Riddhi Corporate Services Limited has announced the immediate resignation of its statutory auditor, M/s Nitin K Shah & Co., Chartered Accountants, effective April 22, 2026. The company informed the Bombay Stock Exchange about this development in compliance with Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Auditor Appointment and Resignation Timeline

The auditing firm's association with Riddhi Corporate Services followed a complex timeline involving previous resignations and reappointments:

Reason for Resignation

Nitin K Shah & Co. provided detailed explanations for their resignation in their letter to the Board of Directors. The auditing firm revealed that they had previously resigned during the COVID-19 pandemic when their peer review process was ongoing but could not be completed due to severe pandemic conditions. At that time, they resigned before completing their term, which was scheduled to conclude at the ensuing Annual General Meeting.

The firm accepted the recent statutory audit appointment under the belief that their previous resignation before completing the term would not affect their eligibility for reappointment. However, upon reviewing technical compliance aspects and to accept greater responsibility for regulatory compliance, they determined that a cooling-off period of five consecutive years is required before re-appointment under Section 139 of the Companies Act, 2013.

Compliance and Governance Considerations

The resignation letter emphasized the auditor's commitment to maintaining the highest standards of corporate governance and ensuring full compliance with applicable laws. The auditing firm confirmed that their resignation was solely due to the cooling-off period requirements and stated that there were no other circumstances requiring disclosure under applicable laws.

Key confirmations from the auditor:

• No disagreement with management or Board of Directors on financial statements
• No issues with accounting policies or auditing procedures
• Full cooperation promised for smooth transition to incoming auditor
• No other material concerns beyond stated compliance requirements

Company Response and Next Steps

Riddhi Corporate Services, through Company Secretary Mustafa Mufaddalbhai Sibatra, confirmed receipt of the resignation and stated that there were no additional reasons beyond those mentioned in the auditor's resignation letter. The company will need to initiate the process for appointing a new statutory auditor in accordance with applicable provisions of law.

The auditing firm, with Firm Registration Number 107140W, was represented by CA Vaibhav N. Shah as Proprietor (Membership No. 116817). Their office is located at Empire Tower, C.G. Road, Ahmedabad, and they had been serving to fill a casual vacancy until the conclusion of the Annual General Meeting for financial year 2025-26.

Riddhi Corporate Services Limited has successfully concluded its postal ballot process with unanimous shareholder approval across all proposed resolutions. The postal ballot, dated March 1, 2026, concluded on March 30, 2026, under Regulation 44 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Postal Ballot Overview

The company conducted the postal ballot with CS Samsad Alam serving as the scrutinizer. The process covered four resolutions, with the record date set as February 26, 2026, encompassing 2830 total shareholders.

Resolution Results

All four resolutions received unanimous approval from participating shareholders through the remote e-voting platform provided by NSDL.

Resolution 1: IPO Object Variation

The special resolution for variation in the objects of the Initial Public Offer received complete support from shareholders.

Resolution 2: Statutory Auditor Appointment

The ordinary resolution for appointment of statutory auditors to fill casual vacancy was approved unanimously.

Resolution 3: Director Regularization

The special resolution for regularization of Mr. Kalpesh Chandra Kishore Shukla (DIN: 07773003) as Non-Executive Independent Director received full shareholder support.

Resolution 4: Secretarial Auditor Appointment

The ordinary resolution for appointment of secretarial auditor of the company was passed with complete approval.

Voting Participation

The postal ballot witnessed participation from 15 shareholders through remote e-voting, representing 26.97% of the total outstanding shares. No shareholders voted against any of the proposed resolutions, and no invalid votes were recorded.

Regulatory Compliance

The company fulfilled all regulatory requirements under the Companies Act, 2013, and SEBI regulations. The postal ballot notice was distributed electronically to shareholders whose email addresses were registered with the company or depository participants. The results have been uploaded on the company's website at www.riddhicorporate.co.in and communicated to BSE Limited.

The scrutinizer's report confirmed that all procedural requirements were met, including proper notification through newspapers in English and Gujarati languages, and compliance with MCA circulars regarding electronic communication.