Appointment of M/s. S. Talwar & Associates, Practicing Company Secretary as Secretarial Auditor for FY 2025-26
Awaiting price reaction for this filing.
Melstar Information Technologies held a board meeting on May 25, 2026 approving audited financial results for FY 2025-26. The company reported standalone net profit of Rs 44.72 lakhs (EPS Rs 1.60) on revenue of Rs 75 lakhs, and consolidated net profit of Rs 10.29 lakhs (EPS Rs 0.37). Key board changes include resignation of Mr. Rajnikant Patel as Independent Director effective May 24, 2026, and appointment of Ms. Ayushi Singh Bais as Additional Independent Director. Internal auditors M/s M. N. Kholiya & Associate resigned citing fee disagreements, replaced by M/s Saini & Saini. All board committees were re-constituted to include the new director. The statutory auditors issued a qualified opinion due to an ongoing insolvency resolution process admitted by NCLT Mumbai in October 2019, raising going concern doubts as the company awaits business licenses to start operations.
The qualified audit opinion and ongoing insolvency proceedings indicate significant financial distress and governance risks. The resignation of an independent director and internal auditors on fee disputes suggests internal instability. Shareholders should exercise caution as the company's ability to continue as a going concern remains uncertain pending business license approvals.