Disclosure Under Regulation 31A (8)(B)- Outcome of Board Meeting for Approval of Re-classification from "Promoters and Promoters Group" to "Public Category"
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IEL Limited's board met on 13 February 2026 and approved three items. First, un-audited Q3 FY26 results showing revenue from operations of Rs. 55.00 lakhs and a net profit of Rs. 46.96 lakhs for the quarter; for the nine-month period, revenue was just Rs. 40.00 lakhs versus Rs. 333.76 lakhs in the same period last year — a sharp decline of roughly 88%. Second, M/s S. Mandawat & Co. was appointed as Internal Auditor for FY ending March 2026. Third, the board approved reclassification of three promoters — Ronit Champaklal Shah, Kalpanaben Champaklal Shah, and Romit Champaklal Shah — from 'Promoter and Promoter Group' to 'Public' category; notably, all three currently hold nil equity shares. The statutory auditor's limited review report includes an 'Other Matter' noting that loans & advances, trade receivables, and trade payables balances are subject to management confirmation.
The dramatic year-on-year revenue collapse in the nine-month period is a serious red flag for shareholders and is likely to weigh negatively on the stock. The promoter reclassification is procedural since the outgoing promoters hold no shares, and the pending balance confirmations flagged by the auditor add a layer of uncertainty around the reported numbers.