As per the attachment.
Awaiting price reaction for this filing.
Rolta India submitted its Q2 FY25 (quarter ended September 30, 2024) unaudited standalone and consolidated results, but the auditor (Shah & Mantri) issued an Adverse Conclusion rather than a clean review. The auditor flagged a Material Uncertainty Related to Going Concern, noting that current liabilities far exceed current assets and net worth is deeply eroded. The company remains under Corporate Insolvency Resolution Process (CIRP) since January 19, 2023, with the resolution plan approved by the Committee of Creditors (100% voting) but still pending NCLT approval. The auditor could not verify impairment of Property, Plant & Equipment, could not determine the impact of corporate guarantees invoked by US bondholders (claims admitted at Rs. 6,268.80 crores), and noted that prior period errors (EPFO revised claim of Rs. 5.64 crores) were not restated in FY24 results. Two lenders (Canara Bank and Bank of India) classified the company's account as 'fraud' and recommended classifying directors as wilful defaulters.
Shareholders face extreme uncertainty — the stock is effectively in limbo until NCLT approves the resolution plan. Existing equity is likely to be heavily diluted or wiped out given massive negative net worth (Rs. (6,253.38) crores standalone) and admitted creditor claims of Rs. 14,074.13 crores. Investors should treat this as a high-risk situation with binary outcomes tied to the resolution plan's approval and Supreme Court proceedings on voting rights.