Outcome of Board Meeting held on 29.05.2025
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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The Board approved audited FY25 results (ended 31 March 2025) showing total revenue of Rs. 28.99 lakh (up from Rs. 11.22 lakh last year) but a net loss of Rs. 145.38 lakh, driven mainly by a Rs. 115.49 lakh exceptional loan write-off. The statutory auditor Singhvi & Sancheti issued an opinion that includes a 'Basis for Qualified Opinion' regarding insufficient evidence for the loan write-off, even though the company's separate declaration describes it as 'unmodified.' The Board also approved a Scheme of Capital Reduction under Section 66 of the Companies Act, reducing paid-up equity capital by 90% (from Rs. 13.06 crore to Rs. 1.30 crore) to wipe off accumulated losses of about Rs. 11.75 crore, pending NCLT, SEBI, stock exchange and shareholder approvals. Jain Rahul & Associates was appointed as Secretarial Auditor for a 5-year term (FY26–FY30).
The 90% capital reduction will shrink every shareholder's holding proportionally (100 shares become 10) with no change in ownership percentages, effectively converting the company's heavy accumulated losses into a clean balance sheet. The auditor's qualified basis paragraph and large exceptional loss signal weak asset quality and going-concern pressure, which could weigh on the stock until the reduction scheme is approved.