Appointment of M/s. V.Ravi & Co., Chartered Accountants as Internal Auditor of the company for FY 2026-27
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The board meeting held on 28.05.2026 approved appointment of M/s. V. Ravi & Co. as Internal Auditor and M/s. Vivek Surana & Associates as Secretarial Auditor for FY 2026-27. The company reported negligible revenue from operations (Rs. 0.0027 lakhs) for Q4 FY26. Standalone net loss for FY26 widened to Rs. 23.56 lakhs compared to Rs. 20.41 lakhs in FY25. Consolidated net loss increased to Rs. 24.11 lakhs from Rs. 21.42 lakhs YoY. Negative EPS of Rs. 0.47 for the year. Statutory auditors M/s. N G Rao & Associates issued unmodified/unqualified opinion on both standalone and consolidated results. The company has accumulated negative reserves of Rs. 120.62 lakhs (standalone) and Rs. 142.97 lakhs (consolidated), with significant trade receivables of Rs. 397.45 lakhs (standalone) against minimal operations.
The company continues to burn cash with widening losses and negligible revenue, indicating severe operational challenges. The appointment of new internal auditors is routine and not a concern. However, shareholders should be cautious given persistent losses, negative reserves, and high receivables with almost no business activity.