Terraform Realstate has scheduled its 41st Annual General Meeting for September 28, 2026, with the register of members closing from September 22 to September 28. The board also appointed a new statutory auditor during its August 27 meeting.

The board meeting, held at the company’s registered office in Mumbai from 11:30 am to 12:30 pm, addressed several key corporate governance matters. Directors took note of the secretarial audit report for the financial year ended March 31, 2026.

Auditor Appointment

The board recommended the appointment of M/s. Ankit Goyanka & Associates as the statutory auditors. This decision fills the casual vacancy created by the resignation of M/s. J.D. Zatakia & Co., Chartered Accountants (Firm Registration No. 111777W).

AGM Logistics and Book Closure

Key outcomes include fixing the day, date, time, and venue for the 41st AGM. The meeting will be held on Monday, September 28, 2026, at 4:00 pm at the company’s registered office in Mumbai. The board approved the draft notice for the meeting and determined the closure dates for the Register of Members and Share Transfer Register.

Mr. Nrupang B. Dholakia of Dholakia & Associates LLP was appointed as the scrutinizer for the voting process. Shareholders can cast votes electronically via National Securities Depository Limited (NSDL). The cut-off date for ascertaining voting rights is September 21, 2026.

Terraform Realstate has announced 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 primary 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 requires the company to appoint a new statutory auditor before the conclusion of its next Annual General Meeting.

The resignation was formally intimated to BSE Limited on August 05, 2026, pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 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. Ketan Mafatlal Trivedi, Company Secretary & Compliance Officer of Terraform Realstate, signed the intimation letter.

J. D. Zatakia & Co. was originally appointed as the statutory auditor at the Annual General Meeting held on September 27, 2024. The firm was engaged for a five-year term covering financial years 2025 through 2029. Prior to resigning, the firm had submitted the Statutory Audit Report for the year ended March 31, 2026, dated May 26, 2026, and the Limited Review Report for the quarter ended June 30, 2026, dated July 16, 2026.

In its resignation letter addressed to the Board of Directors, J. D. Zatakia & Co. noted that discussions regarding the statutory audit fees for the financial year ending March 31, 2027, did not result in an agreement. Jitendra D. Zatakia, Proprietor of the firm, stated that due to this impasse, they were unable to continue as statutory auditors. The firm confirmed there were no other material reasons for the resignation and no concerns regarding management-imposed limitations or lack of information.

Resignation Details

What This Means

The resignation of a statutory auditor mid-term often signals underlying friction between the company’s management and its external oversight mechanism. In this case, the explicit citation of fee inadequacy relative to effort suggests either an increase in the complexity of Terraform Realstate’s financial reporting requirements or a disagreement on valuation of services. Investors should monitor the timeline for the appointment of a successor auditor, as delays could impact the finalization of subsequent quarterly results. The company must now initiate the process to appoint a new firm approved by shareholders in accordance with regulatory norms.