Inditrade Capital Limited has formally notified the BSE about the cessation of Mr. Kerachan Ayyappan Somasekharan as Independent Director, effective February 16, 2026. The announcement comes as part of the company's regulatory compliance under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Director Tenure Completion

Mr. Kerachan Ayyappan Somasekharan's tenure as Independent Director concluded on February 15, 2026, marking the end of his second consecutive five-year term. The regulatory framework mandates that independent directors cannot serve beyond two consecutive terms of five years each, leading to his cessation from the board.

Regulatory Compliance

The company has submitted the required intimation to the BSE under Regulation 30 of SEBI (LODR) Regulations, 2015. The disclosure also complies with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, and Schedule III of the SEBI Listing Regulations. Inditrade Capital's scrip code 532745 was referenced in the official communication to the exchange.

Board Acknowledgment

The Board of Directors and company management have formally acknowledged Mr. Somasekharan's contributions during his tenure. The company has placed on record its appreciation for the invaluable advice, guidance, and contributions made by the outgoing Independent Director throughout his service period.

Corporate Governance Impact

The cessation represents a routine corporate governance transition as companies regularly refresh their independent director composition to maintain regulatory compliance. The departure follows the natural conclusion of the maximum permissible tenure for independent directors under current SEBI regulations, ensuring adherence to corporate governance standards.

Inditrade Capital Limited has experienced a significant change in its statutory auditor position, with the resignation of M/s. Kirtane & Pandit LLP effective February 12, 2026, due to management non-cooperation in providing essential financial information. The company has moved swiftly to appoint M/s. CLB & Associates as replacement auditors to fill the casual vacancy.

Auditor Resignation Details

M/s. Kirtane & Pandit LLP, Chartered Accountants (Firm Registration No. 105215W/W100057), tendered their resignation from the position of statutory auditor effective February 12, 2026. The resignation was communicated through a formal letter citing serious concerns about management cooperation.

Reasons for Resignation

The auditing firm detailed several critical issues in their resignation letter that prevented them from fulfilling their professional responsibilities:

• Incomplete Information: Management failed to provide complete and timely financial information necessary for conducting audits and limited reviews of quarterly financial results
• Delayed Submissions: Partial financial information for the quarter ended June 2025 was received only on January 28, 2026, leaving insufficient time for proper review
• Missing Consolidated Data: Consolidated financial statements and related supporting information were never provided despite repeated requests
• Professional Standards: The firm was unable to perform necessary verification procedures and obtain sufficient audit evidence in accordance with applicable Standards on Review Engagements

New Auditor Appointment

Following the resignation, the Board of Directors, based on the Audit Committee's recommendation and subject to member approval, has appointed M/s. CLB & Associates as the new statutory auditors.

Regulatory Compliance

The company has made the necessary disclosures under Regulation 30 of SEBI (LODR) Regulations, 2015, and SEBI circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The appointment of M/s. CLB & Associates will hold office until the conclusion of the Annual General Meeting, ensuring continuity in the company's audit functions.

Impact and Implications

The auditor resignation due to management non-cooperation raises concerns about the company's financial reporting processes and internal controls. The inability to provide timely and complete financial information to auditors could potentially impact the company's compliance with statutory requirements and investor confidence. The swift appointment of replacement auditors demonstrates the company's commitment to maintaining proper audit oversight despite the challenges faced.