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.

Cupid Breweries And Distilleries Limited , a prominent player in the alcoholic beverage industry, conducted an Extra-Ordinary General Meeting (EGM) on October 27, 2025, addressing key corporate matters and potential fundraising initiatives.

Meeting Details

The EGM, held via video conferencing, commenced at 12:00 noon IST and concluded at 12:36 PM IST. Mr. Erramilli Venkatachalam Prasad, the Chairman cum Managing Director, presided over the meeting, which saw the participation of all seven directors from various locations including Hyderabad, Mumbai, and Raipur.

Key Resolutions

Two special resolutions were put forth for shareholder consideration:

1. Alteration of the company's Articles of Association
2. Fund raising through securities issuance via Qualified Institutions Placement (QIP) and foreign currency convertible bonds

Voting Process

To ensure comprehensive shareholder participation, the company provided multiple voting opportunities:

• Remote e-voting facility from October 24-26, 2025
• Additional voting during the EGM
• Extended voting for 15 minutes post-EGM conclusion

Mrs. Bhumika Shah, a Practicing Company Secretary, was appointed as the scrutinizer to oversee the voting process, ensuring transparency and compliance.

Director Participation

The EGM saw full attendance from the board of directors:

Next Steps

The consolidated results of the remote e-voting and e-voting during the EGM will be announced after scrutiny. These results will be submitted to the stock exchanges and made available on the company's website ( www.cupidalcobev.com ) and NSDL's website, in compliance with SEBI regulations.

This EGM marks a significant step for Cupid Breweries and Distilleries Limited, potentially paving the way for strategic changes in its corporate structure and financial capabilities. Shareholders and market observers will be keenly awaiting the voting results and subsequent actions by the company.