PLEASE FIND THE DISCLOSURE FOR REAPPOINTMENT OF SECRETERIAL AUDITOR .
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Awaiting price reaction for this filing.
Hem Holdings & Trading Ltd reported audited results for FY25 with revenue from operations of ₹29.96 lakhs (vs ₹25.13 lakhs in FY24), but swung to a loss after tax of ₹120.31 lakhs versus a profit of ₹15.16 lakhs in the previous year, mainly due to a sharp rise in other expenses to ₹155.72 lakhs. The board reappointed M/s Meena Naidu & Associates as Secretarial Auditor for FY24-25 and for a further five years (FY25-26 to FY29-30), and appointed M/s M D N & Associates as Internal Auditor for FY24-25 and FY25-26. Statutory auditor Harsh Jain & Associates issued an unmodified opinion but flagged a material concern: the company's Net Owned Fund is negative at ₹-458.10 lakhs, well below the RBI's mandatory ₹5 crore minimum for NBFCs. The company also wrote off ₹144.30 lakhs in unrecoverable receivables, sold its Simplex Casting Ltd shares to a related party for ₹97.20 lakhs (₹75.19 lakhs capital gain), and took a ₹5.41 crore advance against sale of its Mumbai land and building, which has been reclassified as held for sale.
Negative for shareholders — the company slipped into a significant FY25 loss and explicitly disclosed it will not infuse capital to meet RBI's NBFC net owned fund requirement, raising serious going-concern and regulatory concerns. Expect heightened scrutiny and likely stock price pressure given the RBI non-compliance and ₹144.30 lakh receivable write-off.