Itimation of resignation of Company secretary Riti Jain
Awaiting price reaction for this filing.
Vasudhagama Enterprises has informed BSE of four updates in a single filing. Company Secretary Riti Jain resigned with effect from 01 October 2025. Statutory auditor P.H. Shah & Co has been replaced by Parth R Shah And Co (FRN: 153846W) for a 5-year term starting FY 2025-26. More importantly, the company has cut down operations and laid off the majority of its employees after payment gateway providers stopped their services following the enactment of the Promotion and Regulation of Online Gaming Act, 2025 (in force from 01/10/2025). Although VEL itself was not in the gaming business, its subsidiaries Digigames Pvt. Ltd. and Tecrom Enterprises Pvt. Ltd. are affected, and the company is now looking to pivot its business model. Additionally, the audit committee plans to act on recovering business advances that have been outstanding for over 2 years.
This is a significantly negative filing for shareholders — the company is facing an existential operational crisis with mass layoffs, loss of payment processing ability, and is being forced to pivot its business entirely. The simultaneous exit of the Company Secretary and change of auditor add to governance concerns, while the mention of long-pending recoverable advances raises questions about asset quality.