Appointment of secretarial auditor for FY 2024-25
Awaiting price reaction for this filing.
Ballarpur Industries' board, meeting on November 11, 2025, approved a stack of delayed financial results — standalone and consolidated results for Q2 FY25, plus multiple back-quarter consolidated filings (Q1 FY24 through FY25). The statutory auditor Batliboi & Purohit issued a modified (qualified) opinion on the FY25 consolidated results, citing ongoing NSE/BSE penalties for late filings (the matter is sub-judice before NCLT), IEPF transfer issues, and assets held for sale for over a year. Standalone losses widened sharply: Rs 3,174.93 lakh loss in Q2 FY25 and Rs 5,502.05 lakh loss in H1 FY25, versus a Rs 6,675.70 lakh loss for FY25. Revenue from operations collapsed to just Rs 168.56 lakh in Q2 FY25, while finance costs remain heavy at Rs 1,476.24 lakh. The auditors flagged a material uncertainty on going concern, noting the company (post-IBC resolution under Finquest Financial Solutions) is relying on NCD issuance, preference share funding, and sale of old assets to stay solvent. Separately, Ms. Shweta Jain (Chartered Accountant) was appointed as an Additional Independent Director, and Viral Sanghavi & Associates was appointed as Secretarial Auditor for FY24-25.
Negative — the company continues to post widening losses on near-zero revenues, carries a modified audit opinion and a going-concern warning, and is heavily reliant on asset sales and new debt to survive. Shareholders should note the auditor has flagged multiple unresolved compliance and governance issues, though the new Independent Director and Secretarial Auditor appointments signal incremental governance strengthening.