Ambitious Plastomac Company Limited , a Gujarat-based firm, has announced a significant change in its financial oversight. The company's Board of Directors has approved the appointment of M/s Fenil P Shah Associates, Chartered Accountants, as its new statutory auditor, effective November 4, 2025.

Key Details of the Appointment

The appointment comes in the wake of the resignation of the previous auditor, M/s Pankaj K Shah Associates, on September 1, 2025. This change is subject to member approval within three months, as per regulatory requirements.

About the New Auditor

Fenil Shah, the founder of Fenil P Shah Associates, brings experience to Ambitious Plastomac. As a Chartered Accountant and Cost and Management Accountant, Shah has established a peer-reviewed, award-winning accounting firm based in Ahmedabad. His expertise spans across various sectors including manufacturing, healthcare, banking, pharmaceuticals, and financial services.

Regulatory Compliance

The appointment aligns with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has informed the BSE Limited of this change, adhering to the continuous disclosure requirements for listed entities.

Board Meeting Details

The decision was made during a board meeting held on November 4, 2025, at the company's registered office in Ahmedabad. The meeting, which commenced at 1:15 PM and concluded at 1:50 PM, saw the board approve the appointment based on the recommendation of the Audit Committee.

This change in statutory auditor marks a new chapter for Ambitious Plastomac Company Limited, potentially bringing fresh perspectives to the company's financial reporting and compliance processes.

Ambitious Plastomac Company Limited , a Gujarat-based firm, has released its unaudited financial results for the quarter ended June 30, 2025, revealing a complex financial picture marked by auditor concerns over tax provisions.

Board Meeting Outcomes

The company's Board of Directors convened on August 13, 2025, to review and approve the quarterly results. The meeting, which lasted from 4:00 PM to 5:30 PM, focused primarily on the financial performance for the quarter. Notably, the board did not consider or approve any proposals for increasing authorized share capital or fund-raising through methods such as preferential issues, convertible instruments, or private placements.

Auditor's Qualified Opinion

The statutory auditors, Pankaj K. Shah Associates, issued a qualified opinion on the financial results, highlighting significant concerns:

1. Unprovided Tax Liabilities: The company failed to account for an interest expense on income tax liability amounting to Rs. 6.13 lakh for previous years.
2. Outstanding Tax Demands: There are unaddressed income tax demands totaling Rs. 5.34 lakh, specifically:
   • Rs. 4.74 lakh for the assessment year 2007-08
   • Rs. 0.60 lakh for the assessment year 2006-07

Financial Impact of Auditor's Observations

The auditors noted that these accounting oversights have led to:

• An overstatement of profit by Rs. 6.13 lakh
• An understatement of balance sheet items by Rs. 11.47 lakh

The auditors emphasized that this accounting treatment does not comply with Indian Accounting Standard 12 on Income Taxes.

Compliance and Disclosure

Despite these concerns, Ambitious Plastomac affirmed its commitment to regulatory compliance. In accordance with SEBI regulations, the company will publish an extract of the unaudited financial results for the quarter ended June 30, 2025. The full unaudited financial results will be made available on the company's website.

Looking Ahead

While the board meeting did not address capital raising or share issuance, the qualified opinion from the auditors raises questions about the company's financial management practices, particularly concerning tax provisions. Investors and stakeholders will likely be watching closely to see how Ambitious Plastomac addresses these issues in the coming quarters.

The company's ability to resolve these tax-related discrepancies and improve its financial reporting practices may play a crucial role in maintaining investor confidence and ensuring compliance with accounting standards moving forward.