Kridhan Infra has resigned its statutory auditor, Jignesh Savla & Associates, effective August 31, 2026. The firm cited pre-occupation with other assignments as the reason for stepping down from the role.

The company disclosed the development in a filing with stock exchanges on September 1, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Jignesh Savla & Associates was appointed as the statutory auditor on November 14, 2025.

Auditor Details

The resignation follows the completion of the statutory audit for the financial year ended March 31, 2026. The audit report was submitted on May 30, 2026. The firm’s term was scheduled to expire up to the conclusion of the ensuing Annual General Meeting (AGM) in 2026.

The auditor confirmed there were no concerns or management-imposed limitations that influenced the decision to resign. No other material reasons for the change were disclosed.

Kridhan Infra Limited has disclosed receiving a show cause notice from the Securities and Exchange Board of India (SEBI) dated August 12, 2026. The regulator initiated adjudication proceedings against the infrastructure developer under Section 15-I of the SEBI Act, 1992, and Rule 4(1) of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995.

The notice was issued by the Office of the Chief General Manager & Adjudicating Officer, alleging non-compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Pursuant to Regulation 30 of the SEBI Listing Regulations, the company informed both the Bombay Stock Exchange and the National Stock Exchange of India Limited about the regulatory action.

Alleged Violations

The show cause notice outlines three primary areas of alleged contravention:

• Accounting Standards Non-Compliance: Failure to recognize interest on bank loans in the preparation and presentation of standalone and consolidated financial statements and results for the financial year 2023. This is cited as a violation of Ind AS 1, 23, 32, and 109.
• Disclosure Failures: Alleged failure to make necessary disclosures in financial statements regarding departures from accounting standards, violating Ind AS-1.
• Governance Lapses: Non-filling of key management positions for periods exceeding three months. Specifically, the position of Managing Director remained vacant from October 10, 2022, to February 12, 2024, and the Chief Financial Officer role was vacant from July 1, 2022, to February 12, 2024. This is alleged to violate Regulations 17(1E), 26A(1), and 26A(2) of the SEBI LODR Regulations, 2015.

Regulatory Context

The adjudication proceedings were initiated under Section 19 of the SEBI Act, 1992, read with Rule 3 of the Adjudication Rules. The process involves an inquiry to adjudge penalties in terms of Rule 5 of the SEBI Adjudication Rules and provisions of Section 15A(b) and 15HB of the SEBI Act, 1992.

Financial Impact Assessment

The company stated that the show cause notice does not quantify any monetary penalty. Consequently, the financial implications depend entirely on the outcome of the ongoing adjudication proceedings. Kridhan Infra noted that the impact on its financial or operational activities cannot be ascertained at this stage.

The full disclosure is available on the company’s website.