Creative Eye Limited announced on September 22, 2025, that its statutory auditor, NGS & CO LLP, Chartered Accountants, has resigned with immediate effect. The resignation comes as a surprise, as the auditing firm was appointed for a five-year term at the Annual General Meeting (AGM) held on September 30, 2022, which was scheduled to conclude at the AGM for the financial year 2026-27.

Reasons for Resignation

NGS & CO LLP cited commercial unviability as the primary reason for their resignation. In their resignation letter, the firm stated that "the professional effort and resources required for auditing a listed company have increased significantly over time, while the audit remuneration remains commercially unviable." This decision was made after reassessing their ability to continue as auditors in terms of Standards on Auditing and Standards on Quality Control issued by the Institute of Chartered Accountants of India.

Audit Completion and Assurances

Despite their resignation, NGS & CO LLP confirmed that they have completed the following tasks:

1. Concluded the statutory audit for the year ended March 31, 2025, issuing the audit report on May 27, 2025.
2. Provided the limited review report for the period ended June 30, 2025, on August 8, 2025.

The auditing firm assured that there are no material reasons for their resignation other than the commercial viability concerns mentioned.

Regulatory Compliance

In compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Creative Eye Limited has provided the necessary details regarding the auditor's resignation to the stock exchanges. The company has also attached the resignation letter and additional information as required by SEBI circulars.

Impact and Next Steps

The sudden resignation of the statutory auditor may raise questions among investors and regulatory bodies. Creative Eye Limited will need to appoint a new statutory auditor to ensure compliance with regulatory requirements and maintain transparency in financial reporting.

The company's board of directors will likely initiate the process of appointing a new statutory auditor to fill the vacancy left by NGS & CO LLP. Shareholders and investors will be keen to see how quickly the company can secure a replacement and ensure a smooth transition in its auditing processes.

Conclusion

This development highlights the growing challenges faced by auditing firms in balancing the increasing demands of auditing listed companies with commercial viability. It also underscores the importance of fair compensation for professional services in maintaining the quality and integrity of financial audits in the corporate sector.

Creative Eye Limited has announced significant changes to its board composition and set the date for its 39th Annual General Meeting (AGM). The company's board of directors made these decisions during a meeting held on August 28, 2025.

New Executive Director Appointment

The board has approved the appointment of Mr. Ashutosh Kochhar as an Additional Director (Whole Time Executive Director) for a three-year term, effective August 28, 2025. This appointment is subject to shareholder approval at the upcoming AGM.

Mr. Kochhar brings a wealth of experience to the role:

• Holds a Bachelor of Arts degree in Film, Television and New Media Production from Mumbai
• Extensive experience in the media and entertainment industry
• Expertise in digital content strategy, production oversight, creativity, and revenue diversification
• Strong background in strategy, planning, and operations management

It's worth noting that Mr. Kochhar is the son of Mrs. Zuby Kochhar, the Chairman and Executive Director of Creative Eye Limited, indicating a continuation of family leadership within the company.

Re-appointment of Independent Director

Mrs. Sarita Gopal Soni has been re-appointed as an Independent Director for a second term of five years, from December 23, 2025, to December 22, 2030. This re-appointment is also subject to shareholder approval at the upcoming AGM.

Mrs. Soni's qualifications and experience include:

• M.A. in Ancient History and Culture from Benares Hindu University, Varanasi
• Extensive experience in business, media, and entertainment
• Deep understanding of business, finance, operations, and other business affairs

39th Annual General Meeting

The company has scheduled its 39th AGM for September 30, 2025, at 11:30 AM, to be held via video conferencing. In preparation for the AGM:

• The register of members and share transfer books will be closed from September 24 to September 30, 2025 (both days inclusive)
• The cut-off date for AGM purposes is set for September 23, 2025

Internal Auditor Resignation

The board has accepted the resignation of M/s. Poddar A. & Associates, Chartered Accountants, as the company's Internal Auditors. The resignation is effective from the close of business hours on August 28, 2025. The firm cited preoccupation with other assignments as the reason for their departure.

These changes in Creative Eye Limited's leadership and governance structure come as the company prepares for its upcoming AGM. Shareholders will have the opportunity to vote on the new appointments and re-appointments, potentially shaping the future direction of the company in the media and entertainment sector.