The tenure of appointment of auditor In point no3 of the Board Meeting outcome and Annexure V dated 15 05 2026, inadvertently mentioned 5 years instaed of 1 year, corrected & resubmitted. ....
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India Homes Limited (formerly India Steel Works Ltd) has submitted a revised Board meeting outcome correcting the statutory auditor tenure from 5 years to 1 year. The company reported total income of Rs. 2,764.52 lakhs for FY2026 (vs Rs. 112.75 lakhs last year) and net profit of Rs. 1,865.54 lakhs (vs loss of Rs. 1,339.35 lakhs). The company is pivoting from steel manufacturing to real estate activities. However, the auditor Laxmikant Kabra & Co LLP issued a DISCLAIMER of opinion citing multiple serious concerns: primary accounting software inaccessible, inventory valuation issues worth Rs. 13,696.20 lakhs, questionable work-in-progress from a director, related party transaction risks, insurance claims of Rs. 2,793.06 lakhs outstanding, absence of internal audit system, and material weaknesses in internal controls. The auditor also raised going concern doubts as current liabilities exceed current assets. New statutory auditor CGCA & Associates LLP has been appointed for 1 year. Total financial indebtedness stands at Rs. 965.04 lakhs with defaults of Rs. 3,237.46 lakhs and Rs. 6,418.58 lakhs on different facilities.
This filing presents significant red flags for investors. While the company shows a turnaround from losses to profit, the auditor's disclaimer of opinion on 11 different grounds indicates fundamental problems with financial reporting reliability, internal controls, and data integrity. The massive jump in income from the transfer of development rights (non-operational) rather than core business, combined with going concern doubts and debt defaults, suggests high investment risk.