Appointment of M/s. HDSG & Associates as Statutory Auditor
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The board approved Q1FY26 (quarter ended June 30, 2025) unaudited standalone and consolidated financial results. On a standalone basis, the company reported revenue of around Rs 478 lakhs with a net loss of Rs 232 lakhs and an EPS of Rs -0.46. On a consolidated basis, revenue was about Rs 528 lakhs with a net loss of around Rs 121 lakhs. Following the resignation of Chairman & Managing Director Mr. Sanjeev Arora — who stepped down after being appointed a Cabinet Minister — the board elevated Mr. Kavya Arora (his son) from Whole Time Director to Managing Director for a 3-year term, and appointed Ms. Ketki Gupta (his daughter) as Joint Managing Director. The board also recommended appointing M/s HDSG & Associates as statutory auditor for 5 years, replacing M/s Khandelwal Jain & Co. whose term ended at the upcoming AGM.
Leadership transition reflects a family succession driven by the promoter's political move, with the next generation (promoter children) taking charge of operations — continuity for shareholders but tighter promoter control. Q1 losses are typical for the project-based real estate business and not unusual. The auditor change is a routine end-of-5-year-term rotation, not a governance red flag.