Pursuant to Regulation of the SEBI (Listing Obligations and Disclosure Requirements) Regulation,2015, we wish to inform you that the meeting of the Board of Directors of Libas Consumer ProductsLimited was held on Thursday, August 14, 2025 has considered and approved:1. Unaudited Financial results (standalone and consolidated) for the quarter ended on June 30, 2025.2. Noted resignation of Mrs. Bhumisha Dadwani and Mrs. Kalpana Kumari form the post of Independent Directors of the company with effect from closure of business hours on August 14, 2025. Required disclosures were already submitted on August 5, 2025 on NSE portal.3. Appointment of Mr. D. U. Menon (DIN: 03213387) and Mrs. Supriya Ramdas (DIN: 11240178) as an additional non-executive Independent Directors with effect from opening of business hours on August 15, 2025, subject to the approval of members in ensuing Annual General Meeting (AGM).We confirm that Mr. D. U. Menon and Mrs. Supriya Ramdas, are not related to any Directors of the Company and they are not debarred from holding the office of Directors pursuant to order of any Regulatory Authority.4. Noted resignation of M/s Chouhary Choudhary & Co, Chartered Accountants, (Firm Registration No. 002910C) as Statutory auditor of the company with effect from closure of business hours on August 14, 2025. Required disclosures were already submitted on August 6, 2025 on NSE portal.5. Appointment of M/s J. N. Mittal & Co., Chartered Accountants (FRN: 003587N) as Statutory Auditor of the company, subject to the approval of members in ensuing Annual General Meeting (AGM);6. draft Directors Report, Secretarial Audit Report and other relevant annexures.7. Twenty first (21st) Annual General Meeting (AGM) will be held on Monday, September 29, 2025. The notice of AGM and Annual Report will be shared in due course of time. Book closure date will start from Tuesday, September 23, 2025 to Monday, September 29, 2025 (inclusive of both dates). M/s SARK & Associates LLP will act as scrutinizer for 21st AGM. Cut-off date shall be Friday, September 19, 2025.8. Reconstitution of committee.
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Libas Consumer Products' board, which met on August 14, 2025, approved its Q1 FY26 standalone and consolidated unaudited results. Standalone revenue from operations rose to Rs 1,174.06 lakhs (up from Rs 953.07 lakhs a year ago), but a Rs 240 lakh exceptional loss from a fire at its Cumballa Hill (Pedder Road) store pushed the company into a standalone net loss of Rs 208.90 lakhs versus a Rs 24.37 lakh profit in Q1 FY25. Consolidated revenue was Rs 1,820.34 lakhs with a net loss of Rs 164.56 lakhs. The auditor issued a qualified review report flagging that inventory is overstated by Rs 700.84 lakhs (obsolete stock) and that interest income on loans of Rs 1,072.89 lakhs has not been recognised. Two independent directors (Mrs. Bhumisha Dadwani and Mrs. Kalpana Kumari) resigned, two new independent directors were appointed, the statutory auditor M/s Choudhary Choudhary & Co resigned, and M/s J.N. Mittal & Co was appointed in their place. The 21st AGM is set for September 29, 2025.
Shareholders should note the swing to a loss driven by the one-time fire damage, but also the auditor's serious qualifications on inventory overstatement and unrecorded interest income, plus the simultaneous exit of both the statutory auditor and two independent directors within a single board meeting — a combination that raises governance concerns. Pending legal cases, including an NCLT petition filed by Managing Director Reshma Ganji against the company, add to the risk profile.