Appointment of Ms. Puja Mehta as Company Secretary and Compliance Officer.
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The board, at its meeting on May 30, 2025, approved the appointment of Ms. Puja Pratik Mehta (ICSI Associate Member, ACS No. A-27456) as Company Secretary and Compliance Officer effective the same date. The board also approved audited standalone and consolidated financial results for FY25. Standalone results showed revenue of Rs. 353 lakhs (down from Rs. 822 lakhs in FY24) and a net loss of Rs. 184 lakhs, an improvement over the Rs. 312 lakhs loss in the previous year. Consolidated revenue was Rs. 390 lakhs with a net loss of Rs. 190 lakhs. The auditor issued a qualified opinion flagging that the company did not provide for interest on delayed payments (Rs. 62.13 lakhs), delayed statutory dues including TDS (Rs. 17.48 lakhs), PF (Rs. 4.06 lakhs), and ESIC (Rs. 0.22 lakhs), and delayed EMIs to NBFCs aggregating Rs. 1.52 crore. Red Fort Capital Finance has filed recovery suits and the Delhi High Court has ordered arbitration. The company paid Rs. 23.76 lakhs to BSE for a revocation application.
Filling the Company Secretary role is a positive governance step and was likely necessary given the company's negative equity position (Rs. -627 lakhs standalone). However, shareholders should note the continued losses, negative net worth, qualified audit opinion, pending litigation from NBFC lenders, and BSE revocation proceedings, all of which signal ongoing financial stress and elevated risk.