Zodiac Jrd Mkj Limited, a company specializing in diamonds, jewellery, and precious stones, has announced significant corporate changes following a board meeting held on November 20, 2025. The company has appointed a new statutory auditor and is planning to implement an Employee Stock Option Plan (ESOP).

New Statutory Auditor Appointment

The Board of Directors has appointed Mr. Girish L. Shethia, a Chartered Accountant, as the new Statutory Auditor of the company. This appointment is to fill a casual vacancy arising from the resignation of the previous auditor, M/s. H. G. Sarvaiya & Co., Chartered Accountants. Mr. Shethia's appointment is for the Financial Year 2025-26 and is subject to shareholder approval at the upcoming Extra-Ordinary General Meeting (EGM).

Mr. Shethia brings over 35 years of professional experience to the role, with expertise in:

• Statutory audits for IND AS-compliant and listed entities
• Internal audits
• Direct and indirect tax compliance
• RERA compliance and tax litigation

Employee Stock Option Plan

The company is also taking steps to implement an Employee Stock Option Plan. To facilitate this, the Board has approved alterations to the Articles of Association, which will include enabling provisions for the issuance of shares under the ESOP. This change is also subject to shareholder approval at the upcoming EGM.

Extra-Ordinary General Meeting

Zodiac Jrd Mkj Limited has scheduled an EGM for December 18, 2025. The meeting will be held through Video Conferencing (VC) or Other Audio-Visual Means (OAVM). Shareholders will be asked to approve:

1. The appointment of Mr. Girish L. Shethia as the new Statutory Auditor
2. The alterations to the Articles of Association for the ESOP implementation

These corporate actions demonstrate Zodiac Jrd Mkj Limited's commitment to maintaining strong financial oversight and potentially enhancing employee engagement through stock ownership opportunities. Shareholders will have the opportunity to vote on these important matters at the upcoming EGM.

Key Details of the Board Meeting

Investors and stakeholders should note that these changes are subject to shareholder approval at the EGM. The implementation of the ESOP, if approved, could have implications for the company's capital structure and employee incentives.

Zodiac Jrd Mkj Limited, a company involved in the trading of goods, has announced the resignation of its statutory auditor, H.G. Sarvaiya Co., Chartered Accountants. The auditor's departure, effective November 13, 2025, comes amidst changes in the company's corporate structure and limitations in the scope of the audit engagement.

Auditor Resignation Details

H.G. Sarvaiya Co. was appointed on March 26, 2024, with a term scheduled to expire on March 31, 2029. Prior to their resignation, the firm completed the statutory audit of standalone and consolidated financials for the second quarter and half-year ended September 30, 2025, submitting their limited review report on November 12, 2025.

Reasons for Resignation

The auditor cited two primary reasons for their resignation:

1. Changes in corporate structure
2. Limitations in the scope of audit engagement

It's important to note that the company stated there were no concerns raised by the resigning auditor regarding management, and no material reason for resignation that would require audit committee deliberation.

Company's Response

Zodiac Jrd Mkj Limited has indicated that the audit committee and board will consider appointing new statutory auditors to fill the casual vacancy created by this resignation.

Financial Performance

While the auditor change is a significant development, it's worth noting the company's recent financial performance. According to the unaudited consolidated financial results for the quarter and half-year ended September 30, 2025:

The company's financial results show a positive performance for the period, with a net profit of 53.88 lakhs for Q2 FY2026 and 88.88 lakhs for H1 FY2026.

Conclusion

The resignation of H.G. Sarvaiya Co. as statutory auditors marks a significant change for Zodiac Jrd Mkj Limited. As the company moves forward, stakeholders will likely be watching closely to see how this transition affects the company's financial reporting and corporate governance practices. The appointment of new auditors and any potential changes in corporate structure will be key developments to monitor in the coming months.