Cupid Breweries And Distilleries Limited has announced significant changes to its auditing team, as approved by the company's Board of Directors on November 18, 2025. These appointments come in the wake of resignations and discontinuations of previous auditors, marking a notable shift in the company's financial oversight structure.

Key Appointments

The Board has approved the following appointments:

Reasons for Changes

1. Statutory Auditor: The appointment of M/s. MMRS & Co. fills the casual vacancy created by the resignation of M/s. H. Rajen & Co.

2. Internal Auditor: M/s. R Narsihma and Associates replaces M/s. H. M. Shah & Co., which was discontinued due to engagement in services inconsistent with auditor independence requirements.

Terms of Appointment

• Statutory Auditor: M/s. MMRS & Co. will hold office until the conclusion of the 40th Annual General Meeting, subject to shareholder approval.
• Internal Auditor: M/s. R Narsihma and Associates will serve for the remainder of the financial year 2025-26.

Profile of New Auditors

M/s. MMRS & Co. (Statutory Auditor)

• Peer-reviewed partnership firm of Chartered Accountants
• Extensive experience in various types of audits, including statutory, internal, concurrent, and stock audits
• Expertise in company law compliance, forensic accounting, business valuations, and mergers & acquisitions
• Strong track record in bank audits, credit audits, and systems audits

M/s. R Narsihma and Associates (Internal Auditor)

• Experienced in Accounting, Auditing, Taxation (Direct Tax and GST)
• Provides Consultancy and Virtual CFO (VCFO) services
• Offers end-to-end accounting, monthly financial closings, and statutory compliance services
• Expertise across diverse sectors including Construction & Real Estate, Banking, Healthcare, and IT

These appointments are part of Cupid Breweries and Distilleries Limited's commitment to maintaining robust financial oversight and ensuring compliance with regulatory requirements. The company expects these changes to contribute to efficient financial management and informed business decision-making.

The Board meeting that approved these appointments commenced at 09:00 p.m. (IST) and concluded at 09:12 p.m. (IST) on November 18, 2025. Further details about these appointments are available on the company's website at www.cupidalcobev.com .

Cupid Breweries And Distilleries Limited, formerly known as Cupid Trades and Finance Limited, faces a significant setback as its statutory auditor, H Rajen & Co., has tendered their resignation with immediate effect. The resignation, which came into effect on November 15, 2025, has raised concerns about the company's audit process and financial transparency.

Reasons for Resignation

The auditor cited two primary reasons for their departure:

1. Unacceptable data/documents for conducting the limited review audit
2. Peer pressure from the board/management

These reasons suggest potential issues with the company's financial reporting practices and raise questions about the relationship between the auditor and the company's management.

Impact on the Company

The resignation of H Rajen & Co. has several implications for Cupid Breweries And Distilleries:

1. Audit Process Disruption: The company's audit process may be disrupted, potentially delaying financial reporting and compliance with regulatory requirements.
2. Regulatory Scrutiny: This event may attract increased attention from regulatory bodies, given the nature of the auditor's concerns.
3. Investor Confidence: The resignation and its cited reasons could affect investor confidence in the company's financial management and corporate governance.

Company's Response

Cupid Breweries And Distilleries has acknowledged the auditor's resignation and is taking steps to address the situation:

1. The company received the resignation letter on November 16, 2025.
2. As per regulatory requirements, Cupid Breweries And Distilleries is awaiting complete information from the auditor before submitting final details to stock exchanges.
3. The company plans to provide a detailed disclosure, including the auditor's information, as specified under SEBI Circular No. CIR/CFD/CMD1/114/2019 dated October 18, 2019.

Key Details of the Resignation

This development underscores the importance of maintaining transparent and cooperative relationships between companies and their auditors. It also highlights the critical role that auditors play in ensuring the integrity of financial reporting and corporate governance.

Stakeholders will likely be watching closely for further developments and the appointment of a new statutory auditor for Cupid Breweries And Distilleries Limited.