Appointment of Chief Financial Officer
Awaiting price reaction for this filing.
Ballarpur Industries announced multiple board-level changes along with its FY25 audited results. CFO Hardik B. Patel resigned effective May 26, 2025 (citing personal reasons), but retains his role as Chairman & Whole-Time Director; Anil Mehta, a Chartered Accountant with 20+ years of experience, takes over as CFO from May 27. Company Secretary Punit Bajaj will step down on June 30 to pursue opportunities outside the company. The board also approved allotment of a second tranche of 57 lakh 0.01% preference shares worth Rs 57 crore to Finquest Financial Solutions (the resolution applicant). FY25 standalone results show a net loss of Rs 66.76 crore (narrower than the Rs 252.57 crore loss last year) on total income of Rs 20.63 crore, with statutory auditors issuing a qualified/modified opinion citing delays in BSE/NSE filings and material uncertainty on going concern. Notably, consolidated results for multiple quarters (Q1 to Q4 of FY24) were all deferred with no new approval date given.
Shareholders should note continued losses, though significantly reduced year-on-year, alongside governance red flags including a qualified audit opinion, multiple deferred quarterly filings, and unresolved NSE/BSE penalties. The simultaneous exit of two KMPs (CFO and Company Secretary) adds to governance uncertainty, though incoming CFO Anil Mehta brings relevant experience and the new management continues infusing funds (Rs 57 crore preference share tranche) to revive operations.