1. AUDITED FINANCIAL RESULTS 2. STATEMENT OF DEVIATION OR VARIATION UNDER REGULATION 32 OF SEBI (LODR) REGULATIONS, 2015 3.The Board of Director have considered and approved the appointment ....
Awaiting price reaction for this filing.
The Board of Directors of Alstone Textiles (India) Ltd approved audited financial results for Q4 and the financial year ended March 31, 2025. The results show a total comprehensive income/equity under Ind AS of Rs 310.608 lakhs. The company is essentially operating as a Core Investment Company (CIC) with substantial inter-corporate lending activity, holding loans and advances of about Rs 1,695 lakhs and borrowings of about Rs 1,422 lakhs, with no inventory and no manufacturing operations. The previous statutory auditor H K Chhabra & Co resigned on May 7, 2025 due to unavailability, having been appointed just on February 14, 2025, and VRSK & Associates was appointed as the new statutory auditor from May 31, 2025. The new auditor flagged that the financial statements do not comply with Ind AS as required under Section 133, that the accounting software lacks an audit trail feature, and that some expenses were booked on a cash basis. The company also stated that Regulation 32 (deviation statement) is not applicable as it has not raised funds through public/rights/preferential issues.
The mid-year auditor change combined with compliance issues flagged by the new auditor (Ind AS non-compliance, missing audit trail, cash-basis expenses) raises governance and reporting concerns for shareholders. Despite the auditor change, the auditor expressed no going concern doubt, but investors should treat the financials with caution given the qualifications noted.