Ramgopal Polytex Limited auditor resigns before 2027 AGM

Ramgopal Polytex’s statutory auditor resigned with immediate effect on November 5, 2026, before its appointment was due to end at the 46th annual general meeting in calendar 2027. The auditor cited firm restructuring and the expiry of its current Peer Review Certificate during November 2026, while reporting no dispute with management or information-suppression concern.

Why did Ramgopal Polytex’s auditor resign?

Ramgopal Polytex’s auditor resigned because its firm had undergone restructuring and its current Peer Review Certificate was due to expire during November 2026. In its resignation letter dated November 5, 2026, Rungta Agarwal & Associates said it had completed its responsibilities through the limited review of the quarter and half year ended September 30, 2026.

The auditor said the exit was effective immediately and asked Ramgopal Polytex to take the resignation on record and begin the required formalities. It also stated that it had no dispute with management and no concern that management had suppressed information for the purposes of the audit.

The resignation annexure records “Not Applicable” against matters involving concerns raised with the audit committee or board. It also records “Not Applicable” against disclosures concerning audit information requested but not supplied, including whether any lack of information affected the financial statements or limited review.

When was Ramgopal Polytex’s audit term meant to end?

Ramgopal Polytex’s auditor had been appointed for five years, from financial year 2022-23 through financial year 2026-27. The appointment was approved at the annual general meeting held on September 30, 2022, according to the auditor’s resignation annexure.

The scheduled expiry was at the conclusion of the 46th annual general meeting, which the filing says will be held in calendar year 2027. The immediate resignation on November 5, 2026 therefore came before the stated end of the appointment and during the final financial year covered by that term.

The annexure says there was no other material reason for the resignation beyond the reasons in the November 5, 2026 letter. It separately lists “Nil” under other facts relevant to the resignation, limiting the disclosed reasons to restructuring and the expiring Peer Review Certificate.

What audit work did Ramgopal Polytex’s auditor complete before leaving?

Ramgopal Polytex’s auditor completed the limited review of the September 2026 quarter and half-year results before resigning on November 5, 2026. Its latest limited review report, dated November 5, covered the quarter and half year ended September 30, 2026.

The same auditor had issued an audit report dated May 20, 2026 for the financial year ended March 31, 2026. It had also issued a limited review report dated August 13, 2026 for the quarter ended June 30, 2026, showing that it had reviewed the company’s two reported quarters of financial year 2026-27 before its exit.

In the November 5 review report, Rungta Agarwal & Associates said nothing had come to its attention that caused it to believe the September 2026 unaudited results failed to disclose information required under Regulation 33 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015. The firm said a limited review provides moderate assurance and is narrower than an audit, so it did not express an audit opinion on those results.

What do Ramgopal Polytex’s latest reviewed results show?

Ramgopal Polytex reported a loss before tax of Rs 9 lakh for the half year ended September 30, 2026, compared with a loss before tax of Rs 77.35 lakh in the corresponding half year ended September 30, 2025. Total revenue increased to Rs 1.14 crore from Rs 1.08 crore, while total expenses declined to Rs 1.23 crore from Rs 1.85 crore.

The smaller half-year loss reflected a Rs 62.49 lakh reduction in total expenses, exceeding the Rs 5.86 lakh increase in revenue. The company’s statement identifies trading in yarn and polymers as its main business and says it has no separate reportable segments under Indian Accounting Standard 108.

For the quarter ended September 30, 2026, total revenue was Rs 56.35 lakh, compared with Rs 63.92 lakh in the September 2025 quarter. The loss after tax was Rs 9.36 lakh, compared with Rs 8.98 lakh a year earlier, while the September 2026 quarter included Rs 22.97 lakh of other income.

Ramgopal Polytex reported net cash used in operating activities of Rs 66.09 lakh for the half year ended September 30, 2026, compared with Rs 16.64 lakh used in the previous corresponding half year. Cash and cash equivalents stood at Rs 3.23 lakh on September 30, 2026, against Rs 5.05 crore on March 31, 2026 and Rs 17.07 lakh on September 30, 2025.

What happens after Ramgopal Polytex’s auditor resignation?

Ramgopal Polytex’s resigning auditor said it would file the required statement in Form ADT-3 with the Registrar of Companies within the prescribed period. It also said it would provide a copy of that filing to Ramgopal Polytex for the company’s records.

The resignation letter asks Ramgopal Polytex to initiate necessary formalities, but the filing does not name a successor auditor or set a timetable for an appointment. The disclosed audit work ends with the limited review of the half year ended September 30, 2026, while the original appointment extended through the audit of financial year 2026-27.

The company’s balance sheet reported total equity and liabilities of Rs 11.07 crore at September 30, 2026, compared with Rs 11.10 crore at March 31, 2026. The auditor’s resignation documents do not disclose a pending information request, a concern escalated to the board, or another material reason for its departure.

Conclusion

Ramgopal Polytex lost its statutory auditor before the scheduled 2027 end of a five-year appointment, but the disclosed explanation concerns the audit firm’s restructuring and the expiry of its Peer Review Certificate. The auditor completed the November 5, 2026 limited review of the September half-year results and stated that it had no management dispute or concern about information suppression.

The next disclosed steps are the auditor’s Form ADT-3 filing within the prescribed period and the company’s necessary formalities following the immediate resignation. Readers should watch for a Ramgopal Polytex disclosure on audit arrangements for the unexpired portion of financial year 2026-27 and the company’s next financial-results filing after September 30, 2026.