Appointment of Mr. Natesan Kameswaron as Additional Director of the COmpany
Awaiting price reaction for this filing.
SIP Industries' board on 28 May 2025 approved multiple changes: Mr. Nangavaram Mahadevan Ranganathan resigned as CFO (personal reasons) and was redesignated from Whole-time Director to Non-Executive Director. Mr. Natesan Kameswaron (DIN: 11101170), a 35-year veteran in civil contracts, real estate and stock broking, was appointed as both the new CFO (KMP) and Additional Executive Director. The board also approved audited FY25 results showing a net loss of Rs. 29.10 lakh, with accumulated losses of Rs. 529.03 lakh that have fully eroded the company's net worth. The statutory auditor (Murali & Venkat) issued an unmodified opinion but flagged a material going concern uncertainty. The company, taken over via CIRP under IBC in 2022, is still not operational commercially and its BSE listing remains suspended, with multiple listing/revocation applications pending.
This is a high-risk micro-cap: negative net worth, going concern doubts, suspended trading on BSE, and no commercial operations yet. The leadership churn (CFO exit, new appointee with non-finance background) adds uncertainty. Shareholders should monitor BSE listing revival and NCLT amendment outcome closely, as trading remains suspended and losses continue.