FY23 audited results filed with adverse opinion, going concern in doubt
Awaiting price reaction for this filing.
Zicom submitted FY22-23 audited standalone results under CIRP since July 2022. Auditor issued Adverse Opinion citing unresolved balances, missing impairment assessments, no actuarial gratuity valuation, and absence of CFO and Company Secretary. Going concern in material doubt - no business for 5 years, no employees, net worth eroded, and CIRP period nearing 330-day expiry limit. Previous auditor SMPP was replaced by Shah and Jhalawadia. Disputed tax and sales tax liabilities exceed Rs 7,000 lakhs across multiple states. Net worth significantly eroded with no revenue generation possible.
Company under CIRP since July 2022 with no operations for 5 years. Adverse audit opinion and going concern uncertainty signal severe financial distress for shareholders.