Shiva Granito Export auditor quits over management non-cooperation
Shiva Granito Export Limited faces governance scrutiny after its statutory auditor, M/s Nenawati & Associates, resigned effective July 28, 2026. The firm cited a lack of cooperation from management as the reason for being unable to conduct the FY25-26 audit. The resignation was disclosed to the BSE on July 30, 2026, in compliance with SEBI regulations, raising questions about the timeliness and transparency of the company's financial reporting.
*this image is generated using AI for illustrative purposes only.
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.
| Detail | Information |
|---|---|
| Auditor Name | M/s Nenawati & Associates |
| Firm Registration No. | 02148C |
| Effective Date | July 28, 2026 |
| Reason | Non-cooperating response of Management for Audit of FY25-26 |
| Regulatory Reference | Regulation 30, SEBI LODR 2015; SEBI Circulars Oct 18, 2019 & Nov 11, 2024 |
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.
Historical Stock Returns for Shiva Granito Export
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | -5.00% | -22.48% | -24.88% | -38.67% | +234.14% |
How quickly can Shiva Granito Export Limited appoint a new statutory auditor given the mid-fiscal timing, and will this delay the finalization of FY25-26 financial statements?
What specific regulatory penalties or investigations might SEBI initiate against the company's management for obstructing the audit process?
Will the lack of an independent audit for FY25-26 impact the company's ability to secure credit facilities or maintain its listing status on the BSE?
15
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
