Outcome of Board meeting
Price
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Awaiting price reaction for this filing.
The Board of Cupid Breweries and Distilleries Ltd met on November 14, 2025 and could not approve the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2025 because the consolidated financial information needed for the limited review was not made available in time. Statutory auditor M/s H Rajen & Co. told the Board they could not proceed with the limited review or issue the Limited Review Report at this stage. The Board noted that although audited statements from subsidiary auditors had been given to the statutory auditors, the consolidated review remained pending despite repeated follow-ups. Citing prolonged delays, regulatory compliance risk, and protection of shareholder interests, the Board decided to seek the immediate resignation of M/s H Rajen & Co. so that a new statutory auditor can be appointed without delay.
This is a significant red flag for shareholders — Q2/H1 FY26 results have not been approved, there is a mid-year auditor exit, and compliance timelines have been missed. Investors should expect near-term stock price pressure, heightened regulatory scrutiny, and uncertainty around the company's true financial position until a new auditor is appointed and results are eventually published.