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.

Jay Ambe Supermarkets Limited (BSE: 544514) is set to make a significant retail expansion with the opening of a new 9,500 sq. ft. store in Mansa City, Gujarat. The company has announced that the store, branded as 'City Square Mart', will be operational before the upcoming Diwali festival, marking a strategic move to capitalize on the festive season's retail opportunities.

First of Its Kind in Mansa

The new outlet is poised to become the first and largest organized retail store in Mansa City. It aims to serve not only the city's population but also cater to over 40 surrounding villages in the Mansa Taluka, potentially transforming the local retail landscape.

Extensive Product Range

City Square Mart is designed to be a one-stop shopping destination, offering an impressive array of over 20,000 product codes across various categories:

• FMCG (Food & Non-Food)
• Grocery
• Dairy & Frozen Products
• Crockery & Household Items
• Apparel & Footwear
• Bags & Purses
• Home Furnishings
• Small Appliances
• Toys & Handicrafts

Customer-Centric Approach

To attract and retain customers, Jay Ambe Supermarkets is offering a minimum 6% discount on every product, every day. This pricing strategy is expected to provide value to shoppers while potentially driving footfall and sales.

Strategic Timing and Location

The company's decision to open the store before Diwali is a calculated one. Jignesh Amratbhai Patel, Managing Director of Jay Ambe Supermarkets Limited, stated in a BSE filing, "We are opening a new store in Mansa City, spanning 9,500 sq. ft. of carpet area. This store is scheduled to open before Diwali, strategically timed to leverage the festive season, the biggest retail opportunity of the year, to boost sales, enhance brand visibility and establish a strong presence in Mansa City and its surrounding 40+ villages in Mansa Taluka, Gujarat."

Market Impact

The announcement of this new store comes amid recent inquiries from BSE regarding significant movements in the company's share price. While Jay Ambe Supermarkets has assured compliance with all SEBI regulations and timely disclosure of material events, the impact of this expansion on the company's market performance remains to be seen.

As Jay Ambe Supermarkets Limited continues its expansion strategy, the Mansa City store represents a significant step in the company's growth trajectory. The success of this new venture could set the stage for further expansion and potentially influence the organized retail sector in similar tier-2 and tier-3 cities across Gujarat and beyond.