Terraform Magnum has scheduled a board meeting for August 27, 2026, to address key corporate governance matters including the appointment of new statutory auditors.

The meeting will be held at 3:30 pm at the company's registered office in Mumbai. The agenda focuses on regulatory compliance and preparations for the upcoming annual general meeting.

Key Agenda Items

The Board of Directors will consider the following matters:

• Take note of the secretarial audit report for FY26
• Approve the director's report for the financial year ended March 31, 2026
• Recommend the appointment of M/s. Ankit Goyanka & Associates as statutory auditors to fill the casual vacancy left by M/s. J.D. Zatakia & Co.
• Fix the date for closure of the Register of Members and Share Transfer Register
• Approve the appointment of Mr. Nrupang B. Dholakia as scrutinizer for the 44th Annual General Meeting (AGM)
• Finalize the day, date, time, and venue for the 44th AGM and approve the draft notice

Auditor Change

The board will recommend M/s. Ankit Goyanka & Associates to replace M/s. J.D. Zatakia & Co., who resigned from their position as statutory auditors. This appointment is required to fill the casual vacancy in the firm's audit function.

AGM Preparations

The company will finalize logistical details for its 44th Annual General Meeting, including the appointment of a scrutinizer to oversee the voting process. The board will also determine the timeline for closing the register of members to establish the record date for dividend eligibility and voting rights.

Terraform Magnum has disclosed the resignation of its statutory auditors, M/s. J. D. Zatakia & Co., effective August 04, 2026. The audit firm cited a dispute over remuneration as the sole reason for stepping down, stating that the existing fees were not commensurate with the time and effort required to carry out the audit engagement and fulfill their responsibilities. This development forces the company to appoint a new statutory auditor ahead of its upcoming financial reporting cycles.

The resignation was formally communicated to the Board of Directors via a letter dated August 04, 2026, signed by Jitendra D. Zatakia, Proprietor of J. D. Zatakia & Co. The firm noted that discussions regarding statutory audit fees for the financial year ending March 31, 2027, did not result in an agreement. Consequently, the firm expressed its inability to continue in the role. Terraform Magnum submitted the intimation to BSE Limited on August 05, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Auditor Details and Tenure

J. D. Zatakia & Co. was originally appointed as the statutory auditor at the Annual General Meeting held on September 27, 2024. The appointment was for a five-year term covering financial years 2024-25 through 2028-29. Prior to resignation, the firm had submitted the Statutory Audit Report for the year ended March 31, 2026, dated May 26, 2026, and a Limited Review Report for the quarter ended June 30, 2026, dated July 16, 2026.

Regulatory Compliance and Disclosures

The disclosure was made in accordance with SEBI Master Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023. The annexure filed with the stock exchange confirmed that there were no other material reasons for the resignation beyond the fee dispute. The auditor also declared that there were no concerns regarding management-imposed limitations on audit evidence or lack of information that would significantly impact financial statements. No alternative procedures under SA 705 (Revised) were required due to information gaps, as the issue was strictly related to fee structures rather than access to records.

Harsh Shedge, Company Secretary & Compliance Officer of Terraform Magnum, signed the intimation letter. The company is now required to fill the vacancy of the statutory auditor in accordance with applicable provisions of the Companies Act, 2013, and SEBI regulations. Shareholders will be informed of the appointment of the new auditor through subsequent filings.