Enclosed herewith Resignation Letter of Shantwana Adhikari
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The board of Integrated Hitech Ltd, held on April 28, 2025, accepted the resignation of CFO Ms. Shantwana Adhikari (citing other professional commitments) and appointed Ms. Iranee Tripathi as the new CFO with immediate effect. The board also approved the audited financial results for Q4 and FY ended March 31, 2025, reporting a sharp loss of Rs. 302.80 lakhs for the year (against a Rs. 768.60 lakh loss last year) on revenues of just Rs. 3.76 lakhs. A Rs. 63.07 lakh impairment was booked against the company's investment in its US subsidiary, Integrated Hitech (America) Corporation. Citing 15 years of eroded value in obsolete income-tax software, the board approved a proposal for reduction of share capital up to Rs. 10 crores to offset accumulated business losses and appointed a new secretarial auditor (Mr. Rabindra Kumar Samal, 5-year term) and internal auditor (Mr. Nitin Arvind Oza) for FY26.
The CFO exit adds to governance uncertainty at a company that is already deeply distressed — revenues have collapsed to under Rs. 4 lakhs, reserves are negative at Rs. -1,043 lakhs, and the capital reduction plan signals the company is effectively writing down equity to clean up its balance sheet. Shareholders should view this as a high-risk situation with limited near-term recovery visibility.