Secretarial Auditors appointed for five consecutive years from the financial year 2024-25 till financial year 2028-29 subject to shareholder approval
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Intec Capital's board, at its May 30, 2025 meeting, approved audited FY25 results (standalone and consolidated), appointed M/s Srishti Singh & Associates as Secretarial Auditor for FY2024-25 to FY2028-29 (subject to shareholder approval), and named T.K. Gupta & Associates as Internal Auditor for FY2025-26. The statutory auditor (S.P. Chopra & Co.) issued a qualified opinion — the sixth consecutive year — flagging that the company has not provided for Rs. 6,515.10 lakh of accrued interest on bank loans due to liquidity stress. After adjusting for this and earlier unprovided interest, the standalone FY25 result would swing from a reported comprehensive income of Rs. 28.70 lakh to a loss of Rs. 6,486.40 lakh, and net worth would turn negative at Rs. (2,936.17) lakh instead of the reported Rs. 3,578.93 lakh. The auditor also flagged a Material Uncertainty Related to Going Concern citing accumulated losses, halted lending operations, poor recoveries, and defaults on borrowings and statutory dues. Management said all lenders have approved a One Time Settlement (OTS) and the company has substantially paid the OTS amount, keeping results on a going-concern basis.
The recurring qualified opinion and going-concern warning point to deep financial distress — the company's true net worth is negative once unrecorded interest is counted, and survival hinges on completing the bank OTS. Shareholders should view this as a high-risk situation; the stock is exposed to dilution or restructuring risk if OTS terms cannot be fully met.