Please find attached outcome of Board Meeting held on May 28, 2026.
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The Board approved audited financial results for Q4 and FY26 ended March 31, 2026. The company reported revenue of Rs. 18,358.82 lakhs, a significant jump from Rs. 934.38 lakhs in FY25, with PAT turning positive at Rs. 1,029.75 lakhs (vs loss of Rs. 219.95 lakhs in FY25). However, statutory auditors issued a qualified opinion citing: suspicious transactions by merchant Prime Technologies of Rs. 10,500 lakhs (reduced to Rs. 7,528.18 lakhs after settlements) with bank account under lien; unconfirmed trade receivables/payables/loans; income recognized from internal software without bank reconciliation; and undocumented agent commission expense of Rs. 10,432.21 lakhs. The company wrote off loans of Rs. 1,303.21 lakhs. The Board also approved increasing borrowing limits to Rs. 500 crore, appointed Mr. Ashish Anand as Independent Director, changed internal auditors, and constituted a CSR Committee.
The qualified audit opinion and fraudulent transaction issues raise red flags about financial controls and data integrity despite turnaround in profitability. The contingent liability of Rs. 10,500 lakhs and Rs. 18.41 crore in restricted cash (lien bank account) significantly impact liquidity. Shareholders should carefully review the auditor's qualifications before making investment decisions.