Creative Eye Limited Concludes Board Meeting with Key Leadership Changes

Creative Eye Limited has successfully concluded its board meeting held on December 22, 2025, addressing significant leadership appointments and compliance matters. The meeting, conducted through video conferencing, commenced at 11:30 a.m. and concluded at 4:10 p.m. at the company's registered office, resulting in several important corporate decisions.

Key Leadership Appointments and Resignations

The board has implemented major changes in its leadership structure following the Nomination Remuneration Committee's recommendations. The following key decisions were approved:

Position/Action	Details
New CFO Appointment	Mr. Sachin Devare (CA) as Chief Financial Officer and Additional Director
Director Resignation	Acceptance of Mr. Amit Doshi's resignation as Independent Director
Committee Appointment	Mr. Charuhas S. Patil as member of Audit and Nomination Remuneration Committees
Authorization	Mr. Ashutosh Dheeraj Kumar Kochhar as authorized signatory

Mr. Sachin Devare brings over 18 years of comprehensive experience in financial controllership, statutory compliance, and corporate governance. As a Chartered Accountant with membership number 639914, he has extensive expertise in strategic finance, auditing, and digital transformation including AI integration in accounting workflows.

Compliance and Regulatory Matters Addressed

The board addressed critical compliance issues related to quarterly financial reporting obligations. The key compliance matters discussed included:

Non-submission of quarterly financial results for the quarter ended September 30, 2025
Violations under Regulation 33 of SEBI (LODR) Regulations, 2015
Approval of appropriate disclosure to stock exchanges citing reasons including resignations of Managing Director, CFO, Company Secretary, Statutory Auditor, and demise of Chairman Late Shri Dheeraj Kumar Kochhar

Additional Corporate Actions

The board approved several other significant matters to strengthen corporate governance:

Action	Details
EGM Notice	Issuance of notice for Extraordinary General Meeting
Auditor Appointment	Invitation of proposals from eligible CA firms for Statutory Auditor appointment
Banking Authorization	Update of PNB overdraft account to include new signatories
Office Operations	Renting of ground floor and basement, continuing operations from first floor

The board also noted the resignation of the old Statutory Auditor, M/s NGS Co. LLP, communicated on September 22, 2025.

Updated Committee Composition

Effective from December 22, 2025, the committee compositions have been restructured:

Audit Committee:

Chairman: Mr. Dr. Madan Bhalchandra Gosavi (Independent Director)
Members: Smt. Matty Vishal Dutt (Independent Director), Mr. Charuhas Patil (Independent Director)

Nomination Remuneration Committee:

Chairman: Mr. Dr. Madan Bhalchandra Gosavi (Independent Director)
Members: Smt. Matty Vishal Dutt (Independent Director), Mr. Charuhas Patil (Independent Director)

The comprehensive board meeting outcome demonstrates Creative Eye Limited's commitment to strengthening its leadership team while addressing regulatory compliance challenges and ensuring proper corporate governance structures are in place.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+9.96%	+11.06%	+10.27%	-15.52%	-2.28%	+108.92%

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:

Concluded the statutory audit for the year ended March 31, 2025, issuing the audit report on May 27, 2025.
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.