Declaration regarding modified opinion on Audit Report for the year ended 31st March,2026
Awaiting price reaction for this filing.
The company has disclosed that its statutory auditor VRSK & Associates issued a modified audit opinion on the standalone financial statements for FY2026. The auditor flagged three key issues: (1) the company failed to maintain accounting software with audit trail features as required under Companies (Accounts) Rules 2014, meaning transaction logs and edit records are not properly documented; (2) the financial statements do not comply with Indian Accounting Standards under Section 133 of the Companies Act; and (3) the statements may not give a true and fair view due to non-provision of interest on loans, suggesting possible understatement of liabilities.
This modified audit opinion raises red flags about the company's financial reporting integrity and internal controls. Shareholders should be cautious as the auditor has expressed concerns about compliance with accounting standards and potential understating of loan-related liabilities. The company needs to address these issues urgently to restore investor confidence.