Veerkrupa Jewellers disclosed that M/s. Shah Karia and Associates, Chartered Accountants, has tendered its resignation as the company’s statutory auditor. The resignation takes effect from August 14, 2026, with the firm citing personal reasons for its decision to step down.

The firm, which holds ICAI Firm Registration No. 131546W, was originally appointed on September 5, 2025, for a term scheduled to expire on March 31, 2030. It had previously submitted the statutory audit report for the financial year ended March 31, 2026, on May 27, 2026.

Resignation Details

Veerkrupa Jewellers confirmed that the resigning auditor raised no concerns regarding the company’s management or affairs. Consequently, the Audit Committee did not require deliberation on the matter, and no disclosure of the committee’s view is applicable. The firm stated there were no material reasons other than personal ones driving the exit.

Key details of the auditor change:

The company noted that neither the inability to obtain sufficient audit evidence nor any lack of information impacted the financial statements. All alternative procedures required under auditing standards were deemed not applicable.

Next Steps

The Audit Committee and the Board of Directors will consider the appointment of a new statutory auditor to fill the casual vacancy created by this resignation. The company will intimate the exchange regarding the new appointment in due course, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Veerkrupa Jewellers and its Managing Director Chirag Arvind Shah have been barred from accessing the securities market for five years by the Securities and Exchange Board of India (SEBI). The market regulator also imposed a monetary penalty of ₹20 lakh on the director for alleged violations of securities laws. The order, received on June 4, 2026, restricts the entities from buying, selling, or dealing in securities directly or indirectly during the ban period.

The Quasi-Judicial Authority of SEBI found violations of Sections 12A(a), 12A(b), and 12A(c) of the SEBI Act. The order also cited breaches of multiple regulations under the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations, specifically Regulations 3(a), 3(b), 3(c), 3(d), 4(1), 4(2)(f), 4(2)(k), and 4(2)(r) read with Regulation 2(1)(c).

Details of the SEBI Order

The regulatory action targets both the company and its director for the alleged contraventions. The penalty under Section 15HA of the SEBI Act was levied solely on Mr. Chirag Arvind Shah.

In its disclosure to the stock exchange, Veerkrupa Jewellers stated that the impact on its financial or operational activities is not quantifiable (NA) at this stage. The disclosure was submitted under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.