In furtherance to the discrepancy/query from Listing Compliance Department, BSE Ltd., on the subject cited above, a revised set of documents comprising the Audit Report alongwith Financial ....
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Haryana Financial Corporation has re-submitted a corrected set of audited financial documents for FY 2024-25 to BSE after addressing a query from the Listing Compliance Department. The Corporation reported total revenue of Rs. 5.76 crore in FY25, sharply down from Rs. 31.56 crore in FY24, with a net loss of about Rs. 1.04 lakh versus a net profit of Rs. 27.08 crore last year. Operating cash flow remained negative at -Rs. 52.10 lakh. The auditor flagged a material uncertainty on the Corporation's ability to continue as a going concern, as the State Government has already initiated the winding-up process under Section 45 of the SFCs Act, 1951, appointed HSIIDC's MD as the Nodal Officer, and is moving to delist the shares from BSE with a Merchant Banker already appointed.
This is highly negative for shareholders — the Corporation is being wound up, the stock is being delisted from BSE, and there is no real operating business left. Shareholders should expect an exit at the delisting price once determined, with limited prospects for any recovery beyond that. The auditor's going-concern warning and huge revenue collapse reinforce the risk.