Enclosed herewith Resignation Letter of Shantwana Adhikari from post of CFO
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Integrated Hitech's board met on April 28, 2025 and approved several major decisions. CFO Ms. Shantwana Adhikari resigned citing other professional commitments, and was replaced the same day by Miss. Iranee Tripathi, a young Economics Honours graduate currently working as a management trainee. The board approved Rs. 63.07 lakhs impairment on its US subsidiary (Integrated Hitech America Corporation) and decided to sell those holdings. To address accumulated business losses, the board approved a capital reduction of up to Rs. 10 crores. New secretarial auditor (Mr. Rabindra Kumar Samal, 5-year term) and internal auditor (Mr. Nitin Arvind Oza, FY26) were also appointed. Audited FY25 results show a standalone loss of Rs. 302.80 lakhs (vs Rs. 768.60 lakhs loss in FY24), with revenue from operations of just Rs. 1.70 lakhs for the full year.
Shareholders should note this is a deeply distressed micro-cap company: reserves are wiped out (negative Rs. 10.43 crores), Rs. 3.52 crores of trade receivables were written off as parties untraceable, obsolete software assets were scrapped, and a Rs. 10 crore capital reduction is being initiated. The new CFO's limited experience is a concern, though overall stock price impact may be limited given the already negligible business operations.