Appointment of Jain Rahul & Associates, Secretarial Auditor for a period of 5 years i.e. 2025-26 till 2029-30.
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The board approved audited results for Q4 and FY25 showing a net loss of Rs. 145.38 lakhs (vs Rs. 0.66 lakh loss in FY24), driven largely by a one-time Rs. 115.49 lakh write-off of loans and advances. The statutory auditor flagged a qualified concern about insufficient evidence supporting this write-off. The company also approved a major Scheme of Capital Reduction under Section 66 of the Companies Act, proposing to cut paid-up equity capital by 90% — from Rs. 13.06 crore (13.06 crore shares) to Rs. 1.30 crore (1.30 crore shares) — to write off accumulated losses of Rs. 11.75 crore. The scheme requires NCLT, SEBI, stock exchange, and shareholder approval. Additionally, Jain Rahul & Associates was appointed as Secretarial Auditor for a 5-year term (FY26–FY30).
Shareholders face a 90% reduction in their share count (100 shares will become 10) once the capital reduction is approved, though their percentage ownership stays the same. The Rs. 115.49 lakh loan write-off and qualified auditor observation raise concerns about asset quality and governance. This is a very small, loss-making company with negligible revenue and deteriorating balance sheet — high-risk for retail investors.