Appointment of M/s Saini & Saini, Chartered Accountants as the Internal Auditors of the Company with effect from May 25, 2026
Awaiting price reaction for this filing.
Melstar Information Technologies Ltd's Board meeting on May 25, 2026 approved audited standalone FY2025-26 results (standalone net profit Rs 44.72 lakh on revenue Rs 75 lakh, EPS Rs 1.60) and consolidated results (net profit Rs 10.29 lakh, EPS Rs 0.37). The statutory auditors CKSP & Co LLP issued a Qualified Opinion on both sets of accounts citing ongoing IBC (Insolvency & Bankruptcy Code) proceedings admitted by NCLT Mumbai in October 2019 and related going concern uncertainty. Mr. Rajnikant Patel resigned as Independent Director effective May 24, 2026, citing pre-occupation. Ms. Ayushi Singh Bais was appointed as Additional Director (Non-Executive Independent) for a term up to 5 years, subject to shareholder approval. All four Board committees (Audit, NRC, SRC, and Risk Management) were reconstituted to reflect the new composition. The Internal Auditors changed from M/s M.N. Kholiya & Associate (who resigned citing fee disagreements) to M/s Saini & Saini for FY 2026-27.
The Qualified Opinion and IBC history signal significant going concern risk — investors should monitor whether the company obtains pending business licenses and achieves the operational turnaround it has planned. The director and auditor changes suggest a governance refresh, but the company's financial health remains fragile with consolidated EPS at just Rs 0.37.