Sky Gold and Diamonds Limited has announced the resignation of its statutory auditors, M/s V J Shah & Co., effective May 8, 2026. The firm has also resigned from its roles at the company’s material subsidiaries: Speed Bangle Private Limited, Starmangalsutra Private Limited, and Sparkling Chains Private Limited. The outgoing auditors cited a significant increase in the company’s group structure due to recent acquisitions as the primary reason for their departure.
Resignation Details
On May 8, 2026, M/s V J Shah & Co. formally tendered their resignation as statutory auditors for Sky Gold and Diamonds Limited and its three wholly-owned subsidiaries. The firm clarified that this decision is not due to any disagreements regarding accounting policies, financial reporting, or a lack of access to records. The company confirmed that it will initiate the process to appoint a new statutory auditor to fill the vacancy in due course.
Rationale for Departure
The outgoing auditors highlighted that the company’s recent acquisition of two additional entities, including a foreign subsidiary, has led to a material and significant expansion in the scope of the statutory audit. Consequently, the firm felt it was in the best interest of the group-level consolidated audit process to allow the management to align its audit services with a new firm that can better address the needs of the enlarged consolidated structure.
Commitment to Current Audits
Despite the resignation, M/s V J Shah & Co. has committed to finalizing the audit of the financial statements for the year ended March 31, 2026. They will also issue the required audit reports on both the standalone and consolidated financial results for the quarter and year ended March 31, 2026. The firm emphasized that they have not yet commenced any statutory audit work for the financial year ending March 31, 2027.
Source: BSE
