Appointment of Internal Auditor of the Company for Financial Year 2025-26.
Awaiting price reaction for this filing.
Carnation Industries' board, at its May 29, 2025 meeting, approved the appointment of M/s Jha Gunjan & Associates as Internal Auditor for FY 2025-26 and M/s Avinash K & Co as Secretarial Auditor for five years, subject to shareholder approval. The board also took on record the audited financial results for Q4 and FY ended March 31, 2025, with the statutory auditors issuing an unmodified opinion. The company reported a net profit of Rs. 142.44 lakhs for FY25, a turnaround from a Rs. 49.30 lakh loss in FY24, largely driven by a one-time write-back of liabilities worth Rs. 233.84 lakhs linked to its emergence from the Corporate Insolvency Resolution Process (CIRP) via NCLT order dated June 5, 2024. The company has not yet started business operations and is scouting for new business opportunities.
Routine auditor appointments are compliance-driven and have no direct stock price impact. The FY25 turnaround profit is not from operations but from CIRP-related liability write-backs, so investors should note this is not recurring earnings. The company remains pre-revenue and is looking for a business to restart, which makes it a speculative holding.