Ontic Finserve Limited Appoints New Statutory Auditor Following Resignation

Ontic Finserve announced a change in its statutory auditor position following a board meeting held on August 14, 2025. The company's board accepted the resignation of M/s K M Chauhan & Associates and appointed M/s Nirav S Shah & Co. as the new statutory auditor, subject to shareholder approval.

Resignation of M/s K M Chauhan & Associates

M/s K M Chauhan & Associates, the outgoing statutory auditor, cited busy schedules and unavoidable circumstances as reasons for their resignation. The firm had been appointed on September 27, 2024, with a term originally scheduled to expire at the Annual General Meeting (AGM) for the financial year 2028-29. They completed statutory audits for Ontic Finserve up to the financial year 2024-2025.

In their resignation letter, CA Bhavdip P. Poriya, Partner at K M Chauhan & Associates, stated, "Due to some busy schedules of my other works and unavoidable circumstances, we are not in position to devote our time to the affairs of the company." The firm confirmed that there were no other material reasons for their resignation beyond those provided.

Appointment of M/s Nirav S Shah & Co.

The board of Ontic Finserve has appointed M/s Nirav S Shah & Co. as the new statutory auditor, effective August 14, 2025. This appointment is subject to shareholder approval at an upcoming Extraordinary General Meeting or Annual General Meeting.

M/s Nirav S Shah & Co. is described as a chartered accounting firm with a strong track record in client retention and professional services. The company's brief profile highlights their commitment to maintaining a motivated workforce, high integrity, dedication, sincerity, quality of service, and professionalism.

Looking Ahead

The change in statutory auditor is a significant development for Ontic Finserve. The appointment of M/s Nirav S Shah & Co. will be crucial in ensuring continued transparency and accuracy in the company's financial reporting.

Bhupendra Raiyani, Director of Ontic Finserve, signed off on the board meeting outcome, which was disclosed in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Investors and stakeholders will be watching closely as the company transitions to its new auditor, pending shareholder approval at the upcoming general meeting.