Announcement under Regulation 30 (LODR) - Appointment of Secretarial Auditor
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
City Crops Agro Limited reported a net loss of Rs. 393.21 Lakhs for FY 2025-26, a significant decline from a profit of Rs. 247.69 Lakhs in the previous year. Total income dropped to Rs. 1,953.94 Lakhs from Rs. 5,591.71 Lakhs. The company's statutory auditors issued a qualified opinion citing multiple concerns: outstanding income tax liabilities of Rs. 425.36 Lakhs for three financial years, inactive GST registration with unfiled returns, Rs. 300.25 Lakhs in undocumented IPO proceeds used for land development advances, and trade receivables/payables pending confirmation. The company also wrote off perishable stock-in-trade to NIL value. The board approved appointment of M/s. Jay Pandya & Associates as the new Secretarial Auditor for FY 2025-26.
The qualified audit opinion and significant loss indicate deteriorating financial health and compliance issues. Investors should be cautious as the company faces tax liabilities, GST non-compliance, and governance concerns around fund utilization from its 2023 IPO listing.