Terraform Realstate has scheduled a board meeting for Thursday, August 27, 2026, to finalize arrangements for its 41st Annual General Meeting. The session will also address the appointment of new statutory auditors following a recent resignation.

The meeting is set for 11:30 am at the company’s registered office in Mumbai. Directors will review the secretarial audit report for the financial year ended March 31, 2026, and approve the director’s report for the same period.

Auditor Appointment

The board will recommend the appointment of M/s. Ankit Goyanka & Associates as statutory auditors. This move aims to fill the casual vacancy left by the resignation of M/s. J.D. Zatakia & Co., Chartered Accountants.

AGM Logistics

Key agenda items include fixing the date, time, and venue for the 41st AGM. The board will also approve the closure dates for the Register of Members and Share Transfer Register. Additionally, Mr. Nrupang B. Dholakia of Dholakia & Associates LLP will be appointed as the scrutinizer for the voting process.

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.