Ishaan Infrastructure & Shelters Limited has informed the Bombay Stock Exchange that M/s. Utkarsh Shah & Co. has resigned as its secretarial auditor. The resignation becomes effective from the close of business hours on August 17, 2026.

The company disclosed the development pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was signed by Anand Kumar Jain, Director of the company.

Resignation Details

M/s. Utkarsh Shah & Co., identified by Firm Registration No. S2022GJ889900, had been appointed as the secretarial auditor for the financial years 2025-26 to 2029-30 under Section 204 of the Companies Act, 2013.

In the resignation letter dated August 17, 2026, proprietor Utkarsh Shah cited pre-occupation with other professional commitments requiring substantial time and attention as the reason for stepping down. The firm requested the board to record the resignation and complete necessary statutory compliances.

Regulatory Compliance

The company annexed the required disclosures under Schedule III of the SEBI Listing Regulations and SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The filing confirms that the change is a resignation rather than an appointment, removal, or death.

Ishaan Infrastructure & Shelters faces an abrupt change in its financial oversight structure as its statutory auditor, Prakash Tekwani & Associates, has tendered its resignation. The firm cited commercial viability concerns regarding audit fees as the primary reason for stepping down, effective August 6, 2026. This departure leaves the company with a casual vacancy in its statutory audit function, requiring immediate action by the Board to appoint a replacement before the conclusion of the current fiscal cycle.

The resignation, communicated via a letter dated August 6, 2026, states that the remuneration currently payable to the firm is not commercially viable in relation to the scope of work, effort, and professional resources required for the audit engagement. Prakash Tekwani & Associates confirmed there were no reportable concerns or disagreements with management regarding accounting principles or audit scope prior to this decision. The firm also issued a No Objection Certificate (NOC), allowing the company to appoint another eligible auditor to fill the resultant casual vacancy without delay.

Resignation Details

The following table outlines the key details of the auditor's resignation as disclosed in the filing:

Regulatory Compliance and Next Steps

The company disclosed the resignation pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The disclosure includes Annexure I, detailing the particulars of the resignation, and Annexure II, containing the resignation letter and requisite information under Schedule III of the Listing Regulations.

Prakash Tekwani & Associates had submitted its last limited review report for the quarter ended June 30, 2026, on July 27, 2026. The firm was originally appointed on September 30, 2024, with a term scheduled to expire at the conclusion of the company’s 34th Annual General Meeting in 2029. The premature exit necessitates a fresh appointment process, which typically involves shareholder approval at an Extraordinary General Meeting (EGM) if the vacancy is not filled within the specified timeline under the Companies Act, 2013.

What This Means for Stakeholders

The resignation of a statutory auditor often raises questions about the relationship between the company and its auditors, particularly when driven by fee disputes rather than ethical or compliance issues. In this case, the explicit citation of "commercially viable" remuneration suggests a misalignment between the audit fees offered by Ishaan Infrastructures and Shelters Limited and the resource intensity required by Prakash Tekwani & Associates.

For investors, the immediate implication is a temporary gap in independent financial verification until a new auditor is appointed and onboarded. The speed with which the company appoints a replacement will be critical to maintaining regulatory compliance and ensuring timely filing of future quarterly results. The Board of Directors, led by Director Anand Kumar Jain, is now tasked with identifying and appointing a new statutory auditor to ensure uninterrupted audit coverage for the remainder of FY27.