Luxury Time Limited’s statutory auditor Sarnum & Co LLP resigns
Luxury Time Limited disclosed the resignation of statutory auditor Sarnum & Co LLP effective July 25, 2026, due to professional commitments. The auditor confirmed no material concerns with management. The Board will appoint a successor in line with SEBI regulations and the Companies Act, 2013.
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Luxury Time Limited has announced the resignation of its statutory auditor, M/s. Sarnum & Co LLP, effective July 25, 2026. The firm, formerly known as Santosh Ramanuj & Co, cited pre-occupation and increased professional commitments that restrict its ability to devote adequate time to the audit affairs of the company. This development requires the board to appoint a new statutory auditor to fill the casual vacancy.
The resignation was communicated via a letter dated July 25, 2026, signed by Santosh Ramanuj Tiwari, Partner at Sarnum & Co LLP. In compliance with 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, Luxury Time Limited submitted the intimation to BSE Limited. The filing confirms that the resigning auditor has not raised any concerns regarding the management of the company and stated there are no other material reasons for the resignation beyond those explicitly mentioned in the resignation letter.
Auditor Details and Tenure
M/s. Sarnum & Co LLP (Firm Registration No. 022686N/N500491) was appointed as the statutory auditor on September 30, 2025. The term was scheduled to expire on March 31, 2030. Prior to this resignation, the firm submitted the audit report for the year ended March 31, 2026, on May 15, 2026. The partner associated with the engagement is Santosh Ramanuj Tiwari (Membership No. 513913), based in Noida, Uttar Pradesh.
| Particulars | Details |
|---|---|
| Auditor Name | M/s. Sarnum & Co LLP (Formerly Santosh Ramanuj & Co) |
| Firm Registration No. | 022686N/N500491 |
| Appointment Date | September 30, 2025 |
| Scheduled Term Expiry | March 31, 2030 |
| Effective Resignation Date | July 25, 2026 |
| Reason for Resignation | Pre-occupation and increased professional commitments |
Regulatory Compliance and Next Steps
The Audit Committee and the Board of Directors of Luxury Time Limited are expected to take note of the resignation at their ensuing meetings. The company will take necessary steps to fill the casual vacancy in accordance with the applicable provisions of the Companies Act, 2013 and the SEBI Listing Regulations. As per the disclosure, the views of the Audit Committee regarding the resignation are not applicable since no concerns were raised by the outgoing auditor.
What the Numbers Show
The resignation occurs shortly after the submission of the annual audit report for FY26, indicating a transition during a standard reporting cycle rather than mid-audit complications. The confirmation of "no concerns" and "no material reasons" suggests an amicable separation driven by capacity constraints at the audit firm rather than governance or financial irregularities at Luxury Time Limited. Shareholders should monitor subsequent filings for the appointment of the new statutory auditor to ensure continuity in financial oversight.
Historical Stock Returns for Luxury Time
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.69% | +5.16% | +3.81% | -4.60% | -55.39% | -55.39% |
Which audit firm is likely to be appointed as the new statutory auditor, and how might their reputation or fee structure impact Luxury Time Limited's future financial reporting costs?
Given the short tenure of the outgoing auditor, will the new firm require a transition period that could delay the submission of interim financial results for the upcoming quarter?
How might this sudden change in auditing partners influence investor confidence and the stock's volatility on BSE in the immediate term following the appointment of the successor?
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