Gujarat Lease Financing Limited has informed the Exchange regarding Appointment of Animesh Mehta and Narayan Meghani as Independent Director of the company w.e.f. March 31, 2027.
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Gujarat Lease Financing Limited's board, at its April 30, 2026 meeting, approved audited financial results for Q4 and FY ending March 31, 2026, with the statutory auditor issuing an unmodified opinion. The company posted a profit of Rs. 5.67 lakhs for Q4 FY26 (vs Rs. 4.55 lakhs in Q4 FY25) and Rs. 4.71 lakhs for the full year FY26 (vs Rs. 5.86 lakhs in FY25), on total income of Rs. 42.53 lakhs. The board also approved the re-appointment of Animesh Mehta and Narayan Meghani as Non-Executive Independent Directors for a second and final 5-year term effective March 31, 2027 to March 30, 2032, subject to shareholder approval. The auditor flagged a key concern: the company has no business plan, does not intend to operate in the near future, and its accumulated losses exceed its net worth, so financials are prepared on a non-going concern basis.
Routine board outcomes with no material change in operations, as the company has effectively been non-operational. The negative net worth and non-going concern flag are long-standing concerns for shareholders and raise questions about the company's future direction and shareholder value.