Appointment of Mr. Ashish Anand (DIN: 11680795) as an Additional Non-Executive Independent Director of the Company.
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The Board meeting held on May 28, 2026 approved multiple items including audited FY2026 results showing revenue of Rs. 18,358.82 lakhs (vs Rs. 934.38 lakhs in FY2025) and profit after tax of Rs. 1,029.75 lakhs (vs loss of Rs. 219.95 lakhs). However, the auditor issued a qualified opinion citing suspicious transactions of Rs. 7,528.18 lakhs by merchant Prime Technologies, unreconciled receivables/payables, and Rs. 10,432.21 lakhs in agent commissions lacking documentation. The Board also approved appointment of Mr. Ashish Anand as Additional Non-Executive Independent Director for 5 years, reconstitution of board committees with him as Chairman of Audit, NRC, and SRC, appointment of new Internal Auditor Mr. Rahul Katakkar following resignation of M/s NH Variava & Co., revision in CEO remuneration, increase in borrowing limits to Rs. 500 crore, and constitution of CSR Committee. The company's bank account remains under lien for Rs. 1,840.92 lakhs due to the fraud case.
While the company returned to profitability with improved revenue, the qualified auditor opinion and fraud-related issues signal significant governance and control concerns. The appointment of a new independent director and internal auditor may help strengthen oversight, but shareholders should monitor the pending legal case outcome and unresolved reconciliation issues.