Ace men engg works Limited has announced the resignation of its statutory auditor M/s. J Singh & Associates, Chartered Accountants, effective January 27, 2026. The company informed BSE Limited about this development in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Auditor Details and Tenure

J Singh & Associates (FRN:110266W) had been serving as the statutory auditor since January 03, 2022, with their appointment originally scheduled to continue until September 30, 2027. The auditing firm's last submission was a Limited Review Report for the quarter ended September 30, 2025, which was filed on November 14, 2025.

Reasons for Resignation

The auditing firm provided detailed explanations for their resignation in their formal letter to the company's Board of Directors. The primary factors cited include:

Partner Departure Impact: A key partner who was primarily responsible for overseeing audits of Ace Men Engg Works Limited recently resigned from the partnership, resulting in a significant reduction in the firm's overall audit leadership capacity.

Resource Constraints: The firm is experiencing acute staff constraints and resource limitations, making it unable to allocate the necessary team strength required for timely and quality completion of audit work.

The auditing firm emphasized that due to these circumstances, they would not be in a position to complete audits within the stipulated timelines prescribed under applicable laws and regulations. To avoid further delays or inconvenience to the company, they decided to resign and allow the appointment of another auditor with adequate resources.

Regulatory Compliance

The resignation was communicated through proper regulatory channels, with Managing Director Ruchir Patel (DIN: 09840600) signing the intimation letter on behalf of Ace Men Engg Works Limited. The company provided comprehensive details as required under SEBI regulations, including the complete resignation letter and Annexure A from the auditing firm.

Auditor's Confirmation

J Singh & Associates confirmed in their resignation letter that there are no other material reasons for their resignation beyond those stated. The firm also confirmed compliance with Section 140(2) of the Companies Act, 2013, and Rule 8 of the Companies (Audit and Auditors) Rules, 2014, regarding the provision of all required information and explanations.

The auditing firm expressed appreciation for the cooperation extended during their tenure and confirmed that no concerns were raised with the Audit Committee or Board of Directors prior to resignation. They also stated that there were no instances where requested information was not provided by the company management.

Ace Men Engg Works has undergone a significant change in its shareholding structure following a recent preferential allotment. Bhargav Bhanubhai Suhagia acquired a substantial stake in the company through a share swap transaction, marking a notable development in the company's ownership landscape.

Key Details of the Transaction

Impact on Company's Share Capital

The preferential allotment has led to a significant expansion in Ace Men Engg Works' share capital:

This transaction has resulted in a substantial dilution of the existing shareholding, with the company's share capital more than quadrupling from its previous level.

Implications and Regulatory Compliance

The acquisition by Bhargav Bhanubhai Suhagia of a 6.78% stake crosses the threshold that requires disclosure under Regulation 29(2) of SEBI's Substantial Acquisition of Shares and Takeovers Regulations, 2011. This regulation mandates that any acquisition of 5% or more of the shares or voting rights in a target company must be reported to the stock exchanges and the company itself.

The share swap nature of this deal suggests a strategic move, potentially involving the exchange of shares from another entity. However, the specific details of the assets or shares exchanged for this stake in Ace Men Engg Works have not been disclosed in the available information.

As this transaction significantly alters the company's capital structure and introduces a new major shareholder, existing and potential investors may want to monitor any subsequent announcements or changes in the company's strategic direction that may follow this development.

It's important to note that while this acquisition represents a significant change in ownership, its impact on the company's operations, management, or future plans remains to be seen. Stakeholders may wish to await further communications from the company for a more comprehensive understanding of the implications of this share swap deal.