Mrugesh Trading Limited has announced the resignation of its statutory auditor M/s. J Singh & Associates, Chartered Accountants, Mumbai (FRN: 110266W) effective 30th January, 2026. The company informed BSE Limited about this development in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Auditor Details and Tenure

The resignation pertains to M/s. J Singh & Associates, who were appointed as statutory auditors on 12th August, 2023. Their term was originally scheduled to expire on 30th September, 2028. The last audit report submitted by the firm was a Limited Review Report for the quarter ended 30th September, 2025, which was submitted on 13th November, 2025.

Reasons for Resignation

The auditing firm provided detailed reasons for their resignation in their formal communication to the company. The primary factors cited include:

• Partner Resignation: A key partner who was primarily responsible for overseeing audits of Mrugesh Trading Limited has resigned from the partnership, resulting in significant reduction in audit leadership capacity
• Staff Constraints: The firm is experiencing acute staff shortages and resource limitations, making it unable to allocate necessary team strength for timely and quality audit completion
• Timeline Concerns: Due to these circumstances, the firm indicated they would not be able to complete audits within stipulated timelines prescribed under applicable laws and regulations

Regulatory Compliance and Committee Review

The resignation has been reviewed by the company's Audit Committee as required under regulatory provisions. Importantly, the company confirmed that no concerns were raised by the resigning auditor with respect to the management of the company or the resignation process. Consequently, no deliberation was required by the Audit Committee regarding management-related issues.

The auditing firm confirmed in their resignation letter that there are no other material reasons for resignation except those stated above. They also confirmed providing all information and explanations as required under Section 140(2) of the Companies Act, 2013 read with Rule 8 of the Companies (Audit and Auditors) Rules, 2014.

Documentation and Disclosure

Mrugesh Trading Limited has provided comprehensive documentation to BSE, including the original resignation letter dated 30th January, 2026, and detailed annexures as required under SEBI regulations. The disclosure follows requirements under SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024 and SEBI Master Circular No. SEBI/HO/CFD/CFD-PoD2/CIR/P/2024/185 dated December 31, 2024.

The resignation letter was signed by Hemant Kumar Shantilal Mehta, Partner at J Singh & Associates (Membership No.: 100748), and the company's intimation was signed by Managing Director Arpit Piyushbhai Shah (DIN: 08311352).

Mrugesh Trading Limited , a company listed on the Bombay Stock Exchange, has announced a significant corporate action that could potentially impact its shareholding structure. The company's Board of Directors has approved the conversion of 720 million convertible warrants into an equal number of equity shares, each with a face value of Rs. 1.

Key Details of the Conversion

• Conversion Scale: 720 million convertible warrants converted to 720 million equity shares
• Face Value: Rs. 1 per equity share
• Funds Received: Rs. 720 million from warrant holders
• Conversion Rate: Rs. 1 per warrant, representing 75% of the issue price

Warrant Allocation and Conversion

The warrants were initially allotted on a preferential basis. The company has now received the remaining 75% of the issue price from the warrant holders, triggering the conversion process. The newly issued equity shares will have equal ranking with the existing shares of the company.

Major Allottees

The conversion involves several key entities. The table below details the major allottees and their respective warrant conversions:

Implications

This warrant conversion may lead to a significant change in the company's shareholding pattern. The influx of new equity shares could potentially dilute the ownership stake of existing shareholders. However, it also brings in fresh capital of Rs. 720 million, which the company could utilize for various purposes such as expansion, debt reduction, or other strategic initiatives.

Investors and market participants may want to monitor any further announcements from Mrugesh Trading Limited regarding the utilization of these funds and any potential impact on the company's financial position and future plans.