Asian Hotels (North) Limited has informed the Exchange regarding Resignation of Mr. Sunil Upadhyay as Chief Financial Officer of the company w.e.f. closing of business hours on May 31, 2026.
ASIANHOTNR · price
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Asian Hotels (North) Limited held its Board meeting on May 28, 2026, approving audited financial results for Q4 and FY ended March 31, 2026, along with several key leadership changes. CFO Mr. Sunil Upadhyay resigned effective close of business on May 31, 2026, and Mr. Sachin Goel (Director of Finance) has been appointed as the new CFO from June 1, 2026. The company posted total income of Rs. 39,025.81 lakhs for FY26 but reported a net loss of Rs. 14,176.13 lakhs, compared to a net profit of Rs. 18,725.97 lakh in FY25. The auditors have flagged a material uncertainty regarding the company's ability to continue as a going concern, noting that current liabilities exceed current assets as of March 31, 2026. The company also resolved its loan defaults (aggregating Rs. 59,326.48 lakhs principal and Rs. 23,709.15 lakhs interest) by issuing 2,31,80,000 equity shares at Rs. 330 per share on a preferential basis.
The CFO transition appears orderly with an internal promotion, reducing execution risk. However, the going concern flag and significant annual loss are serious red flags for investors, especially given the company's heavy debt burden despite the recent equity raise.