Abhishek Corporation Limited has informed the Exchange regarding Change in Auditors of the company.
Awaiting price reaction for this filing.
The company, now renamed Mahaalaxmi Texpro Limited, held a board meeting on August 14, 2025 and approved its unaudited standalone financial results for Q1 FY26 (quarter ended June 30, 2025). Total revenue for the quarter stood at just Rs. 11 lakhs compared to Rs. 114.43 lakhs in the same quarter last year, with a net loss of Rs. 20.68 lakhs and an EPS of Rs. (0.61). The company also appointed CS Shrenik Nagaonkar & Associates as Secretarial Auditor for a 5-year term, subject to shareholder approval at the upcoming AGM. The statutory auditor ARNA & Associates issued an unqualified limited review report on the Q1 numbers. Notably, the auditor's report mentions that the financials are authorized by a Liquidator, suggesting the company remains under liquidation proceedings. The company operates in a single textile segment and reported a full-year FY25 loss of Rs. 2,528.52 lakhs including exceptional items of Rs. 2,008.16 lakhs.
The headline about 'change in auditors' is somewhat misleading — this is a routine appointment of a Secretarial Auditor, not a change in statutory auditor. With revenue collapsing and the company under liquidation, shareholders face continued uncertainty. The name change and ongoing operations suggest an attempt to revive the business, but weak Q1 results and the liquidation tag remain key concerns for investors.