Whalesbook
Riddhi Corporate Services Ltd. has confirmed the resignation of its statutory auditor, Nitin K. Shah & Co., effective April 21, 2026. The company has begun the process of appointing a new auditor to ensure continued regulatory compliance and timely financial audits.
Nitin K. Shah & Co. cited several reasons for stepping down, including technical aspects of the role, increasing compliance responsibilities, and a mandatory five-year cooling-off period required for re-appointment. Riddhi Corporate Services stated that there were no disagreements between the company and the outgoing auditor.
The departure of a statutory auditor necessitates the prompt appointment of a qualified replacement. This is a crucial step for maintaining financial transparency and adhering to regulatory requirements. Ensuring a smooth transition is vital to avoid any disruption to the company's auditing schedule and to uphold investor confidence.
This situation follows a history of auditor changes at Riddhi Corporate Services. Previously, Jain Kedia and Sharma resigned effective November 14, 2025, citing issues with timely information and fee disputes. M. B. Gabhawala & Co. also resigned as statutory auditors in January 2023. Nitin K. Shah & Co. was appointed on February 2, 2026, to fill the vacancy left by Jain Kedia and Sharma, and is now itself resigning.
Riddhi Corporate Services must now move swiftly to identify and appoint a new statutory auditor. The process will involve board approval and ensuring the new firm can conduct audits efficiently. A significant delay in securing a new auditor could impact the timely completion of financial audits, highlighting the need for prompt action to maintain regulatory compliance.
The company operates in the BPO/ITeS and IT services sector, an industry where peers such as Firstsource Solutions Ltd., eClerx Services Ltd., and Hinduja Global Solutions Ltd. navigate similar operational and regulatory landscapes.
Investors will be watching for Riddhi Corporate Services' announcement of its new statutory auditor and the timeline for this appointment process.