The Board of Directors at its Meeting held on 16th May 2025 has approved the Audited financial Results for the year ended 31st March 2025. As per Regulation 33 of Listing Regulations, the ....
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Jhandewalas Foods Ltd (BSE-SME, Scrip Code: 540850) submitted its audited FY25 results on 16th May 2025. The auditor issued a Qualified Opinion, flagging that the company has not provisioned for interest on credit facilities from Axis Bank, DHFL, and ACME Resources, as the account is classified as a Non-Performing Asset (NPA) with Axis Bank having filed a recovery suit at DRT Jaipur. The auditor's emphasis of matter highlights that out of ₹5.92 crores of immovable assets, ₹5.76 crores lack proper title deeds, and that ₹393.19 lakhs was advanced as loans to relatives of directors (who were also allottees of preferential warrants worth ₹2,130 lakhs + ₹524 lakhs) without the special resolution required under Section 185 of the Companies Act. Loan defaults include ₹4.53 crores to Axis Bank (3+ years), ₹1.68 crores to ACME Resources (4+ years), and ₹5.44 lakhs to DHFL. Trade receivables stand at ₹607.71 lakhs (~10% of total assets). No dividend was declared for the year.
This is a significant red flag for shareholders — the qualified opinion, NPA status, ongoing DRT litigation, large immovable assets without title deeds, Section 185 violations related to director-linked loans, and multi-year loan defaults collectively point to serious financial distress and governance concerns. Expect negative sentiment and potential scrutiny from exchanges/regulators.