Gallard Steel auditor resigns citing fee and scope disagreements
- Statutory auditor S.N. Gadiya & Co. resigned effective September 8, 2026
- Resignation attributed to disagreements on professional fees and scope
- No material concerns raised by auditor regarding company management
- Auditor was appointed in September 2024 with term expiring in 2029
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Gallard Steel has announced the resignation of its statutory auditor, S.N. Gadiya & Co., effective September 8, 2026. The firm cited an inability to reach mutually acceptable terms regarding professional fees and the scope of services as the primary reason for stepping down.
The company confirmed that there are no material concerns raised by the auditor regarding management conduct. The resignation follows negotiations where parties could not align on financial and operational terms for the engagement.
Auditor Details
S.N. Gadiya & Co., Chartered Accountants (FRN: 002052C), was appointed during the Annual General Meeting held on September 30, 2024. Their term was scheduled to expire in the calendar year 2029, corresponding to the fiscal year ending March 31, 2029.
| Particulars | Details |
|---|---|
| Auditor Name | S.N. Gadiya & Co. |
| Appointment Date | September 30, 2024 |
| Term Expiry | Calendar Year 2029 |
| Last Audit Report | Period ended March 31, 2026 |
Regulatory Disclosure
The intimation was issued pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company stated that no instances were observed where information requested by the auditor was withheld by management. Consequently, disclosures related to management-imposed limitations or lack of sufficient audit evidence were marked as not applicable.
Trapti Jain, Company Secretary and Compliance Officer, signed the disclosure filed with BSE Ltd. The company noted that previous audit reports were issued without significant impact from missing information.
Historical Stock Returns for Gallard Steel
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | -12.84% | 0.0% | +19.08% | 0.0% | 0.0% |
How quickly will Gallard Steel appoint a new statutory auditor, and will this transition impact the timeline for filing the FY2026-27 annual accounts?
Could the dispute over professional fees signal underlying financial pressures or cost-cutting measures within Gallard Steel's management strategy?
Will the sudden change in auditors trigger increased scrutiny from SEBI or stock exchanges regarding the company's corporate governance practices?
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