Enclosed herewith Board Meeting outcome dated 28/04/2025
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The board approved audited financial results for Q4 and FY25, reporting a net loss of Rs. 302.80 lakhs for the year (improved from Rs. 768.60 lakhs loss in FY24), with reserves deep in the red at Rs. -1,043.18 lakhs. Revenue from operations was a meager Rs. 3.76 lakhs for the full year. The board approved an impairment of Rs. 63.07 lakhs on the company's investment in its US subsidiary (Integrated Hitech America Corporation), booked as an exceptional item. The board also approved a Reduction of Capital of up to Rs. 10 Crores to offset accumulated business losses from obsolete tax-software products, with the audit committee asked to prepare a scheme for stock exchange consideration. CFO Ms. Shantwana Adhikari resigned and was replaced by Miss Iranee Tripathi, and new secretarial and internal auditors were appointed.
This is a distressed company filing - negative reserves, negligible revenue, losses from a defunct tax-software business, and a proposed capital reduction signal severe financial trouble. Shareholders should expect further value erosion, possible share cancellation under the capital reduction, and limited near-term recovery prospects.