1. AUDITED FINANCIAL RESULTS 2. STATEMENT OF DEVIATION OR VARIATION UNDER REGULATION 32 OF SEBI (LODR) REGULATIONS, 2015 3. To consider the appointment of M/S. VRSK & ASSOCIATES ....
Awaiting price reaction for this filing.
The board, meeting on May 30, 2025, approved the audited financial results for Q4 and FY ended March 31, 2025. The company reported a tiny net profit of about Rs. 6.46 lakh under Ind AS, with paid-up equity of just Rs. 51.27 lakh. The board also appointed M/s VRSK & Associates (FRN 011199N) as the new statutory auditor to fill the casual vacancy created by the resignation of M/s N K Bhat & Associates on May 21, 2025, who had itself been appointed only on Feb 13, 2025. The company operates mainly as a Core Investment Company (CIC), with inter-corporate borrowings of Rs. 2,500 crore and loans/advances of Rs. 1,993 crore (including Rs. 510 crore already converted to equity and Rs. 1,985 crore pending conversion).
Two back-to-back auditor changes within four months and the auditor's note that the prior firm's appointment was never ratified at an EGM/with MCA are red flags for governance and continuity. The extreme leverage (thousands of crores in inter-corporate loans versus a tiny equity base and wafer-thin profit) means retail investors should weigh credit and concentration risk heavily before taking exposure.