Sanchay Finvest auditor exits before FY2030 term expiry

Sanchay Finvest Limited is replacing its statutory auditor after Jain Jagawat Kamdar & Co resigned on 14 November 2026, about 13 months after its 29 September 2025 appointment for FY2025-26 through FY2029-30. The firm cited professional commitments and resource allocation, while S K B J P & CO is proposed from 15 November 2026, subject to shareholder approval.

Why did Sanchay Finvest’s statutory auditor resign?

Sanchay Finvest said Jain Jagawat Kamdar & Co resigned because its existing professional commitments and resource-allocation requirements meant it could not devote the required time, attention and professional resources to the statutory audit. The resignation took effect at the close of business on 14 November 2026, according to the firm’s letter to the board.

The outgoing auditor stated that the decision was not attributable to a disagreement with management or the board. It also said the resignation did not arise from concerns about Sanchay Finvest’s financial statements, accounting practices, internal controls or financial reporting. In the prescribed resignation annexure, the firm confirmed that there was no other material reason beyond those stated.

Jain Jagawat Kamdar & Co said it would complete limited-review procedures and issue reports that fell within its engagement up to the effective date. The filing records that it issued the limited review report for the quarter and half year ended 30 September 2026 on 14 November 2026, while its last audit report for FY2025-26 was issued on 28 May 2026.

How early did Jain Jagawat Kamdar & Co leave Sanchay Finvest?

Jain Jagawat Kamdar & Co left Sanchay Finvest about 13 months after being appointed on 29 September 2025, rather than serving until the scheduled expiry in FY2029-30. The company’s disclosure describes the original appointment as covering FY2025-26 to FY2029-30, a five-financial-year period.

The timing means the proposed replacement is intended to fill a casual vacancy rather than follow the planned end of the original term. Sanchay Finvest disclosed the cessation under Regulation 30 of the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements regulations, with the effective date stated as 14 November 2026.

The outgoing firm said it resigned so Sanchay Finvest would have sufficient time to make alternative statutory-audit arrangements. It also requested the company to make applicable disclosures and filings with stock exchanges, the Registrar of Companies and other authorities under the Companies Act, 2013 and listing regulations.

Who is Sanchay Finvest proposing as its new auditor?

Sanchay Finvest proposes S K B J P & CO, firm registration number 122832W, as statutory auditor from 15 November 2026, subject to approval by shareholders at a general meeting. The company identifies the appointment as filling the casual vacancy caused by Jain Jagawat Kamdar & Co’s resignation.

S K B J P & CO gave its consent on 14 November 2026 to act under Section 139(1) of the Companies Act, 2013. Its consent letter says the firm satisfies the eligibility requirements under Section 141, is not disqualified under the Companies Act or the Chartered Accountants Act, 1949, and is within applicable limits on the number of audit assignments.

The proposed auditor also certified that no proceedings were pending against the firm or its partner regarding professional conduct. The consent was signed by partner Satish Bokdia, membership number 125439, and the filing gives the firm’s Mumbai office address and permanent account number AEAFS9018Q.

The appointment is not final in the supplied filing because Sanchay Finvest’s Regulation 30 disclosure makes it subject to shareholder approval. The filing does not specify the general-meeting date, the term after approval or a voting result, so it does not establish that shareholders have approved the appointment.

What do Sanchay Finvest’s September 2026 results notes show?

Sanchay Finvest’s September 2026 results notes state that the company does not have an appropriate system for obtaining confirmations and performing reconciliations of deposits, advances and other receivables or payables. The note says sufficient appropriate audit evidence was absent and that the possible impact, if any, on the financial results could not be determined.

That results-note statement is separate from the resignation letter, in which Jain Jagawat Kamdar & Co said its departure was not caused by concerns about financial reporting or internal controls. The filing does not explain any relationship between the two disclosures, and the resignation annexure marked questions about auditor concerns and unavailable information as not applicable.

The unaudited balance sheet reported total assets of Rs 6.04 crore at 30 September 2026, up from Rs 2.31 crore at 31 March 2026. Current assets rose to Rs 4.82 crore from Rs 1.04 crore, while inventories increased to Rs 4.23 crore from Rs 67.22 lakh and total equity rose to Rs 5.99 crore from Rs 1.49 crore.

The equity movement followed a preferential allotment of 48.50 lakh equity shares with a face value of Rs 10 each to non-promoter investors. Sanchay Finvest received Rs 4.85 crore in subscriptions, including Rs 1.50 crore on 18 April 2026 and Rs 3.35 crore on 20 April 2026; during the quarter ended 30 September 2026, it also paid Rs 47.00 lakh to redeem the liability component of 12% redeemable non-cumulative preference shares.

Conclusion

The filing records an auditor change before the end of the original FY2025-26 to FY2029-30 appointment period, with Jain Jagawat Kamdar & Co attributing its departure to its own professional commitments and resourcing. The company has disclosed a proposed successor, while the September 2026 results notes separately identify unresolved confirmation and reconciliation processes affecting the availability of audit evidence.

The next disclosed event to watch is shareholder approval of S K B J P & CO at a general meeting, for which no date or result is provided. Subsequent financial disclosures may also show whether Sanchay Finvest has developed the confirmation and reconciliation systems referred to in the 30 September 2026 results notes.