The members of the Board of Directors have approved the change in designation of Mr. Deva Ram from Non-Executive Director to Executive Director w.e.f. 05 August 2025.
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The board approved unaudited financial results for Q1 FY26 (quarter ended June 30, 2025), reporting total income of Rs 120.12 lakhs versus Rs 45.90 lakhs in the same quarter last year, but a net loss of Rs 174.10 lakhs compared to a profit of Rs 22.85 lakhs previously. The company started booking AI-segment revenue of Rs 90.03 lakhs, marking its pivot into artificial intelligence, though other expenses surged to Rs 249.54 lakhs. The auditor flagged that the company appears to meet RBI's NBFC registration criteria (financial assets and income both exceeding 50% thresholds) but has not registered, which is a governance concern. On the board front, Mr. Santosh Kumar Kushawaha was appointed as an Additional Non-Executive Non-Independent Director, Mr. Prashant Sethi resigned as Executive Director citing other commitments, and Mr. Deva Ram was redesignated from Non-Executive to Executive Director with a salary of Rs 12 lakh per annum.
For shareholders, the headline AI revenue is a positive strategic signal, but the wider loss, rising costs, and the auditor's NBFC registration flag raise governance and execution concerns. The simultaneous exit of one Executive Director and redesignation of another brings leadership churn at a sensitive time, which investors should watch closely.