Quasar India Limited has announced the resignation of its statutory auditor M/s. J Singh & Associates, Chartered Accountants, Mumbai (FRN: 110266W) effective 31st January, 2026. The company informed BSE Limited about this development under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Auditor Resignation Details

The resignation was communicated through a formal letter dated 31st January, 2026, and has been reviewed by the company's Audit Committee. J Singh & Associates served as the statutory auditor since their appointment on 12th September, 2024, with their term originally scheduled to expire on 30th September, 2029.

Reasons for Resignation

J Singh & Associates cited two primary factors for their resignation:

Partner Resignation Impact: A key partner who was primarily responsible for overseeing audits of Quasar India Limited recently resigned from the partnership, resulting in a significant reduction in the firm's overall audit leadership capacity.

Staff Constraints: The auditing firm is experiencing acute staff shortages and resource limitations, making it unable to allocate the necessary team strength required for timely and quality audit completion.

The firm stated that due to these circumstances, they would not be in a position to complete audits within the stipulated timelines prescribed under applicable laws and regulations.

Regulatory Compliance and Disclosures

Quasar India Limited has provided all required information pursuant to 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 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.

Company Information

Quasar India Limited (CIN: L67190DL1979PLC009555) is listed on BSE with security code 538452. The company is headquartered at 1971-72, Room No.3, Ground Floor, Kucha Chelan, Khari Baoli, Chandni Chowk, North Delhi, Delhi - 110 006. The resignation notification was signed by Director Vijayrao More (DIN: 10298894) on behalf of the company.

Quasar India Limited has disclosed to BSE Limited that an operational creditor has initiated Corporate Insolvency Resolution Process (CIRP) proceedings against the company under the Insolvency and Bankruptcy Code, 2016. This development marks a significant corporate action that could impact the company's operations and stakeholder interests.

Application Details

The insolvency application was filed by Bikit Private Limited, acting as an operational creditor, against Quasar India Limited. The proceedings were initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016, which specifically deals with applications by operational creditors for initiating CIRP against corporate debtors.

Regulatory Compliance

Quasar India Limited communicated this information to BSE Limited, fulfilling its obligation to keep the stock exchange informed about material developments.

Company Information

Quasar India Limited operates with CIN L67190DL1979PLC009555 and maintains its registered office at 1971-72, Room No. 3, Ground Floor, Kucha Chelan, Khari Baoli, Chandni Chowk, North Delhi, Delhi, India-110006. The company trades on BSE with the security code 538452 under the symbol QUASAR.

Potential Implications

The CIRP application represents a formal legal proceeding that could lead to resolution of the company's financial difficulties or, in certain circumstances, liquidation if resolution efforts prove unsuccessful. The National Company Law Tribunal will examine the application and determine the appropriate course of action based on the merits of the case and applicable legal provisions.