Appointment of Ms. Jyoti Bairwa and Mr. Imran Saiyad as a Independent Director
Awaiting price reaction for this filing.
The board meeting on May 16, 2026 approved the appointment of two new Non-Executive Independent Directors - Ms. Jyoti Bairwa and Mr. Saiyad Imran - effective the same date. Both directors have limited experience (2-3 years) in finance/accountancy fields and do not hold directorships in any other listed entities. The company also reported audited financial results showing net profit of Rs. 1.50 lakhs for FY2026, a turnaround from Rs. 3.44 lakhs loss in FY2025. Revenue from operations was Rs. 9 lakhs. However, the statutory auditor issued a QUALIFIED opinion citing: Rs. 256.27 lakhs in loans without balance confirmations and non-compliance with RBI NPA norms; Rs. 529.75 lakhs outstanding income tax demand without documentary evidence; failure to appoint an internal auditor for the entire financial year; and non-disclosure of MSME creditor classification.
While the company returned to profit and strengthened its board with two independent directors, the qualified audit opinion raises significant red flags about governance, loan recoverability, and tax liability. Shareholders should monitor the resolution of these compliance issues as they pose risks to financial reliability.