Inditrade Capital Limited faces a significant corporate governance challenge as its statutory auditors M/s. Kirtane & Pandit LLP resigned effective February 12, 2026, citing management's failure to provide essential financial information required for audit procedures. The resignation highlights serious operational and financial difficulties plaguing the company.

Auditor Resignation Details

The auditing firm, appointed on August 11, 2023, for a term scheduled to run until the Annual General Meeting for the year ended March 31, 2028, submitted their resignation due to inability to discharge professional responsibilities. Their last audit report was submitted for the financial year ended March 31, 2025, on August 21, 2025.

Reasons for Resignation

The auditors cited multiple critical issues that prevented them from performing their duties:

• Incomplete Financial Information: Management failed to provide complete and timely financial information for quarterly results
• Delayed Data Provision: Only partial standalone financial information for quarter ended June 2025 was received on January 28, 2026
• Missing Consolidated Statements: Consolidated financial statements and supporting information were never provided despite requests
• Insufficient Review Time: Late provision of information left insufficient time for proper limited review procedures

Company's Operational Challenges

Inditrade Capital has been experiencing severe operational disruptions that significantly impacted its ability to maintain normal business operations:

Regulatory Compliance

The resignation was disclosed in compliance with SEBI regulations, specifically:

• Regulation 30 of SEBI (LODR) Regulations, 2015
• SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024
• Schedule III requirements for auditor changes

The auditors confirmed they communicated their concerns to the Chairman of the Audit Committee and Board of Directors via email and speed post before submitting their resignation. They also stated that the lack of information would have significant impact on financial statements and that no alternative audit procedures could be performed due to the circumstances.

Professional Standards Impact

Kirtane & Pandit LLP emphasized their inability to:

• Perform necessary verification and procedures
• Obtain sufficient and appropriate audit evidence
• Assess compliance with applicable laws and accounting standards
• Express opinions on financial statements as required under Companies Act, 2013 and SEBI regulations

The auditors declared that there were no material reasons for resignation other than those stated in their formal communication, confirming the information provided was true, correct, and complete to the best of their knowledge.

Inditrade Capital Limited's Board of Directors has approved the reclassification of M/s A T Invofin India Private Limited from promoter group status to public shareholder, marking a significant corporate governance development. The decision was taken during the board meeting held on February 13, 2026, following a formal request from the entity seeking reclassification.

Board Resolution Details

The board's approval is contingent upon receiving necessary regulatory approvals, particularly from BSE Limited, in accordance with Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulatory framework governs the reclassification process for promoter entities seeking to transition to public shareholder status.

Compliance Confirmations

The board has provided comprehensive confirmations regarding A T Invofin India Private Limited's eligibility for reclassification. As per the board resolution, the entity meets all regulatory requirements for the transition from promoter group to public shareholder status.

Key compliance aspects confirmed by the board include:

• The entity does not hold more than 10% of the company's paid-up equity share capital
• No control is exercised over the company's affairs
• Absence of special rights through formal or informal arrangements
• No representation on the Board of Directors
• No key managerial personnel positions held in the company

Authorization and Next Steps

The board has authorized Mr. Sudip Bandyopadhyay, Director, and the Company Secretary to undertake all necessary procedural steps for implementing the reclassification. This includes filing applications with stock exchanges and other regulatory authorities, along with submission of required documentation.

Regulatory Process

The reclassification process requires formal approval from BSE Limited, where Inditrade Capital's equity shares are listed under scrip code 532745. The company has committed to furnishing certified copies of the board resolutions to BSE Limited and other concerned authorities as required under the regulatory framework. This development continues from the company's earlier intimation dated December 6, 2025, regarding the reclassification request.