The company explained the delay in disclosure by stating it was under a bona fide belief that ongoing discussions would lead to resolution and withdrawal of the resignation. However, the company became aware that the auditors had filed Form ADT-3 with the Registrar of Companies only upon receiving a copy of the filing receipt.

Auditor's Final Position

In their resignation letter, SVJ & Company confirmed there were no other material reasons for resignation beyond the remuneration disagreement. The firm requested clearance of all outstanding amounts within seven days to provide a No Objection Certificate (NOC) to the upcoming auditors. The auditors confirmed completion of all audit work for FY 2024-25 and IPO-related certifications before their departure.