Outcome of Board Meeting held on 26th May 2026 approving financial results of March 31st, 2026 and other matter
MAHAPEXLTD · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The Board approved standalone and consolidated audited financial results for year ended March 31, 2026. Auditors H G Sarvaiya & Co. issued a qualified opinion for the seventh consecutive year, citing non-provision of delayed period interest cost of Rs. 47.91 lakhs (cumulative Rs. 381.67 lakhs since October 2019), which overstated profit and understated liabilities. Standalone net loss stands at Rs. 830.66 lakhs (adjusted to Rs. 878.51 lakhs). Emphasis of matter was raised on: outstanding public deposits of Rs. 1,370.06 lakhs under a court-approved scheme, RBI cancellation of the company's NBFC registration in 2002, a lapsed property sale agreement with Kanara Consumer Products Ltd worth Rs. 1,273.37 lakhs, and use of unaudited figures for an associate. Multiple board changes were made including appointments of new Managing Director and Executive Director, and resignations of 4 directors.
The seventh-time qualified opinion with persistent interest non-provision raises governance concerns. The company carries significant contingent liability from public deposits under court supervision, and the lapsed property sale adds uncertainty. Negative operating cashflow and net loss indicate financial stress, though the large investment portfolio (Rs. 49,255.67 lakhs in standalone) provides some cushion.