Appointment of Internal and Tax Auditors
Awaiting price reaction for this filing.
PAE Limited's board approved standalone unaudited financial results for Q1 FY26 (quarter ended June 30, 2025), reporting zero revenue from operations and a net loss of ₹21.51 lakhs versus a profit of ₹1,375.50 lakhs in the previous quarter. The statutory auditor issued a Disclaimer of Opinion, citing inability to verify bank balances, fixed assets (which were fully written off as of March 31, 2025), revenue authority balances, and cash balances. Two new Additional Independent Directors — CS Bhargavi Gupta and CS Akash Patel — were appointed for five-year terms, and all three board committees were reconstituted. The company also appointed M/s PSG and Associates as Internal Auditor for FY25-26 through FY29-30, and M/s J M Patel & Bros as Tax Auditor for FY25-26. The filing provides context that the company recently emerged from the IBC insolvency process, with a resolution plan approved by NCLT in November 2024 and capital restructuring completed.
Shareholders should note the company reported a net loss with zero operational revenue this quarter, and the auditor flagged significant verification gaps — a concerning sign for financial transparency. However, post-CIRP restructuring with new management and a fresh board may set the stage for operational revival once the new promoter begins executing the resolution plan.