Shiva Granito Export Limited has appointed M/s Ankit Suresh Jain & Co. as its Statutory Auditor, effective August 3, 2026. The Board of Directors approved the appointment during a meeting held on August 3, 2026, to fill the casual vacancy created by the resignation of the previous Statutory Auditor. This change in audit oversight ensures continuity in compliance and financial reporting for the company while the outgoing auditor’s tenure concludes. The appointment remains subject to ratification by shareholders at the company’s ensuing General Meeting.

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2018, read along with SEBI Circular CIR/CFD/CMD/4/2015 dated September 9, 2015. Abhinav Upadhyay, Managing Director of Shiva Granito Export Limited, signed the intimation to the BSE Limited.

M/s Ankit Suresh Jain & Co., holding Firm Registration No. 023180C with the Institute of Chartered Accountants of India (ICAI), will serve until the next Annual General Meeting. The firm, incorporated in 2017 with its registered office in Udaipur, Rajasthan, is also a Peer Reviewed firm under Certificate No. 022301 dated September 24, 2025.

Auditor Profile and Scope

M/s Ankit Suresh Jain & Co. provides a range of services including audit and assurance, direct and indirect tax consultancy and litigation, project financing, and management consultancy. The firm audits listed and private companies across diverse sectors such as Industrial, Infrastructure, Consumer Products, Financial Services, Technology, Telecommunications, and Professional Services.

The appointment addresses the immediate need for statutory audit coverage following the departure of the prior auditor. Shareholders will vote on this appointment during the upcoming General Meeting, as required by regulatory norms for auditor appointments filling casual vacancies.

Shiva Granito Export Limited faces a significant governance disruption after its statutory auditor, M/s Nenawati & Associates, resigned effective July 28, 2026. The firm cited a "non co-operating response" from the company’s management as the primary reason for its inability to conduct the audit for the fiscal year 2025-26 (FY25-26). This resignation, communicated to the Bombay Stock Exchange (BSE) on July 30, 2026, raises immediate concerns regarding the accessibility of financial records and the transparency of the company’s reporting processes for the current fiscal period.

The departure was formally disclosed pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Abhinav Upadhyay, Managing Director of Shiva Granito Export Limited, signed the disclosure letter. The filing also addressed discrepancies flagged by the BSE on July 30, 2026, regarding compliance with SEBI circulars dated October 18, 2019, and November 11, 2024. These circulars mandate detailed disclosures when a statutory auditor resigns, ensuring that investors are informed of any material impediments to the audit process.

Reasons for Resignation

The core issue driving the resignation is detailed in Annexure A of the exchange filing. M/s Nenawati & Associates stated that the management’s response was not cooperative for conducting the audit for the year 2025-26. In their direct resignation letter dated July 28, 2026, addressed to the Managing Director, the partners at Nenawati & Associates elaborated that they were "unable to conduct the audit" due to this lack of cooperation. The firm did not cite any disagreement over accounting standards or financial findings but rather pointed to procedural obstructions in obtaining necessary information.

Audit History and Implications

M/s Nenawati & Associates was appointed as the statutory auditor on September 30, 2025, during the company’s 10th Annual General Meeting. Their term was scheduled to expire at the conclusion of the 11th Annual General Meeting. Prior to this resignation, the firm had issued a Limited Review Report for the half-year ended September 30, 2025, on November 14, 2025. The resignation occurs during the active audit period for FY25-26, meaning the financial statements for this period remain unaudited and unverified by an independent third party.

The explicit mention of management non-cooperation serves as a red flag for stakeholders. It necessitates the appointment of a new statutory auditor by the Board of Directors, subject to shareholder approval if required under the Companies Act. Until a new auditor is engaged and begins their work, there may be delays in the finalization and publication of the annual accounts for FY25-26.

What the Numbers Show

While no financial figures are disclosed in this specific filing, the structural data reveals a critical governance gap. The resignation occurs mid-fiscal year, indicating that the impediment was procedural and behavioral rather than a disagreement over accounting standards. The auditor confirmed there were no other material reasons for the resignation and that no alternative procedures could be performed to obtain appropriate evidence. This suggests that the integrity of the FY25-26 financial reporting is temporarily in limbo, dependent on the swift appointment of a successor who can overcome the cited cooperation issues.