Jay Ambe Supermarkets Limited, a prominent player in the retail sector, has announced significant changes in its corporate structure following a board meeting held on November 10, 2025. The company has made key decisions regarding its statutory auditor and the composition of its board committees.

New Statutory Auditor Appointment

The Board of Directors has approved the appointment of M/s. PKN & Co., Chartered Accountants (FRN: 137148W), as the new Statutory Auditors of the company. This decision comes in the wake of the resignation of M/s. Jay M. Shah & Co., Chartered Accountants (FRN: 137295W), effective November 7, 2025. The appointment of PKN & Co. is subject to shareholder approval at the ensuing general meeting.

PKN & Co., established in 2020, is a professionally managed firm offering comprehensive services including assurance, accounting, taxation, advisory, and compliance. The firm currently serves as Statutory Auditors for other listed companies and holds a Peer Review Certificate (No. 020163).

Board Committee Restructuring

In addition to the auditor change, Jay Ambe Supermarkets has announced the reconstitution of three key board committees, effective November 10, 2025:

In all three committees, Mr. Tanmay Rajendrakumar Mehta has been appointed as the new Chairperson, replacing Ms. Poonam Panchal, who will continue to serve as a member of each committee.

Implications and Additional Information

These changes in the company's governance structure are aimed at enhancing its operational efficiency and ensuring compliance with regulatory requirements. The board meeting, which commenced at 5:30 PM and concluded at 6:00 PM, also noted that the company's trading window for designated persons and their immediate relatives will remain closed until 48 hours after the dissemination of the unaudited financial results for the half-year ended September 30, 2025.

Investors and stakeholders of Jay Ambe Supermarkets Limited should take note of these significant changes in the company's auditing and governance structure.

Jay Ambe Supermarkets Limited, a prominent player in the retail sector, has announced a significant change in its auditing arrangements. The company's statutory auditor, M/s Jay Shah Company, has tendered their resignation, effective November 7, 2025. This development comes in the wake of regulatory compliance issues related to the auditor's peer review process.

Reason for Resignation

The primary reason cited for the auditor's resignation is the firm's non-compliance with the peer review process mandated by the Institute of Chartered Accountants of India (ICAI). M/s Jay Shah Company does not currently hold a valid certificate from the Peer Review Board, a crucial requirement for auditors submitting reports to stock exchanges under Securities and Exchange Board of India (SEBI) regulations.

Auditor's Tenure and Last Audit

Implications and Next Steps

This resignation highlights the importance of regulatory compliance in corporate governance. Jay Ambe Supermarkets Limited now faces the task of appointing a new statutory auditor in compliance with applicable regulations. This process is crucial to ensure uninterrupted financial reporting and maintain investor confidence.

The situation underscores the rigorous standards set by SEBI and ICAI for auditors of listed companies. It serves as a reminder to all market participants of the ongoing need to adhere to evolving regulatory requirements in the financial sector.

Investors and stakeholders of Jay Ambe Supermarkets Limited may want to monitor further announcements regarding the appointment of a new statutory auditor. This transition in auditing arrangements is likely to be closely watched to ensure it meets all necessary compliance standards.