Appointment of M/s. Vijay S. Tiwari & Associates as a Secretarial Auditor of the Company for F.Y 2024-25
Awaiting price reaction for this filing.
The Board of Directors of Birla Cotsyn (India) Ltd, at its meeting on May 29, 2025, approved audited financial results for Q4 and FY ended March 31, 2025, alongside appointing M/s. Vijay S. Tiwari & Associates, Practicing Company Secretaries, as Secretarial Auditor for two periods: (a) FY 2018-19 to 2023-24 (covering past years during CIRP/liquidation), and (b) FY 2024-25, till the next AGM. The company continues to operate under a Composite Scheme of Compromise and Arrangement approved by NCLT Mumbai on January 9, 2025 (uploaded January 14, 2025), following years of insolvency and liquidation proceedings initiated in November 2018. Standalone FY25 results show a massive loss of about Rs. 21,477 lakhs due to exceptional items of Rs. 20,529 lakhs; consolidated loss was Rs. 1,461 lakhs. Negative reserves and a sharp rise in borrowings (from Rs. 148 lakhs to Rs. 65,677 lakhs) highlight the distressed financial position, with financials prepared on a going concern basis. Statutory auditor PSV Jain & Associates issued an unmodified opinion.
The secretarial auditor appointment is routine and largely procedural, reflecting regulatory housekeeping. The key investor concern remains the company's distressed state, ongoing IBC/liquidation history, and the recent NCLT-approved compromise scheme—shareholders should monitor the scheme's execution and revival plan closely before drawing comfort from the going concern assumption.