Inditrade Capital Statutory Auditors Resign Over Management Non-Cooperation, New Firm Appointed

2 min read Updated on 13 Feb 2026, 09:36 PM

Reviewed by

Radhika SScanX News Team

Overview

Inditrade Capital Limited's statutory auditors M/s. Kirtane & Pandit LLP resigned effective February 12, 2026, citing management's failure to provide complete and timely financial information required for audits and quarterly reviews. The auditing firm specifically mentioned receiving only partial information for quarterly results with significant delays, and never receiving consolidated financial statements despite requests. The company has appointed M/s. CLB & Associates as replacement statutory auditors effective February 13, 2026, subject to member approval, to fill the casual vacancy until the next Annual General Meeting.

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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.

Parameter	Details
Resigning Firm	M/s. Kirtane & Pandit LLP
Registration Number	105215W/W100057
Resignation Date	February 12, 2026
Reason	Management non-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.

Parameter	Details
New Auditor Firm	M/s. CLB & Associates
Registration Number	124305W
Appointment Date	February 13, 2026
Office Location	216, Blue Rose Industrial Estate, Western Express Highway, Borivali East, Mumbai - 400066
Firm Size	5 Partners, 15 staff members
Services	Auditing, taxation, management consultancy

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.

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