Shashank Traders Limited's statutory auditor, M/s. Nemani Garg Agarwal & Co., resigned effective June 30, 2026, citing a change in the company's management as the reason for the decision. The firm, which was appointed on December 30, 2024, for a five-year term ending at the conclusion of the 44th Annual General Meeting, confirmed that the resignation does not result from an inability to obtain sufficient appropriate audit evidence or any other circumstances requiring disclosure to the Board.

The auditor clarified that there are no disputes or concerns regarding the suppression of information by the management. In its resignation letter, the firm stated it would file Form ADT-3 with the Registrar of Companies within the prescribed time as required under Section 140(2) of the Companies Act, 2013. The most recent audit report submitted by the firm was for the standalone audited financial results for the quarter and financial year ended March 31, 2026, issued on May 30, 2026.

The Audit Committee and the Board of Directors of Shashank Traders will note the resignation in their ensuing meetings. The company intends to recommend the appointment of a new statutory auditor in compliance with the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Any such appointment will be subject to the approval of the shareholders where required.

Auditor Details

The resignation was intimated to the exchanges pursuant to Regulation 30(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that there are no other material reasons for the resignation beyond those stated by the auditor.

Shashank Traders Limited reported a net loss of ₹22.39 lakh for the financial year ended March 31, 2026, on total income of ₹41.97 lakh. For the quarter ended March 31, 2026, the company recorded a net loss of ₹16.07 lakh. The audited standalone financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 30, 2026.

M/s. Nemani Garg Agarwal & Co., Statutory Auditors, issued an unmodified opinion on the results. The filing disclosed that the company has no business revenue since long and management is exploring new businesses. Additionally, the company recorded the cost of investment at ₹241.40 lakh at cost of acquisition without determining fair value as required by IND AS 109.

Board Decisions and Appointments

The Board approved a proposal to change the company's name, subject to availability and approvals from the Registrar of Companies, Stock Exchange, and shareholders. The Board also accepted the resignation of Mr. Praveen Jaswant Rai Jain from the office of Managing Director effective May 30, 2026.

Following the management changes, the Board appointed Mr. Pramod Kumar Shah as an Additional Director designated as Independent Director effective May 30, 2026, subject to shareholder approval. The Board reconstituted its key committees, including the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, and Corporate Social Responsibility Committee.

Key Managerial Personnel Changes

The Board recorded the resignations of Mr. Nipun Praveen Jain as Chief Financial Officer and Ms. Renu Lahoti as Company Secretary & Compliance Officer effective May 30, 2026. Consequently, the Board appointed Mr. Om Prakash Lohia as Chief Financial Officer, Ms. Biswashree Pati as Company Secretary & Compliance Officer, and Mr. Pranay Ganeriwala as Chief Experience Officer, effective June 1, 2026.

The Board also appointed Mr. Sudhansu Sekhar Panigrahi as Secretarial Auditor and M/s. Barkha & Associates as Internal Auditor for FY26-27. Furthermore, the Board approved setting up a Corporate Office at Cosmic Tower, Kolkata.

Financial Performance

The company's paid-up equity share capital remained constant at ₹309.38 lakh. Reserves, excluding revaluation reserves, stood at a negative ₹115.00 lakh as of March 31, 2026.