Siddheswari Garments Limited (SGL) has announced the cessation of its statutory auditor, M/s R K Bajaj & Co., following the unfortunate demise of Mr. Ramesh Kumar Bajaj on October 26, 2025. The company received the intimation letter on November 3, 2025, and promptly informed the relevant stock exchanges, including the Calcutta Stock Exchange and Bombay Stock Exchange, in compliance with regulatory requirements.

Details of the Cessation

Company's Response and Next Steps

SGL's Board of Directors plans to address this cessation at their upcoming meeting. The company has stated that it will initiate the process to appoint a new statutory auditor to fill the casual vacancy, in accordance with the provisions of the Companies Act, 2013.

Regulatory Compliance

The company has made this disclosure in line with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. SGL has also adhered to SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, by providing the necessary details in the prescribed format.

Impact on Audit Services

M/s R K Bajaj & Co. has confirmed that they will no longer be able to provide audit services to Siddheswari Garments Limited due to this unfortunate event. The company is expected to update stakeholders once a new statutory auditor is appointed to ensure continuity in its financial reporting and compliance processes.

Investors and stakeholders of Siddheswari Garments Limited should stay tuned for further updates regarding the appointment of a new statutory auditor, which is crucial for maintaining the company's financial transparency and regulatory compliance.

Siddheswari Garments Limited, a Kolkata-based company, has reported its financial results for the first quarter. The company's performance shows a continued struggle with profitability in the absence of operational revenue.

Financial Highlights

• Net Loss: The company reported a net loss of ₹2.33 crore for Q1, compared to a net loss of ₹2.00 crore in the previous quarter.
• Total Income: Siddheswari Garments' total income stood at ₹7.13 lakh, entirely comprising other income with no revenue from operations.
• Expenses: Total expenses for the quarter were ₹9.46 lakh, primarily consisting of:
  • Employee benefits expense: ₹2.66 lakh
  • Other expenses: ₹6.42 lakh
• Earnings Per Share: The basic and diluted earnings per share (EPS) were negative at ₹0.07.

Key Financial Metrics

Additional Information

• The company's paid-up equity share capital remains unchanged at ₹330.99 lakh, with a face value of ₹10 per share.
• The financial results were reviewed by the Audit Committee and approved by the Board of Directors.
• The statutory auditors have conducted a limited review of the financial results as per regulatory requirements.

Operational Overview

Siddheswari Garments continues to operate without any revenue from operations, relying solely on other income. This situation raises questions about the company's core business activities and future strategies for achieving profitability.

Conclusion

Siddheswari Garments Limited's Q1 results indicate ongoing financial challenges, with increased losses compared to the previous quarter. The absence of operational revenue and reliance on other income sources highlight the need for potential strategic changes or business restructuring to improve the company's financial health. Investors and stakeholders will likely be looking for clear communication from the management regarding plans to address these challenges and return to profitability in the coming quarters.