Sahara Maritime Limited has announced a significant change in its statutory auditors, as approved by the company's board of directors during a meeting held on September 11, 2025. The board has accepted the resignation of the current auditors, M/s A Y & Company, and approved the appointment of M/s G A M P & Co as their replacement, subject to shareholder approval at the upcoming Annual General Meeting (AGM).

Key Developments

• Auditor Resignation: M/s A Y & Company, Chartered Accountants (Firm Registration No. 020829C), tendered their resignation on September 9, 2025, citing pre-occupation with other assignments. They were originally appointed for a five-year term at the 13th AGM held on September 30, 2022.

• New Auditor Appointment: The board has approved the appointment of M/s G A M P & Co, Chartered Accountants (Firm Registration No. 031165N), as the new statutory auditors to fill the casual vacancy.

• Term of Appointment: Subject to shareholder approval, M/s G A M P & Co will serve for a period of five consecutive years, from the conclusion of the upcoming 16th AGM until the conclusion of the 21st AGM to be held in 2030.

Addendum to AGM Notice

The board has also approved an addendum to the notice of the 16th Annual General Meeting, scheduled for September 30, 2025. The addendum includes two new agenda items:

1. Appointment of M/s G A M P & Co as statutory auditors for a five-year term.
2. Appointment of M/s G A M P & Co as statutory auditors to fill the casual vacancy caused by the resignation of M/s A Y & Company.

About the New Auditors

M/s G A M P & Co, established in 2017, is a chartered accountancy firm focused on delivering quality services to clients, people, and society through excellence. The firm offers a comprehensive range of services, including audit and assurance, risk management, tax consultancy, and corporate advisory.

Regulatory Compliance

Sahara Maritime has made the necessary disclosures to the BSE Limited in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided detailed information about the change in auditors, including the reasons for the change and a brief profile of the new auditors.

The appointment of M/s G A M P & Co as the new statutory auditors marks a significant change for Sahara Maritime Limited. Shareholders will have the opportunity to vote on this appointment at the upcoming AGM, ensuring continued financial oversight and compliance for the company.

Sahara Maritime Limited (SML) announced a significant change in its financial oversight as its statutory auditors, M/s A Y & Company, Chartered Accountants, tendered their resignation effective September 9, 2025. The unexpected departure comes nearly two years before the scheduled conclusion of their term, which was set to end at the 18th Annual General Meeting in 2027.

Reasons for Resignation

In a letter addressed to the Board of Directors of Sahara Maritime Limited, A Y & Company cited pre-occupation with other assignments as the primary reason for their departure. The auditors expressed their inability to devote further time to the company's affairs, necessitating this decision.

Appointment and Tenure

A Y & Company had been appointed as SML's statutory auditors on September 30, 2022, during the Annual General Meeting. Their tenure was originally slated to continue until the 18th Annual General Meeting in 2027, making their exit premature by almost two years.

No Underlying Concerns

Sahara Maritime Limited was quick to reassure stakeholders that the resignation was not due to any disagreements or concerns. The company stated that no issues were raised by the auditors regarding the management, and there were no material reasons behind the resignation other than the time constraints mentioned.

Last Submitted Report

Prior to their resignation, A Y & Company's last submitted report was the audit report on Sahara Maritime's financial results for the fiscal year ending March 31, 2025. This report was dated May 29, 2025, indicating that the auditors had completed their responsibilities for the most recent financial year.

Next Steps

The Audit Committee and Board of Directors of Sahara Maritime Limited will now undertake the process of appointing new statutory auditors to fill the vacancy left by A Y & Company. This appointment will be crucial to ensure continuous and robust financial oversight for the company.

Regulatory Compliance

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Sahara Maritime Limited has duly informed the BSE Limited about this development. The company has also provided the necessary details as required under the SEBI Master Circular dated November 11, 2024.

As the maritime industry continues to navigate through challenging waters, Sahara Maritime Limited will need to swiftly secure new auditors to maintain investor confidence and ensure seamless financial reporting in the coming quarters.