Tirupati Finlease auditor resigns effective May 23

2 min read Updated on 18 May 2026, 07:04 PM

Reviewed by

Ashish TScanX News Team

AI Summary

Tirupati Finlease Ltd announced the resignation of its statutory auditor, M/s STAP & Co., effective May 23, 2026, due to professional commitments. The Board will address the vacancy in the upcoming meeting and appoint a new auditor.

*this image is generated using AI for illustrative purposes only.

Tirupati Finlease Ltd has informed the stock exchanges regarding the resignation of its statutory auditor, M/s STAP & Co. The resignation is effective from the conclusion of the board meeting scheduled for May 23, 2026, where the financial results for the quarter and year ended March 31, 2026, will be approved.

The auditor cited an inability to continue due to other professional commitments and assignments. The company confirmed there are no material reasons for the resignation beyond those stated in the resignation letter dated May 18, 2026. M/s STAP & Co. was originally appointed on September 28, 2024, for a term of five years ending on March 31, 2029.

The firm had completed the limited review audit for the financial statements for the quarter ended December 31, 2025, and issued the report on February 14, 2026. As per regulatory requirements, the auditor will complete the audit for the quarter and financial year ending March 31, 2026, prior to the effective date of resignation.

Board Action

The Board of Directors will take note of the resignation in the upcoming board meeting. Consequently, the Board will initiate the process to appoint a new statutory auditor to fill the casual vacancy created by this departure.

Auditor Details

Particulars	Details
Name of Auditor	M/s STAP & Co.
FRN	132148W
Effective Date of Resignation	May 23, 2026
Reason	Other professional commitments and assignments

Historical Stock Returns for Tirupati Fin-Lease

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Will Tirupati Finlease be able to appoint a qualified replacement auditor before the AGM deadline, and how might delays in filling the casual vacancy impact its regulatory compliance timeline?

Could the mid-term resignation of M/s STAP & Co. — less than two years into a five-year mandate — raise concerns among investors or regulators about the transparency of Tirupati Finlease's financial reporting?

How might the auditor transition affect the company's ability to raise capital or secure credit facilities, given that lenders and investors often scrutinize audit continuity as a governance indicator?

Regulatory Background

Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 requires listed entities to submit an Annual Secretarial Compliance Report to stock exchanges within 60 days from the end of each financial year. Additionally, companies must annex a Secretarial Audit Report with their Annual Report. This requirement was introduced through SEBI Circular No. CIR/CFD/CMD1/27/2019 dated February 8, 2019.

Exemption Criteria

The company has confirmed its exemption status based on specific financial thresholds prescribed by SEBI:

Parameter	Threshold	Company Status
Paid-up Equity Share Capital	Below ₹10 crore	Qualifies for exemption
Net Worth	Below ₹25 crore	Qualifies for exemption
Measurement Date	Last day of previous financial year	As per SEBI guidelines

Company Undertakings

Tirupati Fin-Lease Ltd has provided several confirmations and undertakings to the exchange:

The company has reviewed its status regarding Regulation 24A applicability for the relevant financial year
It does not meet the threshold criteria for mandatory compliance with Regulation 24A
The company commits to promptly inform the exchange when Regulation 24A becomes applicable in any subsequent financial year

Compliance Framework

The intimation was submitted by Bajranglal Agarwal, Whole Time Director (DIN: 00605957), in accordance with Regulation 24A requirements and applicable SEBI circulars. The company has assured continued monitoring and compliance with applicable regulatory requirements as its business grows and financial parameters change.

This notification demonstrates the company's proactive approach to regulatory compliance and transparency with stock exchange requirements, even when seeking exemptions from specific provisions.

Historical Stock Returns for Tirupati Fin-Lease

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

What growth trajectory would Tirupati Fin-Lease need to achieve to cross the ₹10 crore paid-up capital or ₹25 crore net worth thresholds in the coming years?

How might the company's exemption from secretarial compliance reporting affect investor confidence compared to peers who undergo mandatory audits?

What strategic expansion plans could potentially trigger the applicability of SEBI Regulation 24A for Tirupati Fin-Lease in future financial years?