Maximus International Limited appoints KAPS after fee disagreement

Maximus International Limited appointed KAPS & Co. as internal auditor for three financial years, from the third quarter of financial year (FY) 2026-27 through FY 2028-29, after Ajit Tushar & Co. resigned effective 6 November 2026 citing disagreement over professional fees. The 6 November 2026 board filing also carries an unreconciled 6 July 2026 date in its covering letter.

Why did Maximus International's internal auditor resign?

Ajit Tushar & Co. resigned as Maximus International's internal auditor because of disagreement over professional fees, according to its resignation letter dated 6 November 2026. The firm said the resignation would take effect at the close of business hours on 6 November 2026 after discussions with management. Partner CA Tushar Pathak signed the letter for Ajit Tushar & Co., whose firm registration number is 136343W.

Maximus International's Annexure-A gives the same reason, describing the departure as a resignation due to disagreement of the fees. The 6 November 2026 disclosure does not provide the professional-fee amount, either party's proposed terms, or any additional reason for the change. It identifies Ajit Tushar & Co. as the internal auditor, so the disclosed change does not concern the statutory-auditor role.

Who has Maximus International appointed as internal auditor?

Maximus International appointed KAPS & Co., Chartered Accountants, as internal auditor for three financial years beginning in the third quarter of FY 2026-27 and ending in FY 2028-29. The board considered and approved the appointment at its meeting on 6 November 2026. Annexure-A gives KAPS & Co.'s firm registration number as 156667W.

KAPS & Co. was established in 2021 and is headquartered in Vadodara, Gujarat, according to the profile included in the filing. Its stated services include accounts, audit and assurance, stock audit, internal audit, direct and indirect taxation, due diligence, virtual chief financial officer services, financial management, digital transformation, project management, Companies Act advisory and forensic accounting. Maximus International did not disclose an engagement fee, detailed audit scope or reporting timetable for the FY 2026-27 to FY 2028-29 mandate.

What dates does Maximus International disclose for the change?

Maximus International discloses conflicting effective dates, with its covering letter stating 6 July 2026 and its annexure and the outgoing firm's letter pointing to 6 November 2026. Page 1 says both Ajit Tushar & Co.'s resignation and KAPS & Co.'s appointment took effect from 6 July 2026. The same page says the board meeting was held on 6 November 2026.

Annexure-A states that Ajit Tushar & Co. ceased as internal auditor on 6 November 2026, while its signed 6 November letter specifies resignation at the close of business that day. Annexure-A says KAPS & Co. was appointed at the 6 November 2026 board meeting, but describes its term by financial-year period rather than a separate effective date. Maximus International did not explain the difference between the 6 July and 6 November dates.

How long is KAPS & Co.'s Maximus International mandate?

KAPS & Co.'s disclosed mandate covers three financial years, commencing in the third quarter of FY 2026-27 and continuing until FY 2028-29. This makes the stated engagement longer than a single quarterly review period. The announcement records the appointment as a board-approved internal-audit change on 6 November 2026.

The filing does not identify specific Maximus International business units, overseas operations, control areas or audit-report dates within the three-year mandate. KAPS & Co.'s company profile lists internal audit among its service lines, but it does not state which additional services, if any, it will provide to Maximus International. No transition process between Ajit Tushar & Co. and KAPS & Co. is disclosed in the 6 November 2026 announcement.

What financial results accompanied Maximus International's auditor announcement?

Maximus International approved unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 at the same 6 November 2026 board meeting. Consolidated revenue from operations was Rs 58.7357 crore in the quarter ended 30 September 2026, compared with Rs 59.906 crore in the preceding quarter and Rs 45.838 crore a year earlier. Consolidated net profit was Rs 2.0521 crore, compared with Rs 2.0465 crore in the preceding quarter and Rs 2.7915 crore a year earlier.

The quarterly comparison shows consolidated revenue from operations declined Rs 1.1703 crore from the quarter ended 30 June 2026, while net profit increased Rs 0.0056 crore. Compared with the quarter ended 30 September 2025, revenue from operations increased Rs 12.8977 crore, but net profit decreased Rs 0.7394 crore. The filing presents these financial results separately from the internal-auditor disclosure and does not link the results to the fee disagreement.

Conclusion

Maximus International has replaced Ajit Tushar & Co. with KAPS & Co. after the outgoing firm cited disagreement over professional fees in its 6 November 2026 resignation letter. The appointment gives KAPS & Co. a three-financial-year internal-audit mandate through FY 2028-29, while the filing leaves the disputed fee amount, engagement scope and transition arrangements undisclosed.

The immediate item to watch is whether Maximus International clarifies why its covering letter uses 6 July 2026 while Annexure-A and the resignation letter use 6 November 2026. The disclosed plan is for KAPS & Co.'s term to run from the third quarter of FY 2026-27 until FY 2028-29, so later company announcements may provide details on the handover or assignment scope.