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 (011199N) ....
Awaiting price reaction for this filing.
The board, which met on 30 May 2025, approved the audited financial results for Q4 and full year ended 31 March 2025. The company booked a massive loss of about Rs 116,350.6 lakhs for FY25 against a small profit of Rs 9.93 lakhs in FY24, driven almost entirely by an exceptional item of Rs 116,365.75 lakhs representing near-full impairment of its entire loan book of Rs 116,487.90 lakhs. Total income rose modestly to Rs 62.45 lakhs from Rs 47.27 lakhs a year ago, but the impairment wiped out shareholder equity, turning net worth deeply negative at Rs (116,148.56) lakhs while borrowings stood at Rs 16,333.39 lakhs. The new auditor VRSK & Associates issued a qualified opinion flagging non-compliance with Ind AS 109 on expected credit loss provisioning and raised going-concern doubts. Statutory auditor M/s H K Chhabra & Co. resigned w.e.f. 7 May 2025 citing unavailability, and VRSK & Associates was appointed to fill the casual vacancy on 30 May 2025.
Shareholder equity has been completely eroded by the loan-book write-off, the auditor has flagged going-concern uncertainty, and a mid-year auditor change adds governance red flags — all of which are likely to weigh heavily on the stock and raise serious questions about the company's solvency.