Resourceful Automobile appoints Nahar V and Company as statutory auditor
Resourceful Automobile Limited appointed M/s Nahar V and Company as statutory auditor effective May 11, 2026, succeeding M/s N G M K S & Associates who resigned due to health reasons. The appointment is subject to shareholder approval at the upcoming Annual General Meeting. The outgoing auditor noted that IPO proceeds utilisation was not verified. The disclosure filing was delayed due to the Managing Director's medical emergency.
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Resourceful Automobile Limited has appointed M/s Nahar V and Company as its statutory auditor effective May 11, 2026, following the resignation of the previous auditor due to health reasons. The Board of Directors approved the appointment based on the Audit Committee's recommendation, subject to shareholder approval at the upcoming Annual General Meeting in 2026. The transition ensures continuity in the company's audit oversight amidst a change in statutory leadership.
M/s N G M K S & Associates resigned as Statutory Auditor effective May 11, 2026, citing prolonged poor health and medical reasons affecting the partner responsible for the audit engagement. The firm confirmed there were no disagreements with the management regarding financial reporting or operations. However, the outgoing auditor noted that the utilisation of proceeds from the Initial Public Offer was not verified due to a lack of information provided prior to the resignation.
The new auditor, M/s Nahar V and Company, brings extensive experience in statutory audits, internal audits, tax audits, and corporate advisory services. The firm has confirmed compliance with the eligibility conditions under the Companies (Audit and Auditors) Rules, 2014, and stated there are no professional proceedings against it or its partners. The appointment is pursuant to the Companies Act, 2013 and SEBI Listing Regulations, 2015.
The company disclosed a delay in filing this information due to an unforeseen medical emergency involving the Managing Director immediately after the Board meeting. As the final approval for the disclosure required the Managing Director's authorization under the internal framework, the filing was submitted only upon the executive's recovery and resumption of duties. The company stated the delay was inadvertent and not intentional.
Auditor Transition Details
| Particulars | Details |
|---|---|
| Outgoing Auditor | M/s N G M K S & Associates (FRN: 024492N) |
| Reason for Resignation | Prolonged poor health and medical reasons |
| Effective Date of Cessation | May 11, 2026 |
| Incoming Auditor | M/s Nahar V and Company (FRN: 010443C) |
| Date of Appointment | May 11, 2026 |
| Tenure | Till the conclusion of the upcoming Annual General Meeting 2026 |
Historical Stock Returns for Resourceful Automobile
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | -4.80% | -10.98% | -21.40% | -32.81% | -66.09% |
How will the new auditor address the unverified utilisation of proceeds from the Initial Public Offer?
Will shareholders raise concerns about governance given the delay in disclosure due to the Managing Director's medical emergency?
What impact will the auditor transition have on the timeline and outcome of the upcoming Annual General Meeting in 2026?
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