Appointment of M/s. Vijay s. Tiwari & Associates as a Secretarial Auditor for the F.Y 2018-2024
Awaiting price reaction for this filing.
The board approved audited financial results for Q4 and full year ended March 31, 2025, along with appointing M/s. Vijay S. Tiwari & Associates as Secretarial Auditor for FY 2018-19 to FY 2023-24, and separately for FY 2024-25. The company, which was under liquidation since September 2019, reported zero revenue from operations and a standalone net loss of Rs. 21,477.19 lakhs for FY25, driven mainly by an exceptional item of Rs. 20,529.62 lakhs (likely a write-off linked to the compromise scheme). The statutory auditor PSV Jain & Associates issued an unmodified opinion. The NCLT orally approved a Composite Scheme of Compromise and Arrangement on January 9, 2025 (uploaded January 14, 2025), under which an acquirer has come in, and financials have been prepared on a going concern basis.
Negative equity of around Rs. 38,915 lakhs on a standalone basis and near-zero operating revenue signal deep financial distress, but the NCLT-approved revival scheme with a new acquirer represents a potential turnaround moment for shareholders. Retail investors should treat this as a high-risk, restructuring-stage stock where outcomes depend heavily on the successful execution of the compromise arrangement.