Shradha Infraprojects Limited — Important, 21-11-2024: General Updates

M/s P. N. Gupta, Chartered Accountants, has resigned as the Statutory Auditor of Active Infrastructures Limited, a key subsidiary of Shradha Infraprojects Limited, effective immediately. The resignation is due to the firm lacking a valid peer review certificate required by SEBI for listed entities pursuing an initial public offering (IPO). The Board has acknowledged the contributions of P. N. Gupta in maintaining audit standards at the subsidiary. This transition in auditors could impact the subsidiary’s compliance and financial reporting processes as it prepares for its IPO, necessitating close monitoring by investors. The company is expected to appoint a new auditor that meets the regulatory requirements soon. Positive outlook as the firm navigates this transition effectively.