Resignation of Company Secretary and Compliance Officer
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GHV Infra Projects (formerly Sindu Valley Technologies) announced audited FY25 results showing revenue of Rs 184.88 crore and net profit of Rs 17.15 crore, a sharp turnaround from nil revenue and a Rs 43.47 lakh loss in FY24, following a recent change in control and preferential share allotments. The board approved issuing up to 38.5 lakh convertible warrants (25 lakh to promoter JHV Commercials LLP and 13.5 lakh to non-promoters) on a preferential basis, and up to 16,000 optionally convertible debentures (OCDs) worth Rs 160 crore at an 18% coupon to non-promoters, both subject to shareholder approval. An EGM is scheduled for June 28, 2025 to seek member consent. Statutory auditors Manubhai & Shah LLP gave an unmodified opinion, and internal auditors M/s Punit Patel & Associates were reappointed for FY26.
Shareholders will see major dilution potential: convertible warrants could expand the equity base by ~27%, and Rs 160 crore of OCDs can further convert into shares, though this comes alongside a strong operational debut year. Mr. Amol Dhakorkar's resignation as Company Secretary and Compliance Officer (w.e.f. June 16, 2025) is a key governance change requiring a replacement KMP, though no red flags were raised.