Sylph Industries Limited has appointed M/s Bihari Shah & Co as its Statutory Auditor, effective August 08, 2026, to address a casual vacancy in the auditor’s office. The company name Board of Directors approved the appointment during a meeting held on August 08, 2026, at its registered office in Indore. This move ensures continuity in statutory audit functions following the resignation of FHMSV & Co, Chartered Accountants, which ceased its role with effect from the closure of business hours on August 06, 2026. The appointment is interim in nature, covering the period until the conclusion of the company’s upcoming Annual General Meeting (AGM), after which shareholders must ratify the selection.

The decision was taken pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board also noted compliance with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, which mandates detailed disclosures regarding changes in statutory auditors. The meeting commenced at 3:00 P.M. and concluded at 3:35 P.M., with Sunil Amarchand Kalal, Director of Sylph Industries, signing the disclosure letter to the Listing Department of BSE Limited.

Auditor Profile and Scope

M/s Bihari Shah & Co holds Firm Registration No. 119020W and offers a range of financial and regulatory services. According to the disclosure filed with the stock exchange, the firm’s service portfolio includes income tax-related services, Goods and Services Tax (GST) compliance, project finance and subsidy services, company-related services, and bank audit services. The appointment aims to maintain rigorous oversight of the company’s financial reporting during the interim period leading up to the AGM.

Regulatory Compliance and Disclosures

The filing explicitly states that there are no relationships between the directors of Sylph Industries and the newly appointed auditors that would compromise independence, marking this field as "Not applicable" in the mandatory disclosure table. The company emphasized that the appointment is subject to shareholder approval, aligning with standard corporate governance practices for filling casual vacancies in statutory roles. The disclosure was submitted to ensure transparency with investors and regulators regarding the change in audit oversight, which is critical for maintaining market confidence in the integrity of financial statements.

Sylph Industries disclosed on August 7, 2026, that its statutory auditor, FHMSV & Co., Chartered Accountants, has tendered its resignation effective August 6, 2026. The resignation stems from the dissolution of the audit firm, which results in the cessation of its legal identity as an independent partnership. Consequently, FHMSV & Co. will be unable to undertake the limited review of unaudited financial results for the quarter ending June 30, 2026, or subsequent audits required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This development necessitates the immediate appointment of a new statutory auditor to ensure compliance with regulatory reporting timelines for upcoming quarters.

The disclosure was made pursuant to Regulation 30 of the SEBI LODR Regulations, 2015, along with SEBI Circular CIR/CFD/CMD/4/2015 dated September 9, 2015, and CIR/CFD/CMD1/114/2019 dated October 18, 2019. Additionally, details were provided in accordance with SEBI Circular No. SEBI/HO/CFD/CFDPoD-1/P/CIR/2023/123 dated July 13, 2023. The company’s Board of Directors, led by Director Sunil Amarchand Kalal, acknowledged the resignation letter received from CA Pratik H. Vora, Partner at FHMSV & Co.

FHMSV & Co., holding Firm Registration No. 128276W, was appointed as the statutory auditor on February 22, 2025, with a term scheduled to expire on March 31, 2030. Despite the early departure, the firm confirmed that it has successfully completed and signed the Independent Auditors’ Reports on both the Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026. These reports were issued on June 1, 2026, ensuring that the annual accounts for FY26 are fully audited and compliant.

In its resignation letter, FHMSV & Co. explicitly stated that there are no concerns, disputes, or issues with the management of Sylph Industries Limited. The firm affirmed that there is no information or circumstance connected with the resignation requiring further disclosure under Regulation 30 read with Schedule III of the Listing Regulations, other than the dissolution of the firm. Furthermore, the auditor confirmed that no management-imposed limitations hindered the audit process, and alternative procedures under SA 705 (Revised) were performed where necessary to obtain appropriate evidence.

Key Details of Auditor Resignation

Regulatory Compliance and Next Steps

The resignation process adhered to all prescribed regulatory frameworks. Prior to submitting the formal resignation, FHMSV & Co. informed the Chairperson of the Audit Committee and the Board of Directors about the detailed reasons for stepping down. The firm also declared that the lack of information was not prevalent in previous reported financial statements, validating the integrity of past audit opinions. Sylph Industries Limited is now expected to initiate the process of appointing a new statutory auditor to handle the limited review for Q1FY27 and subsequent financial periods, ensuring uninterrupted compliance with SEBI listing obligations.