Appointment of Secretarial Auditor of the Company
Awaiting price reaction for this filing.
Carnation Industries' board, at its May 29, 2025 meeting, approved the audited financial results for Q4 and FY ended March 31, 2025 with an unmodified opinion from statutory auditor Jain Saraogi & Co LLP. The board appointed M/s Avinash K & Co. as Secretarial Auditor for a five-year term (subject to shareholder approval) and M/s Jha Gunjan & Associates as Internal Auditor for FY 2025-26. The company emerged from the Corporate Insolvency Resolution Process (CIRP) in June 2024 after NCLT approval, and during FY25 wrote back liabilities of Rs. 233.84 lakhs and wrote off assets of Rs. 35.16 lakhs, swinging the full-year profit to Rs. 142.44 lakhs from a prior loss of Rs. 49.30 lakhs. The company has not yet started business operations, is scouting for new opportunities, and recently received BSE listing approval on March 26, 2025.
Routine auditor appointments should not affect the stock price. However, shareholders should note that the full-year profit was driven mainly by a one-time liability write-back from CIRP rather than operating activity, the company is still pre-revenue, and there are pending compliance items such as unsatisfied ICICI Bank charges and an unupdated shareholder list.