E & E Enterprises Limited Forensic Report - SOIC x StockScans Report

as of Aug 2026

E & E Enterprises Limited carries a clean audit record across seven years, with no fraud, wilful default, or benami property flagged by its auditors. The record is shadowed by a recurring pattern of SEBI disclosure fines and a history of auditor churn: three firms in six years, including a mid-term resignation, with the current auditor now proposed for a second five-year term before its initial three-year term has concluded.

Key findings

  1. Recurring SEBI LODR fines across multiple years Major - BSE imposed a penalty of Rs. 59,23,600 on 2 May 2024 for non-compliance with related-party disclosure rules for the half-year ended 31 March 2021. The fine was later reduced to Rs. 2,36,000 on 15 October 2024. The company also paid Rs. 5,66,400 in FY2021-22 for failing to appoint an independent director, Rs. 1,10,000 in FY2022-23 for another LODR breach, and Rs. 5,000 in FY2025-26 for a one-day delay in a nil related-party filing.
  2. Three auditor changes in six years, with a mid-term resignation Major - M/s D. Dadheech & Co. was appointed for three years at the 79th AGM on 21 December 2020 and resigned during FY2023-24. M/s S. S. Kothari & Co. signed the FY2022-23 audit report as an interim auditor. M/s K. K. Birla & Co. was appointed at the 82nd AGM on 7 September 2023 for a three-year term ending in 2026, yet the Board now proposes re-appointment for a second five-year term through 2031 before the initial term has concluded. Auditor fees rose from ₹60,000 in FY2019-20 to ₹0.79 lakh in FY2024-25, a 32% increase.
  3. NBFC licence surrendered after a restructuring that left the company as a simple holding entity Minor - The company voluntarily surrendered its NBFC Certificate of Registration, and RBI cancelled it via order dated 24 July 2025. Every annual report from FY2019-20 through FY2025-26 states the company has no subsidiary, associate, or joint venture, a fact confirmed by the FY2025-26 CARO report. A scheme of amalgamation with the holding company Piramal Corporate Services Private Limited was announced on 19 October 2022 and later withdrawn.
  4. A ₹22 crore property deal commits ₹8.15 crore in future outlay, while tax disputes persist with no provision Minor - The company entered into an MOU with Evaan Holdings Private Limited for three flats at an agreed consideration of ₹22 crore, with ₹13.85 crore advance paid and a remaining capital commitment of ₹8.15 crore as at 31 March 2026. Disputed income-tax dues of ₹18.46 lakhs for AY 2017-18 and ₹19.32 lakhs for AY 2018-19 are pending before CIT(A), with no provision made.
  5. Directors and KMP receive no remuneration, while all shareholder resolutions pass with zero dissent Minor - No director or KMP received any remuneration in any year from FY2019-20 through FY2025-26. The Manager’s salary of Rs. 5,47,000 per annum is paid by the holding company, Piramal Corporate Services Private Limited. The promoter group held 74.39% of shares and voted 100% in favour on every resolution at the shareholder meetings from 22nd Dec 2020 through 25th Sep 2025 for which scrutinisers’ reports are available, with every resolution passing with zero votes against.
  6. Clean audit opinions across all seven years, with no CARO adverse findings on fraud or diversion Clean - The statutory auditor issued an unqualified opinion on the standalone financial statements for every year from FY2019-20 through FY2025-26, with no Key Audit Matters reported in any year. The internal financial controls opinion was unqualified each year. CARO confirms no fraud by or on the company across all seven years, no benami property proceedings in FY2025-26, and no wilful defaulter declaration as of 31 March 2026. The FY2025-26 audit report carries an Emphasis of Matter, a special call-out in the audit report, noting the NBFC licence surrender; the opinion was not modified.

What to watch

Bottom line: This is a disclosed and audited record with seven years of clean opinions and no evidence of fraud or diversion. The character of the risk is governance: a promoter-held shell with no operating business, recurring disclosure fines, and an auditor rotation that has been both frequent and, in the current proposal, unusually accelerated. Watch the AGM votes on the auditor and the borrowing resolution, they will signal whether the pattern of unanimous promoter approval continues unchallenged.