RO Jewels announced that its statutory auditor, M/s. Shah Karia and Associates, has tendered resignation effective August 14, 2026. The firm cited personal reasons for stepping down from the role.

The company confirmed that there are no concerns raised by the resigning auditor regarding the management of RO Jewels. Consequently, no deliberation by the Audit Committee was required, and no disclosure of the committee’s view is applicable.

Auditor Details

Shah Karia and Associates was appointed as the statutory auditor on September 5, 2025. Their term was scheduled to expire on March 31, 2030. Prior to resignation, the firm submitted a Limited Review Report for the quarter ended June 30, 2026, dated August 13, 2026.

Next Steps

The Audit Committee and the Board of Directors will consider the appointment of a new statutory auditor to fill the casual vacancy caused by this resignation. The company will intimate the appointment of the new auditor in due course, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The resignation letter and additional details required under Schedule III of the Listing Regulations have been filed with the BSE Limited.

RO Jewels Limited reported a net profit of ₹0.29 lakh for the financial year ended March 31, 2026, a sharp decline from ₹17.10 lakh in the previous year. Revenue from operations for the year stood at ₹4,709.75 lakh, compared to ₹4,547.63 lakh in FY25. The company's statutory auditors, M/s Shah Karia & Associates, issued a qualified opinion on the standalone audited financial results, citing significant limitations in verifying inventory, trade receivables, and cash balances.

The board approved the financial results at its meeting held on May 30, 2026. The meeting also took note of the resignation of M/s Neelam Somani & Associates as Secretarial Auditors and appointed Priyanshi Jain as the new Secretarial Auditor for a term of five years, subject to shareholder approval.

Audit Qualifications

The auditors raised four key qualifications. They were unable to verify inventory valued at ₹1,381.84 lakh due to a lack of item-wise identification and formal documentation. Additionally, independent external confirmations for trade receivables and trade payables were not obtained, preventing the verification of carrying values. The auditors also could not physically verify cash and bank balances included in cash and cash equivalents. Furthermore, the company failed to retrospectively apply a change in depreciation method from Written Down Value to Straight-Line Method, resulting in non-compliance with Accounting Standard 6.

Financial Performance

For the quarter ended March 31, 2026, the company reported a loss of ₹8.32 lakh, contrasting with a profit of ₹5.45 lakh in the same period last year. Total assets for FY26 stood at ₹2,405.04 lakh, down from ₹2,541.06 lakh in the previous year. The company's equity share capital remained unchanged at ₹1,008.93 lakh.

Key Meeting Details