ASKM & Co. appointed as statutory auditor to fill the casual vacancy subject to shareholder approval in upcoming 18th AGM.
Awaiting price reaction for this filing.
The board approved unaudited Q1 FY26 results showing revenue from operations of Rs. 445.54 lakhs (up from Rs. 3.52 lakhs in Q1 FY25) but a net loss of Rs. 2,208.35 lakhs versus a loss of Rs. 2,372.63 lakhs a year ago. Existing statutory auditor RPSV & Co. resigned and ASKM & Co. (Hyderabad) was appointed to fill the casual vacancy for FY 2025-30, pending shareholder approval at the 18th AGM. RPR & Associates was named secretarial auditor for FY 2025-30. The company will change its name to 'Neueon Corporation Limited' and adopt new MOA and AOA to widen its objects into data centres, EPC, blockchain, eVTOL/air mobility, and other lines. The board also approved selling three factory properties in Sangareddy district (Turkala Khanapur and IDA Bollaram), targeting completion by end-December 2025. The auditor flagged a qualified conclusion because the company has not done an impairment test on its PPE and other assets despite negative net worth.
Shareholders will see a fresh auditor, a name rebrand, and a much wider business charter, but the company remains loss-making with negative net worth and is still working through its IBC resolution plan (fourth creditor instalment due August 2025). The proposed sale of three plants and the focus on higher-growth verticals like data centres and eVTOL are positive if executed, but stock price may stay volatile until the asset sales close and the new business lines show traction.