IMP Powers Limited has informed the Exchange regarding Board meeting held on August 08, 2025.
Awaiting price reaction for this filing.
IMP Powers' board approved several key items, including the appointment of Mr. Mahendra Prajapati as Chief Financial Officer (CFO) and Mr. Naveen Kumar Singh as Additional Director and Whole-Time Director, both effective August 8, 2025. The board also approved the unaudited Q1 FY26 financial results (quarter ended June 30, 2025), reporting standalone revenue from operations of Rs. 171.18 lakhs and a net loss of Rs. (198.70) lakhs, with consolidated negative other equity of Rs. (27,953.70) lakhs. The company, which was sold to a new bidder as a going concern after emerging from the IBC liquidation process (with Rs. 78 crore received from the successful bidder), reappointed its internal auditor (NPV & Associates) and secretarial auditor (Ms. Shilpa Shah) for FY 2025-26. The board also approved a reclassification of authorised share capital (converting preference shares to equity), shifting the registered office from Silvassa to Ahmedabad, adoption of new Articles of Association, and proposals to increase borrowing limits subject to shareholder approval. The statutory auditor issued a qualified opinion flagging pending reconciliations of receivables, tax balances, and absence of impairment testing on assets.
The filing marks the new management's first full set of board decisions following the company's emergence from IBC liquidation, signalling a fresh start with new CFO and Whole-Time Director in place. However, continued quarterly losses, negative other equity, the auditor's qualified opinion, and multiple items pending shareholder approval indicate significant financial and governance challenges remain. Shareholders should watch for the postal ballot/AGM outcomes on capital restructuring, borrowing limits, and registered office shift.