Board Meeting outcome for the quarter ended 30.06.2025
Awaiting price reaction for this filing.
The Board approved unaudited Q1 FY26 results showing revenue from operations of ₹20.85 lakhs (down from ₹57.79 lakhs YoY) and a net loss of ₹220.92 lakhs, mainly due to a ₹206.33 lakhs exceptional write-off in discontinued spinning operations. The Board noted the resignation of Independent Director Ms. Sushma Gupta citing personal reasons, and appointed Ms. Rajani Elaprolu as Additional Non-Executive Independent Director in her place. M/s. HSP & Associates LLP was appointed as Secretarial Auditor for 5 years, and the Nomination & Remuneration Committee was reconstituted. The auditor issued a qualified review report flagging unpaid TDS dues of ₹19.25 lakhs with no interest provision. Notes also disclose accumulated losses of ₹3,670.51 lakhs and current liabilities exceeding current assets, though the company continues on a going-concern basis.
Shareholders should note the continued losses, accumulated deficit, and the large one-time write-off in the discontinued spinning division, which dragged Q1 into a net loss. The independent director exit appears routine (personal reasons) with a replacement already in place, so no major governance red flag, but the going-concern qualifications warrant close monitoring.