Relic Technologies Limited, a company listed on the Indian stock exchange, has announced a significant change in its auditing arrangements. The company's statutory auditor, M/s. Vandana V. Dodhia & Co., Chartered Accountants, has tendered their resignation effective August 26, 2024.

Reasons for Resignation

The auditing firm cited medical reasons as the primary cause for their decision to step down. In their communication, they expressed concerns about their ability to provide justice to the professional commitments and manage the workload required for the audit due to these medical issues.

Auditor's Tenure and Last Submission

M/s. Vandana V. Dodhia & Co. was appointed as the statutory auditor for Relic Technologies on November 10, 2023. Their term was originally scheduled to conclude on August 26, 2024, coinciding with the date of their resignation.

The firm's last official submission for Relic Technologies was a Limited Review Report dated August 14, 2024, covering the financial quarter ended June 30, 2024.

No Other Material Reasons

In their resignation statement, the auditor confirmed that there were no other material reasons for their decision to step down beyond the cited medical issues. This transparency is crucial for maintaining investor confidence and complying with regulatory requirements.

Implications for Relic Technologies

This unexpected change in auditors may require Relic Technologies to swiftly appoint a new statutory auditor to ensure continuity in their financial reporting and compliance processes. The company will likely need to initiate the process of selecting and appointing a new auditing firm in the near future.

Shareholders and investors of Relic Technologies will be keen to see how the company manages this transition and ensures uninterrupted auditing services for its financial statements.

Relic Technologies Limited (RTL) has announced a significant change in its financial oversight, appointing M/s. D. Kothary & Co., Chartered Accountants as its new statutory auditor. The decision, approved by the company's Board of Directors on July 26, 2025, comes in the wake of the resignation of the previous auditors, M/s. Uday Pasad & Associates.

New Auditor Appointment

The appointment of D. Kothary & Co. is set to take effect from July 27, 2025. This move fills the casual vacancy created by the outgoing auditors and is subject to shareholder approval at an upcoming general meeting, which is to be held within the next three months. Upon approval, D. Kothary & Co. will serve for an initial term to fill the casual vacancy, followed by a further five-year term.

About D. Kothary & Co.

Established in 1989, D. Kothary & Co. brings a wealth of experience to Relic Technologies. The firm specializes in providing assurance, tax, and advisory services. With its partners boasting over 100 years of cumulative experience, D. Kothary & Co. is well-positioned to support RTL's financial reporting needs.

Reasons for Change

The outgoing auditors, M/s. Uday Pasad & Associates, cited the company's plans for future expansion and the need for more extensive audit resources as reasons for their resignation. They completed the audit for the financial year ended March 31, 2025, and conducted a limited review for the quarter ended June 30, 2025, before stepping down.

Financial Performance

In conjunction with this announcement, Relic Technologies also released its unaudited financial results for the quarter ended June 30, 2025. The company reported:

The company's financial performance shows a turnaround in profitability for Q1 FY2026, with a net profit of ₹9.84 lakhs compared to losses in the previous quarters.

Other Key Developments

1. Equity Allotment: During the quarter, RTL allotted 15,50,000 equity shares at a premium of ₹75 each to non-promoters under a preferential issue. Additionally, 4,41,164 equity warrants were allotted to both promoters and non-promoters.

2. Company Secretary Appointment: The Board has approved the appointment of Mrs. Anita Amitkumar Gupta as the Company Secretary and Compliance Officer, effective August 1, 2025.

3. Annual General Meeting: The 34th Annual General Meeting of Relic Technologies Limited is scheduled for August 29, 2025, to be held via video conferencing.

These changes and financial results reflect Relic Technologies' efforts to strengthen its corporate governance and financial position as it prepares for future growth and expansion.