Grand Foundry Limited Announces Resignation of Statutory and Internal Auditors

Grand Foundry Limited has announced the simultaneous resignation of both its statutory and internal auditors, effective immediately from January 6, 2026. The company informed BSE Limited and National Stock Exchange of India Limited about this development on January 7, 2026, in compliance with regulatory requirements.

Auditor Resignations Details

Both audit firms submitted their resignation letters on January 6, 2026, citing similar reasons for their departure. The resignations became effective immediately from the close of business hours on the same date.

Auditor Type:	Firm Name	Registration Number	Effective Date
Statutory Auditor:	M/s Ashwani & Associates	FRN 000497N	January 6, 2026
Internal Auditor:	M/s Ajay Kanjhlia & Associates	FRN 007719N	January 6, 2026

Reasons for Resignation

Both audit firms provided identical explanations for their departure from Grand Foundry Limited. M/s Ashwani & Associates stated they were "not in a position to continue as statutory auditor" due to pre-occupation with other assignments. Similarly, M/s Ajay Kanjhlia & Associates mentioned their "other professional commitments" restricted their ability to "continue to devote sufficient time and attention to the internal audit functions of the Company."

Regulatory Compliance and Disclosures

Grand Foundry Limited has fulfilled its obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company provided comprehensive details as required under various SEBI circulars, including Circular No. SEBI/HO/CFD/CFD-POD-1/P/CIR/2023/123 dated July 13, 2023, and Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Auditor Confirmations

Both departing audit firms provided clean exit confirmations. M/s Ajay Kanjhlia & Associates specifically stated in their resignation letter that "we have not observed any matters which, in our opinion, require reporting or disclosure to the Board of Directors or members of the Company under the provisions of the Companies Act, 2013." The internal auditors also expressed appreciation for the cooperation and support received from the Board of Directors and management during their association with the company.

Company Communication

The formal communication was signed by Nalini Singh, Company Secretary and Compliance Officer of Grand Foundry Limited. The company has requested both stock exchanges to take note of these changes for their information and records. Grand Foundry Limited trades on BSE with scrip code 513343 and on NSE with the symbol GFSTEELS.

Grand Foundry Limited has experienced significant ownership restructuring through simultaneous transactions involving substantial equity stake transfers. The company disclosed major shareholding changes under SEBI regulations on January 5, 2026, marking substantial shifts in its ownership structure.

Major Stake Sale Transaction

Madhu Garg, a promoter of Grand Foundry Limited, completed the sale of a substantial equity stake through an open offer transaction. The sale involved 2,13,50,360 equity shares, representing 70.16% of the company's paid-up equity share capital.

Transaction Details:	Madhu Garg Sale
Shares Sold:	2,13,50,360 equity shares
Percentage Stake:	70.16%
Transaction Method:	Off-market share purchase agreement through open offer
Transaction Date:	January 2, 2026
Regulatory Filing:	January 5, 2026
Post-Sale Holding:	Nil shares (0%)

Simultaneous Acquisition by Gaurav Goyal

In a related transaction, Gaurav Goyal acquired 17,080,288 equity shares through a share purchase agreement executed on the same date. This acquisition represents a 56.13% stake in Grand Foundry Limited's paid-up equity share capital.

Acquisition Parameters:	Gaurav Goyal Purchase
Shares Acquired:	17,080,288 equity shares
Percentage Stake:	56.13%
Previous Holding:	Nil shares
New Status:	Promoter
Acquisition Method:	Off-market share purchase agreement through open offer

Company Structure and Listing Details

Grand Foundry Limited maintains its equity share capital structure unchanged following these transactions. The company's shares continue to be listed on both major Indian stock exchanges.

Company Information:	Details
Total Equity Capital:	₹12.17 crores
Number of Shares:	30,430,000 equity shares
Face Value:	₹4.00 per share
NSE Symbol:	GFSTEELS
BSE Scrip Code:	513343
Registered Address:	H-35 Connaught Circus, Connaught Place, New Delhi-110001

Ownership Transition Analysis

The transactions represent a complete ownership transition, with Madhu Garg exiting her promoter position by selling her entire 70.16% stake, while Gaurav Goyal emerged as the new promoter with a 56.13% controlling stake. The difference between the sold and acquired percentages suggests partial participation in the open offer by other shareholders.

Regulatory Compliance Framework

Both transactions were conducted in full compliance with SEBI's Substantial Acquisition of Shares and Takeovers Regulations, 2011. The disclosures under Regulation 29(1) and 29(2) provide comprehensive details of both the acquisition and sale transactions, confirming the absence of any encumbrances, voting rights through other instruments, or convertible securities in either transaction.