Sahara Maritime's Statutory Auditors A Y & Company Resign Citing Time Constraints

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.