Vaxfab Enterprises Limited has appointed M/s. ASGM & Co., Chartered Accountants, as its independent forensic auditor. This decision follows a Board meeting on November 03, 2026, to investigate financial transactions and records for the fiscal years 2022-23, 2023-24, and 2024-25. The initiation is driven by the transition of management on April 01, 2025, and queries from GST authorities concerning historical transactions.
Board Approves Forensic Audit Appointment
At a Board of Directors meeting held on Tuesday, November 03, 2026, Vaxfab Enterprises Limited approved the appointment of an independent forensic auditor. The firm selected is M/s. ASGM & Co., Chartered Accountants (Firm Registration No. 137191W), represented by CA Aashish Shah.
Scope and Financial Periods
The forensic audit engagement will cover the financial years ending March 31, 2023, March 31, 2024, and March 31, 2025. The broad scope includes examining the integrity and reliability of accounting records, verification of transactions, reconciliation of financial statements, and identification of any unusual or unsupported transactions.
Reasons for Initiation
The decision to initiate a forensic audit stems from the transition of the company’s control and management on April 01, 2025. At the time of this transition, historical financial and supporting records were reportedly not comprehensively handed over, and certain primary accounting and statutory documents were unavailable. Furthermore, the company has received notices and queries from GST authorities regarding historical transactions, including input tax credit matters.
Nature of Engagement and Fees
The engagement is strictly for forensic accounting and investigation procedures and is not a statutory, tax, or internal audit. Vaxfab Enterprises has approved professional fees of ₹3,00,000/- plus applicable taxes and out-of-pocket expenses. An initial retainer of ₹1,50,000/- is payable before the engagement commences.
Reporting and Next Steps
The appointed firm will submit its findings to the Audit Committee and the Board. The Company will review the findings and take appropriate corrective actions. Further disclosures, including the final forensic audit report and management comments, will be made in accordance with SEBI (LODR) Regulations, 2015.
The Board meeting commenced at 05:00 P.M. and concluded at 05:30 P.M. on November 03, 2026.
Source: BSE
